(Top QUALITY 2024/2025 EXAM REVIEW) Business of IT - Project Management - C176 WGU. Exam Review. Graded A+

Business of IT - Project Management - C176 WGU. Exam Review. Graded A+ Acceptance Criteria - -The process and the criteria that will be used to determine whether the deliverables are acceptable and satisfactory Activity duration - -Assessing the number of work periods needed to complete the project activities. Work periods are usually expressed in hours or days. Large projects might express duration in weeks or months. Activity List - -A list of all the activities required to complete the work of the project that also includes an identifier code and the WBS code it's associated with. Activities are broken down from the work package level of the WBS. Actual Cost(AC) - -The cost to complete a component of work in a given time period. Actual costs include direct and indirect costs. Addition - -A type of project ending that occurs when projects evolve into ongoing operations. Administrative Closure - -A process that involves gathering and disseminating information to formalize project closure. The completion of each project phase requires Administrative Closure also. The primary purpose of this process is to gather lessons learned and distribute the notice of acceptance. Analogous estimating - -An estimating technique that uses the actual duration of a similar, completed activity to determine the duration of the current activity. This is also called top-down estimating. Assumption - -An event or action believed to be true for planning purposes. Project assumptions should always be documented. Avoiding - -A conflict-resolution technique that occurs when one party refuses to talk anymore about the issue and physically leaves. This is an example of a lose-lose conflict-resolution technique. This technique is also known as withdrawal. Benefit measurement methods - -A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results. Bidder conference - -A meeting held by the buyer with potential vendors during the procurement process to allow vendors to ask questions and get clarification on the project. Bottom-up estimating - -Individually estimating each work package, all of which are then rolled up, or added together, to come up with a total project estimate. This is a very accurate means of estimating, provided the estimates at the work package level are accurate. Business requirements - -The requirements that describe how the business objectives of the project will be met. Change control board(CCB) - -A board responsible for reviewing and approving, denying, or delaying change requests. The change control board is usually made up of stakeholders, managers, project team members, and others who might have an interest in the project. Closing - -A process that documents the final delivery and acceptance of the project and is where hand-off occurs to the operational unit. Lessons learned are performed during this process, and project team members are released. `Communications planning - -Determines the communication needs of the stakeholders, when and how the information will be received, and who will receive the information. Compromise - -A conflict-resolution technique where each party involved gives up something to reach a resolution. This is not generally a permanent solution. Confronting - -A conflict-resolution technique that is also known as problem solving. This is the best way to resolve conflicts and involves fact finding to bear out the solution. This is a win-win conflictresolution technique. Constrained optimization models - -Decision models that use complex principles of statistics and other mathematical concepts to assess a proposed project. constraint - -Anything that either restricts the actions of the project team or dictates the actions of the project team Contingency reserve - -An amount of money or time set aside and dedicated to the project to be used to cover unforeseen costs or time that was not identified as part of the planning process. Contract - -A legally binding document that describes the work that will be performed, how the work will be compensated, and any penalties for noncompliance. Corrective actions - -A type of change request that typically occurs during the Monitoring and Controlling processes. Corrective actions bring the work of the project back into alignment with the project plan. Cost baseline - -The total approved, expected cost of the project c