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Project Management C783 Test WithComplete Solutions |Verified
IRR (internal rate of return) CORRECT ANSWERS 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. IRR assumes that
cash inflows are reinvested at the IRR value.
Operation CORRECT ANSWERS Operation is a function that performs ongoing taks
and constitutes an organization's on-going, repetitive activities such as accounting or
production. It is used to run regular business models and is performed to achieve
business goal and sustain the business
Organization CORRECT ANSWERS Organization is a process of dividing work into
sections and departments. It involves allocation of authority, responsibility, and duties
among all the members of an enterprise. It is a group of individuals organized to work
for some purpose or mission.
Payback period CORRECT ANSWERS The length of time it takes a company to
recover the initial cost of producing a product or service of a project
Performing organization CORRECT ANSWERS performing organization is referred to
as the specific enterprise or group that is viewed by all parties to be the one that is most
directly and explicitly involved in all phases and aspects of doing any and all work of the
given and respective project. It is the organization that is performing the project.
Portfolio management CORRECT ANSWERS Portfolio management is the centralized
management of one or more portfolios that help in identifying, authorizing, prioritizing,
managing, and controlling projects, programs, and other related work for attaining
particular business objectives in the strategic plan of the organization
Process CORRECT ANSWERS A process is defined as a set of related tasks
performed for managing a certain aspect of a project, such as cost.
program CORRECT ANSWERS in management terms, a program is a group of related
projects. these projects are grouped to obtain benefits and control that is not available
from managing them individually. Programs are a means of achieving organizational
goals and objectives
Program management CORRECT ANSWERS program management is the centralized,
coordinated management or a program to achieve the program's strategic objectives
and benefits. Program management involves the management
,Project Management knowledge areas CORRECT ANSWERS ten project management
groups that bring together common or related processes:
-Project Integration Management
-Project Scope Management
-Project Schedule Management
-Project Cost Management
-Project Quality Management
-Project Resource Management
-Project Communications Management
-Project Risk Management
-Project Procurement Management
-Project Stakeholder Management
Project phase CORRECT ANSWERS combination of associated activities that
represent a distinct stage within a project. A project phase can have distinct start and
finish dates and include several stages of planning and work. It is a set of logically
related activities that usually complete one or more major deliverables of the project
Closing process group CORRECT ANSWERS final stage of a project. It includes the
formal acceptance of the project and the ending thereof
Executing process group CORRECT ANSWERS the executing process group is a stage
or phase of a project. It starts after the planning phase of a project is over. It consists of
the processes used to complete the work defined in the project management plan to
accomplish the project's requirements
Initiating CORRECT ANSWERS Initiating is a process group or stage that occurs at the
beginning of the project. It determines the nature and scope of the development. If this
stage is not performed well, it is unlikely that the project will be successful in meeting
the business needs
Monitoring and Controlling Process group CORRECT ANSWERS Monitoring and
controlling consists of those processes that are performed to observe project execution,
so that potential problems can be identified in a timely manner and corrective action can
be taken, when necessary, to control the execution of the project
Project management process groups CORRECT ANSWERS the project management
process groups progress from initiating activities to planning activities, executing
activities, monitoring and controlling activities, and closing activities. The process
groups are linked by the results they produce, I.e, the result or outcome of one becomes
an input to another
NPV (net present value) CORRECT ANSWERS net present value evaluates the cash
inflows using the discounted cash flow technique, which is applied to each period the
inflows are expected. The total present value of the cash flows is deducted from the
, initial investment to determine NPV. It assumes that cash inflows are reinvested at the
cost of capital. This is similar to discounted cash flow
Project Processes CORRECT ANSWERS A process is a sequence of interdependent
and linked procedures consuming one or more resources to convert inputs into outputs.
These outputs then serve as inputs for the next stage until a known goal or end result is
reached
Project Life Cycle CORRECT ANSWERS The project life cycle is a group of sequential
and related project phases that are defined by the organization and control needs of the
management or organizations concerned with the project, the nature of the project itself,
and the application area.
Project CORRECT ANSWERS In PM, a project consists of a temporary endeavor
undertaken to create a unique product, service, or result. Another definition is a
management environment that is created for the purpose of delivering one or more
business products according to a specified business case.
Program Management Office CORRECT ANSWERS A program management office is
an organizational entity that is structured for applying program management practices to
the needs of a particular program. It is responsible for providing centralized coordinated
support to the program managers managing programs and unrelated projects
Functional Organization CORRECT ANSWERS In a functional organization, team
members are loyal to their department and report only to their functional manager. The
project manager is part-time on the project and reports to a functional manager; the
team members are part-time as well. The project manager has only limited control over
team members because they report to the functional manager
Matrix Organization CORRECT ANSWERS In a matrix organization, team members
maintain a home in their department and report to both the functional manager and the
project manager. The project manager is full-time on the project, while team members
are part-time. Overall, a matrix organization constitutes a complex and costly but
reasonably effective project organization
Organizational culture CORRECT ANSWERS Organizational culture is the collective
behavior of humans that are part of an organization. It is also formed by the
organization values, visions, norms, working language, systems, and symbols, which
includes beliefs and habits
Organizational Process Assets CORRECT ANSWERS Organizational process assets
are elements of historical information, guidelines, processes, and standard procedures
within an organization. They are usually something that have been created before the
project begins and often, but not always, come from historical information.
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