WGU C722 Project Management Refreshment Exam with Verified Answers latest Uploaded 2026

WGU C722 WGU C722 Project Management Refreshment Exam with Verified Answers latest Uploaded 2026 What is a project? Any temporary endeavor with specific start and end dates that result 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 WGU C722 WGU C722 - 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? WGU C722 WGU C722 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? WGU C722 WGU C722 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? WGU C722 WGU C722 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) WGU C722 WGU C722 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-based certifications but does not have a standard such as the PMBOK? International Project Management Association (IPMA) What are the three main types of organizational structures? Functional, matrix, projectized What are the characteristics of the functional (departmentalized) organizational structure? A functional organization is very straightforward. Lines of authority are clear cut and well-defined. There is a defined supervisor—subordinate relationship for each department and sub-department. There is no question of who reports to whom. What is another name for the functional organizational structure? Departmentalized structure True/False: The functional organizational structure represents a traditional hierarchy within a firm. True What are the advantages of the functional organizational structure? - Clear lines of authority - Work is easily prioritized by departmental authority WGU C722 WGU C722 - Flexibility in the use of staff - SMEs are available to work on multiple projects - Knowledge and experience are readily shared among functional specialists - Technical continuity within the organization - Clearly defined paths for professional growth What are the disadvantages of the functional organizational structure? - Utilizing resources across functions can be difficult - Requests for assistance from other departments are not easily prioritized - It is inefficient for projects requiring collaboration between departments - The project customer is not the only focus - The firm does not focus on solving project business issues - There is no single individual responsible for all aspects of the project - Response to customer needs is slow/difficult - Issues within the project are not given the same level of attention - The project is not managed holistically How does the projectized organizational structure work? Subject matter experts (SMEs) from different functional areas are assigned to directly report to the project manager (PM) for a specific project. The SMEs report to the PM for the duration of the project. At project conclusion, the SMEs report back to their respective functional areas where they receive work assignments from the functional manager until such time as they are reassigned to another project. What are the advantages of the projectized organizational structure? - Clear lines of authority - Project manager has full authority - Once SMEs are assigned, there is less of a need to negotiate availability of resources - Customer/stakeholder responses are faster and clearer - A skilled project team can support several projects of the same type - Timely decision making on project issues - It's simple, flexible, and easy to understand What are the disadvantages of the projectized organizational structure? - PMs must have enough work to keep SMEs busy, or they risk losing them to another project or functional area - Assigned SMEs may not have the most appropriate knowledge or experience for the project - It's expensive because of duplication of personnel - Equipment and personnel may be hoarded - Team members lose access to functional and technical expertise - Policies and procedures may be applied inconsistently - The team members may be anxious about post-project work WGU C722 WGU C722 What is the main difference between the matrix structure and the functional/projectized structures? A matrix has less clearly defined lines of reporting What are the characteristics of a weak matrix organizational structure? Functional managers are responsible for their own portions of projects; project managers act as coordinators between different functions and departments; the structure is very similar to a functional organization What are the characteristics of a strong matrix organizational structure? There are attempts to provide the appearance of project teams; the PM has much more control over various project aspects than in other structures (scope, schedule, budget, assignment of personnel); the functional manager maintains the "title" to functional personnel What are the advantages of the matrix organizational structure? - The project is the central focus - PMs have access to many skilled people; may have greater access to SMEs; - Project team members have less anxiety about the future - Customer issues are responded to quickly - Administrative personnel are not duplicated in each project team - The balancing of resources between projects is simpler and more efficient - The project team organization is more flexible What are the disadvantages of the matrix organizational structure? - Requires cooperation between PMs and functional managers - SMEs are not in daily contact with each other to share knowledge - The person with decision-making power is not always clearly identified - The balancing of resources among projects can lead to friction - The project closeout tasks are often difficult - The division of authority and responsibility is complex What level of authority does the PM have in a functional organizational structure? Little or none What level of authority does the PM have in a weak matrix? Low What level of authority does the PM have in a balanced matrix? Low to moderate What level of authority does the PM have in a strong matrix? Moderate to high What level of authority does the PM have in a projectized organization? High