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

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WGU C722 Project Management, Top Exam Questions and answers, rated A+ What is a project? - ✔✔-Is any temporary endeavor with a specified start and end date that results in a unique product, s ... ervice, or result. Project management - ✔✔-involves managing everything about the project to get the desired result. Organizations are complex entities that engage in two types of activities: - ✔✔-operations and projects. Operations - ✔✔-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." There is no start and end date. Projects - ✔✔-modifies the business or its products for future profitability. 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. Examples of projects - ✔✔-new technology features, an improved service, or cost reduction for the business in providing services, such as better accounting systems. Frank and Lillian Gilbreth were the "parents" of - ✔✔-what is now known as time and motion study. Frederick Taylor - ✔✔-is known as the father of the scientific management. Henry Gantt - ✔✔-he studied management techniques in the construction of navy ships used in the First World War. As a result of his studies, he created the Gantt chart, a horizontal bar chart that sequences tasks and provides duration of each task. Project managers must have competency in ten distinct knowledge areas: - ✔✔-Integration management: Scope management: Time management: Cost management: Quality management: Human Resource management: Procurement management: Stakeholder management: Integration management: - ✔✔-Includes processes and activities needed to identify, define, and coordinate various processes and project management activities project triple constraints - ✔✔-A primary focus of Project Management is to achieve all project goals and objectives, while honoring preconceived constraints. The primary constraints of project management are three: "scope, time, and budget", which also may be termed "scope, schedule, and cost". These three factors are known as the "triple constraints", but also are referred to as the "project management triangle", and the "constraint triad". Scope management: - ✔✔-Includes the processes that ensure that all the work required is identified to complete the project successfully Time management: - ✔✔-Includes the processes required to manage the timely completion of the project 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 Quality management: - ✔✔-Includes processes and activities that determine quality policies, objectives, and responsibilities Human resource management: - ✔✔-Includes the processes that organize, manage, and lead the project team Communication management: - ✔✔-Includes processes to ensure timely and appropriate planning, creation, distribution, management, control, and monitoring of project information Risk management: - ✔✔-Includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project Procurement management: - ✔✔-Includes the processes necessary to acquire products, services, or results needed from outside the project team 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 The project manager will have to rely on people skills, including these skill sets: - ✔✔-Negotiation Conflict resolution Communication Written Verbal Prioritization Budgeting Money Time Business scenario - ✔✔-"An imagined or projected sequence of events that is representative of a significant business need or problem, enables vendors to understand the value to the customer organization of a developed solution. Business Scenarios have this information: - Past events that are relevant - Current key information - Expected or desired outcomes Metacognition - ✔✔-thinking about thinking," refers to your awareness of yourself as a learner and your ability to regulate your own learning. portfolio - ✔✔-is a group of related programs that support a long-term company goal or objective. A group of projects, or programs, undertaken by a company in order to achieve strategic business goals program - ✔✔-is a group of related projects that support the goals and objectives of the company; it may be established and is a group of related projects. project - ✔✔-is an activity or group of activities that generate a new, unique product, service, or result to support a program. Business Scenario - ✔✔-is representative of a significant business need or problem, and enables vendors to understand the value to the customer organization of a developed solution" Business Strategy - ✔✔-consists of the activities, methods, and tactics that will be employed to meet the business's goals. project management - ✔✔-it is 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. Phases of the Project Life Cycle - ✔✔-Defining (intializing), Planning, executing and closing Defining - ✔✔-Once senior management approves a project, it enters the initiation or defining phase. Immediate activities that take place in this phase are the following: Determining the project's sponsor and the project's manager Creating 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. a project 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. Planning - ✔✔-There are many parts of a plan that need to be considered during this phase, among them: Technology Business process Staffing Training Testing Communications Budget constraints Integration of the project with operations and other projects 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. Executing (3) - ✔✔-This can be a challenging and volatile phase, due to: Unexpected changes that may present themselves in the competitive environment New organizational priorities Loss of key project resources Previously unidentified risks occurring that puts the project plans in jeopardy Closing - ✔✔-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. Projects(7) - ✔✔-is a temporary endeavor with a specified start and end date. Operations (7) - ✔✔-are the ongoing, daily activities of an organization that produce revenue and expense. Product - ✔✔-Something created by a project The purpose of any project - ✔✔-is to achieve some specified objective. This objective may be a product, a service, or some other specified result. objective(s) meet a certain criteria. (Smart) - ✔✔-Specific Exactly what are you attempting to achieve? Measureable Can you assign a number? Is the result quantifiable? Attainable (or Achievable) is this possible with resources (including financial) and technology available? Relevant Does it make sense? Does it fit with the organization's strategic goals? Time-based (or Timely) Is there a date when it needs to be completed [Show More]

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