WGU C722 Project Management, Top Exam Questions and answers, graded A+

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WGU C722 Project Management, Top Exam Questions and answers, graded A+ What is a project? Any temporary endeavor with specific start and end dates that results in a unique product, service, or ... result What does project management involve? Managing everything about the project to get the desired result What are organizations? Complex entities that engage in two types of activities: operations and projects What is a project (in terms of business activity)? A project modifies the business or its products for future profitability. A project develops a new product or service, including: new technology features, an improved service, or cost reduction for the business in providing services, such as better accounting systems. Why are organizations becoming increasingly complex? - Changing workforce demographics - Increased use of technology - Increase in cross-cultural workforce and customer bases - Increase in international activities - Increase in demand for high-complexity, low-cost products - Shorter product life cycles - Increase in corporate social responsibility - Increase in corporate ethical practices Who were the "parents" of time and motion study? Frank and Lillian Gilbreth Who was the father of scientific management? Frederick Taylor Which associate of Frederick Taylor studied organizational operations, specifically management technique in the construction of WWI Navy ships? Henry Gantt What is a Gantt chart? A horizontal bar chart that sequences tasks and provides the duration of each task What are the 10 distinct areas in which project managers must be competent? - Integration management - Scope management - Time management - Cost management - Quality management - Human resources management - Communication management -Risk management - Procurement management - Stakeholder management What is a mnemonic for remembering the 10 competencies a project manager must have? It's so tricky (to) cradle quirky hounds. CR(i)P(e)S! Integration, scope, time, cost, quality, human resources, communication, risk, procurement, stakeholder What is integration management? Includes processes and activities needed to identify, define, and coordinate various processes and project management activities What is scope management? Includes the processes that ensure that all the work required is identified to complete the project successfully What is time management? Includes the processes required to manage the timely completion of the project What is cost management? Includes the processes involved in planning, estimating, budgeting, managing, and controlling costs so that the project can be completed within the approved budget What is quality management? Includes processes and activities that determine quality policies, objectives, and responsibilities What is human resources management? Includes the processes that organize, manage, and lead the project team What is communication management? Includes processes to ensure timely and appropriate planning, creation, distribution, management, control, and monitoring of project information What is risk management? Includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project What is procurement management? Includes the processes necessary to acquire products, services, or results needed from outside the project team What is stakeholder management? Includes the processes required to identify all people or organizations impacted by the project, analyze stakeholder expectations, and develop appropriate strategies for effectively engaging stakeholders in project decisions and execution What are some of the people skills a project manager must have? - Negotiation - Conflict resolution - Written and oral communication - Prioritization - Budgeting of money and time What are operations? Operations are the ongoing, daily activities of an organization that produce revenue and expense. They continue over an indefinite period of time, creating business transactions and delivering products and services that generate revenue. They are the activities that typically are thought of as what the organization "does." Operations are, simply put, the ongoing, day-to-day activities that a company, a not-for-profit, or a government entity engages in. There is not a specifically defined start date, there is no specifically defined end date, and there is no unique product, service, or result as an output from the operation. Does a project always result in a new product or service? No. A project may be undertaken to improve an existing product or service. What is business strategy? A business's strategy consists of the activities, methods, and tactics that will be employed to meet the business's goals. Who determines a firm's strategy? The firm's senior executives What are the triple constraints in project management? Scope, schedule, and budget Why is proper documentation of a project important? It will increase the "corporate memory" derived from lessons learned What is a program? A program is a group of projects that support the goals and objectives of the company What is a portfolio? A group of related programs that support a long-term company goal or objective What is the PMI definition of project management? The application of knowledge, skills, tools, and techniques to project activities What is a general definition of project management? The management and execution by an organization's resources in order to move the tasks and assignments of development and other continual improvement endeavors toward successful completion What are the phases of the project life cycle? Defining, planning, executing, closing What is a mnemonic to remember the phases of the project life cycle? Darling Phil's exciting cluckers (defining, planning, executing, closing) What activities take place in the defining phase? Determining the project's sponsor and the project's manager; creating a project charter What is a project charter? The charter is a document that, like a contract, is agreed upon by the sponsor and key stakeholders. It defines the project and authorizes the resources, roles, responsibilities, authorities, and scope for the project. What needs to be considered during the planning phase? Technology Business process Staffing Training Testing Communications Budget constraints Integration of the project with operations and other projects What is executing? Executing involves overseeing and managing all necessary work and assignments by members of the project team that are required over the life of the project. This includes overseeing the successful completion of the project deliverables in accordance with the approved implementation schedule. What occurs during the closing phase? The closing phase of the project occurs when the project is completed to the customers' satisfaction. The closing of a project signifies that the project deliverables have been successfully launched and the resulting project efforts are complete. The closing phase includes not only the launch, but a review and transfer of lessons learned. What are the objectives of project management? Meeting scope, budget, and schedule What are the key motivators driving businesses to adopt the principles of project management? Controlling costs Improving productivity Achieving business results What are general management skills? Communication skills and techniques What are the project management skills and techniques? Schedule development, PERT charts, work breakdown, or risk management What is the project manager responsible for? The project manager (PM) is responsible and accountable for managing the project to maximize its success. What is the difference between a working project manager and dedicated project manager? A working project manager is a functional manager who is responsible for managing a project; a dedicated project manager's job is solely to manage projects. What are some of the challenges associated with using "working" project managers? The working PM's skills and passions are usually related to the functional area, not project management; the working PM may lack project management skills/training; the working PM may lack time to manage the project due to his or her other job duties; people from other disciplines may not report to the working PM, but the working PM is responsible for the work they perform on the project What should a project plan include? Approved requirements, schedule resource plans, and budgeting requirements In project management, what is a stakeholder? Anyone who has an impact on or is impacted by the project What is a virtual team? A team whose members are not physically colocated on a regular basis during the project What is the 8 and 80 rule? A rule that says project managers should avoid controlling any task of less than eight hours but should not let more than 80 hours go by without checking in; it prevents employees from feeling micromanaged but also gives them the support they need What are the three major project management organizations? Project Management Institute (PMI), Association for Project Management (APM), International Project Management Association (IPMA) What is the name of the project management joint venture between a government office and a private company? AXELOS What is the largest project management organization in the world? Project Management Institute (PMI) What are the PMI foundational standards? The foundational standards provide frameworks and processes in the areas of project, program, and portfolio management and the Organizational Project Management Maturity What are the PMI practice standards? The practice standards focus on specific knowledge areas or topics such as risk management, scheduling, and estimating. What is the largest professional body for project management in Europe? Association for Project Management (APM) Where is the Association for Project Management (APM) based? The United Kingdom What was the world's first project management association? International Project Management Association (IPMA) What is AXELOS? A joint venture between the government of the United Kingdom and Capita PLC What are the goals of the major project management organizations? To put structure around the work done and to create a professionalism for managing projects Which organization includes standards for Organizational Project Management Maturity (OPM3)? Project Management Institute (PMI) Which organization is the world's leading authority in competent project, program, and portfolio management (PPPM)? International Project Management Association (IPMA) What certification has the largest number of project management practitioners around the globe? Project Management Professional (PMP) What certification is offered by AXELOS? PRINCE2 What certification is offered by APM? APM Body of Knowledge Which organization issues competency [Show More]

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