What are the five levels of project management maturity? Initial process, structured processes and standards, organizational standards and institutional processes, managed process, optimizing process WGU C722 WGU C722 What model of project management maturity is used by the Delaware Dept. of Technology and Information? Organizational Project Management Maturity Model (OPM3) What does a project management office (PMO) do? - Aligns project investment to corporate strategy - Monitors status and availability of all project resources - Keeps resources employed to best advantage across multiple projects - Reduces overhead and bureaucracy and creates economies of scale - Serves as a central repository for all project policies, procedures, and historical records - Serves as a repository for lessons learned and for assuring best practices are carried across to all projects - Ensures consistent policies and procedures across projects What is the project maturity model? A process for determining if the level of documentation and best practices is followed in project execution What is the basis for determining the maturity level of an organization's project management processes? The comprehensiveness of written procedures to accomplish tasks What is the overall organizational maturity level determined by? The lowest maturity level of any of the processes What are the names of the maturity levels in OPM3? Ad hoc, planned, managed, integrated, sustained What is project selection? The process of identifying which project(s) an organization will undertake. What does the project selection process involve? The selection process involves both evaluating and prioritizing the project proposals. What is a group of related projects? A program What is group of projects, or programs, undertaken by a company in order to achieve strategic business goals? A portfolio In project management, what term is used to describe connecting project outcomes to company goals? Alignment What are the model selection criteria? Realistic, capable, flexible, easy to use, low cost, comparable What are the two categories of project selection models? Numeric and non-numeric What do non-numeric project selection models focus on? WGU C722 WGU C722 Selection criteria that are not limited to traditional numeric performance measures What are some common examples of non-numeric project selection models? Competitive necessity, operating necessity, sacred cow Using the competitive necessity model, what is the decision to approve or disapprove a project based on? Whether implementing the project will ensure the viability of the company in the competitive market Using the operating necessity model, what is the decision to approve or disapprove a project based on? Whether it will ensure ongoing operations with the understanding that not executing the project will result in operations being interrupted What are sacred cow projects? Projects suggested by senior leadership or a powerful constituent of the company Why are sacred cow projects often created? To satisfy the expectations of the leader with little regard for the project's viability or contribution to strategic or operational needs What is the checklist model for project selection? A method that uses a series of questions to evaluate each potential project What is a benefit of using the checklist method for project selection? This model affords the company great flexibility What are two disadvantages of the checklist method for project selection? An overwhelming number of questions may be identified; this can create a situation in which comparing projects becomes difficult, with a mix of positive and negative responses for each project True/False: Checklists assign weights to each selection criterion? False What are numeric project selection models? Models that use financial and other quantitative measures to drive decision-making What are the two general categories of numeric project selection models? Profit/profitability based and scoring models How do profit/profitability based project selection models work? They use some aspect of measuring the financial returns of the project relative to the cost of the project or the time required to break-even What are some of the profit/profitability based project selection models? Payback period, net present value, internal rate of return What are scoring models for project selection? Models that allow the company to integrate multiple criteria in analyzing project proposals; these types span from basic scored criteria to including weights on each criteria so that some criteria are emphasized over others. What is a benefit of using scoring project selection models? WGU C722 WGU C722 Increased flexibility How must criteria be answered in a scoring model for project selection? With a scale How is a set of criteria for a scoring model developed? Based on the strategic objectives of the company Why is a team of raters used to evaluate project proposals when using a scoring model for project selection? Using a team of raters enhances the reliability of the scores and reduces the biasing of results by a single rater. What is the weighted factor scoring model? A scoring model that emphasizes certain criteria by assigning weights What is opportunity cost? The benefit that could have been realized if the money were used for another purpose What is the payback period? The amount of time required to earn back the cost of doing the project How is the payback period calculated? Estimated cost/monthly return (estimated cost divided by monthly return) Which is preferred, the project with the longest payback period or the shortest payback period? The project with the shortest payback period What are two main disadvantages to using payback period as a project selection method? It does not take into consideration the additional returns that a project might generate after it reaches its payback; it does not consider the time value of money What is internal rate of return? The rate of return for a