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WGU Project Management, WGU C722 Project Management Terminology NEWEST EXAM |PREMIUM ONE
WGU Project Management, WGU C722 Project Management Terminology NEWEST EXAM |PREMIUM ONE
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WGU Project Management, WGU C722 ProjectManagement Terminology NEWEST EXAM
2024-2025 |PREMIUM ONE
A Guide to Project Management Body of Knowledge (PMBOK Guide)
- Correct Answer- The project management standard developed by the Project
Management Institute.
Benefit measurement methods
- Correct Answer- A type of decision model that compares the benefits obtained
from a variety of new project requests by evaluating them using the same criteria
and comparing the results.
Co-located
- Correct Answer- When team members work together at the same physical
location
Constrained optimization models
- Correct Answer- Decision models that use complex principles of statistics and
other mathematical concepts to assess a proposed project.
Cost-benefit analysis
- Correct Answer- A commonly used benefit measurement method that calculates
the cost of producing the product, service, or result of the project and compares
this to the financial gain the project is expected to generate.
Decision model
,- Correct Answer- A formal method of project selection that helps managers make
the best use of limited budgets and human resources. Includes benefit measurement
methods and constrained optimization models.
Discounted cash flow (DCF)
- Correct Answer- Compares the value of the future cash flows of the project to
today's dollars.
Economic model
- Correct Answer- A type of benefit measurement method. It is a series of financial
calculations that provide data on the overall financials of the project and is
generally used as a project selection technique.
Expert judgment
- Correct Answer- A technique used in project selection, determining estimates, and
determining other related project information that relies on the knowledge of those
with expertise on the requested subject matter. Expert judgment can come from,
stakeholders, other departments, consultants, team members, vendors, or industry
groups.
Feasibility study
- Correct Answer- Undertaken to determine whether the project is a viable project,
the probability of project success, and the viability of the product of the project
Functional organization
- Correct Answer- A form of organizational structure. Functional organizations are
traditional organizations with hierarchical reporting structures.
Internal rate of return (IRR)
,- Correct Answer- The discount rate when the present value of the cash inflows
equals the original investment. Projects with higher IRR values are generally
considered better than projects with lower IRR values. Assumes that cash inflows
are reinvested at the IRR value.
Matrix organization
- Correct Answer- An organizational structure where employees report to one
functional manager and at least on project manager. Functional managers assign
employees to projects and carry out administrative duties, while project managers
assign tasks associated with the project to team members and execute the project.
Net present value
- Correct Answer- Evaluation of the cash inflows using the discounted cash flow
technique, which is applied to each period the inflows are expected. NPV subtracts
the initial project investment from the total cash flow in today's dollars. It is similar
to discounted cash flows.
Operations
- Correct Answer- Operations typically involve ongoing functions that support the
production of goods or services. They don't have a beginning or an end.
Payback period
- Correct Answer- The length of time it takes a company to recover the initial cost
of producing the product or service of the project.
Program
- Correct Answer- A grouping of related projects that are managed together to
capitalize on benefits that couldn't be achieved if the projects were managed
separately.
, Project
- Correct Answer- Temporary in nature, with a definite start and end date; creates a
unique product, service, or result. It is completed when the goals and objectives of
the project have been met and signed off on by the stakeholders.
Project management
- Correct Answer- Applying skills, knowledge, and project management tools and
techniques to fulfill the project requirements.
Project Management Institute (PMI)
- Correct Answer- The world's leading professional project management
association.
Project management knowledge areas - Correct Answer- The nine project
management groupings, or Knowledge Areas, that bring together common or
related processes. They are Integration, Scope, Time, Cost, Quality, Human
Resource, Communications, Risk & Procurement.
Project management office (PMO) - Correct Answer- Established by organizations
to create and maintain procedures and standards for project management
methodologies to be used throughout the organization.
Project manager - Correct Answer- The person responsible for applying the skills,
knowledge, and project management tools and techniques to the project activities
to successfully complete the project objectives.
Project performance indicators - Correct Answer- Measures that the project
manager uses to determine whether the project is on track, such as any deviation
from the baseline schedule or the baseline budget.
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