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WGU C783 Project Management TestQuestions And Answers Solved 100%
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A Guide to Project Management Body of Knowledge (PMBOK Guide) CORRECT ANSWERS The project management standard developed by the Project Management Institute.
Benefit measurement methods CORRECT ANSWERS 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 ANSWERS When team members work together at the same physical location
Constrained optimization models CORRECT ANSWERS Decision models that use complex principles of statistics and other mathematical concepts to assess a proposed project.
Cost-benefit analysis CORRECT ANSWERS 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 ANSWERS 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 ANSWERS Compares the value of the future cash flows of the project to today's dollars.
Economic model CORRECT ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS A form of organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures.
Internal rate of return (IRR) 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. Assumes that cash inflows are reinvested at the IRR value.
Matrix organization CORRECT ANSWERS 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 ANSWERS 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 ANSWERS 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 ANSWERS The length of time it takes a company to recover the initial cost of producing the product or service of the project.
Program CORRECT ANSWERS 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 ANSWERS 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 ANSWERS Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements.
Project Management Institute (PMI) CORRECT ANSWERS The world's leading professional project management association.
Project management knowledge areas CORRECT ANSWERS 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 ANSWERS Established by organizations to create and maintain procedures and standards for project management methodologies to be used throughout the organization.
Project manager CORRECT ANSWERS 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 ANSWERS 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.
Project plan CORRECT ANSWERS A document, or assortment of documents, that constitutes what the project is, what the project will deliver, and how all the processes will be managed. Used as the guideline throughout the project Executing and Controlling phases to track and measure project performance and to make future project decisions. Also used as a communication and information tool for stakeholders, team members, and management.
Project selection CORRECT ANSWERS Used to determine which proposed projects are approved to move forward
Project-based organization CORRECT ANSWERS An organizational structure focused on projects. Project managers generally have ultimate authority over the project, and sometimes supporting departments such as human resources and accounting might report to the project manager. Project managers are responsible for making project decisions and acquiring and assigning resources.
Scoring model CORRECT ANSWERS One of the benefit measurement methods used for project selection. It contains a predefined list of criteria against which each project is ranked. Each criterion has a scoring range and a weighting factor. A scoring model can also be used as a tool to select from among competing vendors.
Assumption CORRECT ANSWERS An event or action believed to be true for planning purposes. Project assumptions should always be documented.
Business analyst CORRECT ANSWERS The person in charge of understanding the business unit's needs when assessing a project request. The business analyst might be assigned directly from the business unit itself or may be part of the IT organization.
Business case CORRECT ANSWERS Formally documents components of the project assessment, including a description of the analysis method and the results.
Business process reengineering CORRECT ANSWERS Applying changes to an IT system and putting those elements into place based on a project request and a
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