project What is a disadvantage of using the internal rate of return as a project selection method? IRR is difficult to calculate manually What is an advantage of using internal rate of return as a project selection method? It accounts for the time value of money What is net present value? A financial measure of the total future benefits of a project minus the costs of the project What are the four general phases of the project life cycle? Defining, planning, executing, and closing What happens during the project defining phase? The idea for the project is formalized into a project proposal and the decision on whether the project will be selected for implementation is made When does the project defining phase begin? When an idea for a project is identified by a company WGU C722 WGU C722 What does the project proposal need to include? - Major project outcomes and deliverables - How the project will be completed - A high-level estimate of the cost - A high-level estimate of the completion time - The reason that the project should be undertaken - The benefits that the company will gain by completing the project - What resources will be needed - Any risks that could derail the project - Major stakeholders and their roles in the project - Where the decisions are made by the deciding customer or stakeholder What marks the conclusion of the project defining phase? The selection (or rejection) of the project and creation of the project charter What happens during the project planning phase? Detailed planning occurs When does the project planning phase end? When the scope, budget (cost), and schedule (time) are approved by the customer or sponsor and the project team What are the baselines that will be used to measure project performance throughout execution The approved scope, budget, and schedule What happens during the project executing phase? The bulk of the work to complete the project outcomes occurs What are deliverables? The intermediate outcomes from work activities When is the project execution phase completed? When all the project work activities that produce the promised final deliverables are ready to be delivered to the customer or sponsor What happens during the project closing phase? The project outcomes are delivered to the customer or sponsor What does the PM need to do during the project closing phase? - Reassign any project resources back to the company - Document the project results and lessons learned - Close out any procurement activities - Verify that the completed project is transitioned over to the customer What signals the completion of the project closing phase? The customer's acceptance of the project outcome and the host organization's acceptance of all project documentation What is collecting customer requirements? WGU C722 WGU C722 The process of gathering information from the customer and stakeholders in order to define the high-level project outcomes In which phase of the project life cycle does collecting customer requirements occur? Planning phase What are specifications? Customer requirements that identify precise and measurable characteristics of the project outcome What is the project scope? A written statement summarizing the work that will be completed to provide a project outcome that will meet the customer or sponsor's requirements When is the preliminary project scope statement developed? During the planning phase What is the project justification? A statement explaining the business need for the project What is a project charter? A document that summarizes all the key information about the project and authorizes the project manager to assemble the team and begin detailed planning What is the project sponsor? The person in the project organization who has authority to expend resources for projects What officially ends the defining phase of the project life cycle? The issuance of the project charter What is a phase-gate? A decision point in the iterative process that provides the opportunity for company leadership to decide if moving forward is prudent What does a well-written scope do? Clearly define every aspect of the project including functions and features, quality expectations, and time constraints When does scope creep occur? When there are any—but particularly small—incremental additions to the project scope that are not subject to the formal scope change process Why does scope creep occur? Because the scope was not well-written due to oversights or limited understanding What is the critical path? The path with the longest duration from the start of the project to its completion; work activities which, if delayed, will cause the project to be completed late What is float time? The amount of time an activity can be delayed without affecting the completion date of the project What are milestone dates? WGU C722 WGU C722 Dates by which some activity is mandated to occur What is the project cost? The sum total of all expenses directly charged to the project What does the project baseline do? Establishes the expected scope, the expected cost, and the expected schedule Which traditional project management methods are best practices? PERT, CPM, critical chain, waterfall, and PRINCE2 What is PMBOK? A standard for project management that deals with many accepted methodologies Which traditional project management method was developed in the 1950s to support the U.S. Navy's Polaris missile project? Program Evaluation and Review Technique (PERT) How is PERT used? To estimate activity duration times; it uses a statistical approach to estimate the time that will be required to complete project work activities When are PERT techniques recommended by PMBOK? When estimating activity duration times that vary What is the critical path method (CPM)? A traditional project management method developed for the DuPont Corporation to help with projects in their manufacturing plants What is CPM used for? For estimating project activity durations; CPM assumes that the estimates do not vary and time can be