WGU C722 Project Management Study Guide terms, Top Questions and answers. Verified

WGU C722 Project Management Study Guide terms, Top Questions and answers. Verified Project Life Cycle Phases - ✔✔-Defining, Planning, Executing, Closing Defining - ✔✔-initial phase of the project life cycle, determ ...

WGU C722 Project Management Study Guide terms, Top Questions and answers. Verified Project Life Cycle Phases - ✔✔-Defining, Planning, Executing, Closing Defining - ✔✔-initial phase of the project life cycle, determining the project's sponsor and manager, creating a charter Planning - ✔✔-second phase of the project lifecycle: technology, business process, staffing, training, testing, communications, budget constraints, integration of the project with operations and other projects Executing - ✔✔-third phase of the project lifecycle: overseeing and managing all necessary work and assignments by members of the project team Closing - ✔✔-the last phase of the project lifecycle: when the project is completed to the customer's satisfaction. Deliverables have been successfully launched, a review and transfer of lessons learned Program - ✔✔-a group of relate projects Portfolio - ✔✔-group of related programs that support a long-term company goal or objective Charter - ✔✔-a document that, like a contract, is agreed upon by the sponsor and key stakeholders. It defines the project and authorizes the resources, roles, responsibilitie, authorities, and scope for the project Change requests (CR) - ✔✔-changes in scope, schedule, or funding should be submitted to the appropriate board for a decision Change control board (CCB) - ✔✔-ensures that the change doe not negatively impact the project triple constraints Project Reports - ✔✔-provide a history and can be very important in understanding the factors behind a project's successes and failures Collaboration Tools - ✔✔-a software product to help manage the creating and communication of the plan and tasks to be performed. Work Breakdown Structure - ✔✔-ensures everyone undertands what has to be delivered and who is responsible for doing what and when. Conflict Management - ✔✔-communicate clearly and often and do it some more; establish expectations, address conflict immediately, stay focused on the project and goals PMI - ✔✔-Project Management Institute: publishes 2 types of standards: foundational and practice. PMBOK - ✔✔-Project manager's book of knowledge: standards define that they are best practices but may not apply to every project in every company and every industry PMP/CAPM - ✔✔-certification with the largest number of practitioners registered globally AXELOS - ✔✔-joint venture between the UK government and a private company: standards and certifications PRINCE2 - ✔✔-European certification overseen by AXELOS Ltd Functional/Departmentalized Org - ✔✔-oldest and most basic form of organization; lines of authority are clear and well-defined; supervisor-subordinate relationship; hierarchical structure Matrix Org - ✔✔-organization is less clearly defined lines of reporting; a functional supervisor is assigned to a specific project and SME reports to the PM while assigned to the project Projectized Org - ✔✔-PM has fulltime role on a project and total authority on all administrative matters from resource allocation to budget to schedule to scope trade-offs PMO - ✔✔-project management office for organizations that execute multiple projects concurrently and are increasingly complex - ✔✔-Ad Hoc no formal standards, processes, procedures or resources to constitute a project management discipline. Standard technologies/reporting technologies are sporadic Planned (OPM3 Organizational Maturity Levels) - ✔✔-standards, processes, procedures and resources exist in the org but not an org standard; basic documentation exists; mgmt support is inconsistent Managed (OPM3 Organizational Maturity Levels) - ✔✔-standards, processes and resources are in place as org standards; formal documentation exists; management support is consistent; execution is iregular Integrated (OPM3 Organizational Maturity Levels) - ✔✔-more refined standards, resources, documentation; mgmt support is consistent, execution is consistent; efficiencies across all projects; metrics are in place to collect performance data Sustained (OPM3 Organizational Maturity Levels) - ✔✔-lessons learned and best practices are applied to continuosly improve existing standards and processes; metrics are collected and applied; org can evaluate future decisions based on past performance Numeric Selection Criteria - ✔✔-financial and other quantitative measures to drive decision-making Scoring Criteria - ✔✔-incorporates flexibility by including several selection criteria in quantitative or qualitative form, but must be answered using a scale, such as 1 to 10 (weakest to strongest) Weighted Factor Scoring Model - ✔✔-senior mgmt assigns weight to each criterion, placing emphasis on selected criteria when calculating the total project score Time Value of Money - ✔✔-money is worth more to an organization now than in the future; money in your posession today is worth more than money in the future Payback Period - ✔✔-the amount of time required to earn back the cost of doing the project, in order to calculate, you need to know the cost of the project and the amount of revenue the project will generate in future periods. Internal Rate of Return - ✔✔-evaluates potential projects as if they were financial investments Net Present Value - ✔✔-a financial measure of the total future benefit