WGU C722 Unit 2 Project Management Concepts, Questions and answers. VERIFIED. (LATEST UPDATE 2024/2025)

WGU C722 Unit 2 Project Management Concepts, Questions and answers. VERIFIED. Operations - -____________ are the ongoing, daily activities of an organization that produces revenue and expense. project - -A ________ is an activity or group of activities to generate a new, unique product, service, or results. portfolio - -A _______ is a group of related programs that support a long-term company goal or objective. Business strategy - -_______ consists of the activities, methods, tactics, etc. that will be employed to meet the business's goals. These may include: - increased market share and profitability through entry into a new market segment, - customer retention by best customer services in the industry, - compliance with new and revised government requirements, and - reduced costs by providing best tools and systems to operational personnel. program - -A _______ is a group of related projects. Project Management - -_______ is the application of knowledge, skills, tools and techniques to ensure the project meets the goals. Phases of the Project Life Cycle - -Defining, Planning, executing and closing are _______. 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 during the _______. project planning phase - -Detailed planning occurs during the ______. project executing phase - -The bulk of the work to complete the project outcomes occurs during the ________. project closing phase - -The _________ of the project occurs when the project is completed to the customers' satisfaction. triple constraint - -The ______ includes the cost (budget), schedule (time), and scope (deliverables). Project Manager (PM) - -The __________ is responsible and accountable for managing the project to maximize its success Functional (Departmentalized) - -The ___________ is the oldest and most basic form of organization. It is the type of organization most often