reliably estimated What is critical chain project management? A traditional project management method that focuses on managing the uncertainties of a project How does critical chain project management (CCPM) work? CCPM assumes that resources available to complete the project are in limited supply and it specifically plans to ensure resource availability. CCPM applies the theory of constraints logic to project management by recognizing that the project can only be completed if the resource (person, machine, capital, etc.) capacity is available. In CCPM, the work each resource is expected to complete is checked to verify that the resource will be capable and available when needed. Time buffers are built into the schedule to handle situations when the critical resources fall behind or are not available. What is the waterfall method? A traditional practice which found its best use in software and hardware development. In this method, the project work flows downward like water falling over a ledge. What does PRINCE2 stand for? Projects in Controlled Environments What is PRINCE2? WGU C722 WGU C722 A highly structured project management method which focuses on the specification of the outputs rather than the coordination of activities Why are the five steps of managing a project important? Because they are logical groups of processes which outline what must occur in order to manage the project How are the five steps organized? Chronologically across the life of the project What do initiating processes involve? Defining the project and determining which projects the organization will undertake When do initiating processes usually occur? Prior to the selection of the project team or the project manager When are project evaluation methods used? During the initiating processes What processes are completed during initiating? - Documenting the business need for the project and what problem the project will solve - Defining the project - Evaluating project proposals - Completing project selection - Identifying major stakeholders - Creating the project charter What activities are completed during the planning processes? Documenting all customer requirements and deliverables Estimating resource needs Finalizing the project scope Finalizing the project budget Finalizing the project schedule Creating the Work Breakdown Structure Creating the Network Diagram Creating the activity list Writing the plan for specific areas (quality, communications, human resources, procurement, change management, scope management, cost management, schedule management, risk management, etc.) What is a network diagram? A project planning tool that shows the sequenced project activities using arrows and circles Who is the most powerful stakeholder? The one who has control or influence over resources What activities are completed during the executing processes? Acquiring project team members Training and coaching team members WGU C722 WGU C722 Communicating with stakeholders Managing stakeholders Implementing the project plan Documenting change requests Assessing team member performance Recognizing and rewarding performance What activities occur during the monitoring and controlling processes? Keeping the project activities in sync (integration control) Verifying that the deliverables meet the required scope Documenting any requested changes to scope Monitoring the schedule Monitoring the budget Assessing project quality Resolving issues about scope or activities or interpersonal issues Reporting project performance Monitoring project risks Monitoring vendor/provider performance Determining when replanning is needed What activities occur during the closing processes? Paying all outstanding vendor invoices Reconciling all vendor accounts Returning excess materials and supplies Returning all project assets to the sponsoring organization Writing the lessons learned Completing all project documentation Delivering the completed project to the customer Receiving sign-off from the customer Archiving all project documents What is a characteristic of a project environment in which traditional project management methods are appropriate? A well-defined project outcome A low-complexity project outcome A project scope that is unlikely to change Risks that are low and identifiable Projects that use known/stable technologies Projects that are not resource constrained What is project volatility? The level of instability in the project environment What is agile project management? WGU C722 WGU C722 An iterative approach to project management where the project team works closely with the customer to deliver projects in usable chunks What are extreme project-management methods? Approaches to address issues of extraordinary uncertainty or complexity Who is one of the most important players in extreme project management? The sponsor What is the project charter's most important function? It authorizes the project What do project charters often contain? Project name Sponsor name Project manager name Simple, yet precise, statement of the project Objective Scope Performance measures Major milestones Major deliverables Assumptions Constraints Business need met Signatures of authorized representatives to acknowledge approval of the project charter What does the statement of work (SOW) do? Defines the project's outcomes in terms of objectives, specific deliverables, acceptance criteria, technical requirements, milestones, constraints, and assumptions; clarifies the actual work to be done What does the project scope statement do? Document the customer's expectations with regard to when the project will be completed (the time/schedule constraint) and how much the completed project will cost (the budget or cost constraint) What is the standard by which project results will be measured? The scope statement Which document does the project team plan and execute the project based on? The scope statement What is the product scope? The portion of the scope statement that defines the features and functions of the project outcome or deliverables What does the project scope describe? How the project outcomes will be created What does the project scope include? WGU C722 WGU C722 It includes both what work will be done and the method that will be used. The project scope also includes the project management functions required to plan, coordinate, and manage the project work. What is a project requirement? A characteristic, function, or capability that must be present in the project final outcome When are the requirements collected by the project team? During the planning phase Where do project requirements come from? The project stakeholders Where are requirements documented once they are gathered? Requirements Traceability Matrix What is included in the requirements traceability matrix? The requirement, the business need that will be satisfied, and the specific stakeholder who provided the requirement What are project deliverables? The features and functions of the project outcome that form the product scope What are project exclusions? Perceived limitations and boundaries to a project What is a resource responsibility matrix? A document that identifies needed resources, roles, and responsibilities What is a resource histogram? A commonly used pictorial representation of resources required at a specific time in the project life What is resource leveling? The act of leveling the amount of resources needed to be constant over a period of time Why is leveling used in project management? To minimize the confusion on the project (resources being constantly added and subtracted) and to rectify situations where resources are being assigned to more work in a period than they can realistically complete What creates a baseline for measuring progress as well as a road map for determining how to get the job done? Planning What is a project activity? A portion of work that will be executed as part of the project to create the specified deliverables What is a project task? Specific actions taken to complete an activity What are the levels of the work breakdown structure? Programs Projects within programs WGU C722 WGU C722 Deliverables within projects Activities within deliverables Tasks and subtasks within activities What do you need to do before you can create a Gantt or PERT chart? Define the tasks to be completed Who should determine the tasks to be completed? The team members who will execute the plan What are the characteristics of a good project task? It can be realistically estimated and completed. It is at its best and most realistic size. It can be completed in a realistic time frame to standards the team embraces. Each group of tasks and activities produces a piece of a required deliverable. Each task is a unique package of work that can be managed and performed by a given resource. What is risk? Any uncertainty in an event or condition that may impact the project What is risk appetite? The degree of uncertainty an entity is willing to take on in anticipation of a reward What is risk tolerance? The degree, amount, or volume of risk that an organization or individual will withstand What is risk threshold? Measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest What are four ways to manage risk? Avoid, mitigate, transfer, accept What is risk management? Proactive planning for risk and opportunities that occur at most steps of the project management process from the time you define the project and create the charter to all the project management planning through execution of the project What are potential sources of risk? Technical impacts Cost changes Schedule slippage Client adds information or requirements Contractual requirements add tasks, responsibility, time, and cost Weather impacts on schedules and costs Financial changes in timing and availability of funds Political impacts on the ability to perform or changes in laws Changing environmental conditions People (they are always the most unpredictable resource.) WGU C722 WGU C722 What is the ultimate objective of risk management? To minimize the negative impact of risk and maximize the positive outcomes What is a risk breakdown structure? A document that follows the WBS and insures that each activity and task in the WBS is reviewed for risk and opportunity and documented as identified What is a risk register? A document that lists all risks (external, technical, or organizational) and assigns scores for probability and severity What is the P*S score? A measurement that prioritizes risks by determining probability and severity What are top-down estimation methods? Estimates that are often provided by someone at the organization who has knowledge or experience from prior projects similar to the project being considered What do bottom-up estimation methods require? That estimates be made at the detailed work activity level of the WBS Who develops estimates when using bottom-up estimation methods? Functional experts with knowledge of the resources required and available to complete the activity What is parametric estimating? When top-down methods are based on the relationship between the current project and historical data What is the ratio method? An estimation method that uses experience from prior projects to estimate the overall cost of the current project What is the apportion method? An estimation method that is based on the ratio method but takes into consideration specific functionality or types of work that will be required. The apportion method requires that an overall project cost be provided based on the customer's budget or similar projects. What is cost management? The process of measuring how close actual costs are to the budget and then making changes in project execution as needed. What is the baseline budget? A snapshot of the project budget What are the two critical elements of a budget? The amount of expenditure and when the expenditure is expected to occur What are direct costs? Costs that are directly attributable to completing the project work What are direct overhead costs? Costs from the project that are shared across the work activities WGU C722 WGU C722 What are general and administrative costs? Overhead costs from the project organization What is a calendarized budget? A budget where the costs are distributed across the time periods of the project What is a simple budget? A budget that provides insight into the cost of the major deliverables but does not indicate when the expenses will occur What are contingency reserves? Costs included in the budget to cover situations that may occur What is a management reserve? An amount added to the overall project budget to cover unknown risks Which estimating method experiences more problems with padding? Bottom-up What is combined to create a calendarized budget? WBS, budget, and network diagram In project management, what is a duration? A term used to describe the number of time periods required to complete some portion of the work When are deterministic duration estimation techniques appropriate? When the activity durations are very predictable When are probabilistic duration estimation techniques appropriate? When there is uncertainty in how long an activity will take What is the one-point estimate method? The expert provides a single estimate for an activity based on either his or her own knowledge or historical information How do probabilistic methods work? They use basic statistics to account for uncertainty in activity duration estimates How is the triangular distribution/simple average determined? Add the optimistic, most likely, and pessimistic estimates and divide by three How is the beta distribution calculated? Add the pessimistic estimate, the optimistic estimate, and four times the most likely estimate; divide the result by six How is the activity estimate range calculated? Pessimistic estimate minus optimistic estimate (P-O) How is the activity estimate standard deviation calculated? Activity estimate range (P-O) divided by six What factors influence the impact of learning curves? The complexity of the activity, the level of human input required, WGU C722 WGU C722 the duration of the activity, and the skill level required What is a network diagram? A graphic representation for how the project will proceed What are label nodes? A method of unique representation of each item in the precedence diagram What is a node label (node)? A unique identifier for each activity What is an immediate predecessor? A task that must be completed immediately before another task (e.g. you must put primer on the wall before you can apply paint; priming would be an immediate predecessor to painting) What are concurrent activities? Activities that can be completed simultaneously (at the same time) How are serial activities performed? In a single stream of tasks What is a project schedule network diagram? A graphical representation of the logical relationships or dependencies the team has recognized during the planning phase What is the primary purpose of a network diagram? To provide everyone involved on the project with a clear representation of the schedule and the critical path(s) so the assumptions made during the planning process can be validated What is one of the first steps in building a network diagram? Take the activities and tasks from the Work Breakdown Structure (WBS) and build a chart showing them with some additional information developed along the planning cycle Which factors determine whether a project can be performed serially or concurrently? Activity dependencies, availability of skills and resources What do task relationships depend on? Project deliverables Project constraints like dates and competing projects or demands Project assumptions from requirements Milestones Budgets Project environmental factors like standards, tools, work authorization systems, and government regulations What is the most common relationship between tasks? The finish-to-start relationship What is a finish-to-start relationship? WGU C722 WGU C722 A logical relationship in which a successor activity cannot start until a predecessor has finished What is a finish-to-finish relationship? A logical relationship where the successor task cannot be completed until the first task is completed What is a start-to-start relationship? A relationship in which you cannot start the successor activity until the predecessor activity has started What is a start-to-finish relationship? A relationship in which you cannot end the first task until the second task has started What is float? The amount of time an activity, network path, or project can be delayed from the early start without changing the completion date of the project What is total float? The difference between the finish date of the last activity on the critical path and the project completion date What is negative float? When the calculated completion date of the last activity is later than the targeted completion date established at the beginning of the project What is free float? When activities that are not on the critical path have a difference between their early start date and their late start date; those activities can be delayed without affecting the project completion date What is the term for tasks when they overlap despite their dependencies? Fast-tracking What is schedule compression? Reduction of the overall project timeline to the least possible length for the least cost to the project What is a team? A group of people working together to reach a mutually agreed-upon goal or objective What are some characteristics of effective teams? There is uniform agreement on the end goal or objective. All team members contribute to reaching the end goal or objective. Team members cooperate and work together. If one team member has a problem with a task, others willingly assist. Team members each do what they are best at. Team members encourage each other's efforts. Team members have a feeling of unity of purpose. The team functions better as a group than as individuals. What happens during the forming stage of group development? WGU C722 WGU C722 Team members may be meeting for the first time. Often, no one really knows much about anyone else on the team. It may be premature to refer to this group of individuals as a team. It is a time of introduction and forming relationships and understanding from the exchange of information. What happens during the storming stage of group development? Team members are beginning to learn about each other, but they do not yet understand how to work together. Members may "jockey for position" within the team. The dynamics of working together beyond any written statement of "roles and responsibilities" are being established. Personalities surface, showing the strengths, weaknesses, and personal needs of each individual on the team. Integration into a team may come with some struggle and conflict. What happens during the norming stage of group development? Team members have "figured out" how they will interact with each other. Working relationships are beginning to form. Trust and understanding is beginning to form among team members. They are beginning to feel comfortable working together and openly and willingly sharing information. What happens during the performing stage of group development? Team members are fully comfortable working together. Trust has been developed. Working relationships have jelled. Work is being conducted and project progress is occurring. When is project performance monitored? During the executing phase of the project life cycle In project management, what is a variance? A difference between actual performance and the baseline scope What are two common situations that prompt a change to the baseline scope? 1. The scope is expanded to include added functionality. 2. The scope may be diminished due to environmental changes such as reduced funding. What does monitoring the project schedule involve? Comparing the actual Work Breakdown Structure (WBS) activities completed to the schedule baseline What does monitoring project costs involve? Comparing actual costs to the baseline budget What is earned value analysis (EVA)? The process of assessing the work completed What is a corrective action? A process to document quality failures that have occurred and how they will be corrected What are the four types of change? Scope change, contingency changes, improvement changes, changes due to external events WGU C722 WGU C722 Why is the change-management system in place? To formally identify, evaluate, decide, and communicate project changes What are project controls? The data gathering, management, and analytical processes used to predict, understand, and constructively influence the time and cost outcomes of a project or program What is recording? The process of documenting and archiving project related information What are the three quality aspects of project quality? Quality management, quality assurance, and quality control What is quality management? The process of identifying the customer's requirements and how they will be measured What is quality assurance? The process of reviewing and validating that the requirements and measurements are feasible and suitable (i.e., appropriate for the project) What is quality control? The process of monitoring and changing project execution to ensure that activities are being executed as planned and will result in meeting the customer requirements When is quality management emphasized? During the planning phase What are standards? Requirements that are generally accepted by a group of firms that produce similar products or services What are some positive outcomes of quality audits? Identifying issues before you go into production Identifying best practices that can be adopted by future project teams Identifying lessons learned that can improve performance on other projects Identifying problems that can be corrected before additional costs are incurred What is the earned value (EV) of a project? The total dollar budget of the work that has been completed How are the results of EV analysis used? To understand the current state of the project and also to make predictions of what the budget performance will be at project completion When is earned value assessed? During the executing phase Which question is answered by earned value management? Are budget changes needed to complete the project as scheduled? What is the 50-50 rule? A rule that assigns 50% complete as soon as an activity is started and the activity is considered 100% upon completion What is the 0-100 rule? WGU C722 WGU C722 A rule that assigns 0% to activities that have not been started and those that are in progress. Completed activities are assigned 100% How is cost variance calculated? CV = EV − AC How is schedule variance calculated? SV = EV − PV How is cost performance index (CPI) calculated? CPI = EV/AC How is the schedule performance index (SPI) calculated? SPI = EV/PV How is the to complete performance index (TCPI) calculated? TCPI = (BAC − EV)/(BAC − AC) if the project is under budget; TCPI = (BAC − EV)/(EAC − AC) if the project is over budget What is the percent complete index (PCI)? A measure of how much of the total project work has been completed How is the percent complete index calculated if the original baseline budget stands? PCIB = EV/BAC How is the percent complete index calculated when the customer has agreed to a new budget at completion (BAC)? PCIC = AC/*EAC What is an estimate to completion? An estimate of how much money will be needed to complete the project How is estimate to completion calculated? ETC = (BAC − EV)/CPI What is the estimate at completion? The new forecast of how much more in total the project is expected to cost once completed How is estimate at completion calculated? EAC = AC + ETC What does the practice of project closeout do? Finalizes all project activities completed across all phases of the project to formally close the project and transfer the completed or cancelled project as appropriate WGU C722