Project Management TPV1 and C176 WGU, Questions and Correct Answers, Complete solution 2024.

Project Management TPV1 and C176 WGU, Questions and Correct Answers, Complete solution 2024. Acceptance criteria Requirements and conditions that must be met before the project deliverables are formally accepted. Acceptance test A group of end-users work with the final product to test it for unidentified issues that may appear during routine use. Also known as User Acceptance Testing (UAT). Actual duration The number of hours or days expanded to complete a project activity. Actual effort The actual number of person hours or days expended to complete an activity. Activity A specified piece of work that needs to be completed. An activity typically has an expected duration, cost and requires certain resources. Also known as task. Activity list A list of the defined activities that need to be completed for a project. Activity sequencing Identifying activity dependency relationships (how activities affect each other) and determining the best order to perform the activities to complete the project. Actual cost (AC) The actual cost expanded to complete a project activity or work package. Assignment The activities team members are responsible to complete. Assumptions Factors that are believed to be true and affect project planning. Assumptions may impact risk and should always be documented and validated. Baseline Represents the original approved plan for schedules, costs, etc. and is used to monitor and control ongoing project performance. Budget The amount of money allocated for a project. Budget at completion (BAC) The budget estimate determined in the planning phase for a work package or entire project to be completed. Business value The positive impact for the business that will be achieved with completion of the project (e.g. generate revenue, customer satisfaction, etc.). Change control board A group of stakeholders responsible for reviewing and accepting or rejecting changes to the project. Change control process A process that ensures changes to the project are identified, evaluated, approved, documented and managed. Change management plan A plan that documents the process for managing changes to the project. Change request A document that is submitted to request a change to any part of the project management plan after the plan was approved. Communications Relaying information so that all concerned parties have an equal understanding. Communications management plan A plan that documents who will receive information about the project, what information they will receive, when they will receive it and how the information will be communicated. It also identifies the person who is responsible for providing the information. Consensus A decision that a group agrees to support. It is usually achieved by discussing the relevant issues and options. Constraint A financial, schedule, risk or resource-based limitation on a project. Contingency reserve Allocation of resources to address possible adverse events. Contract A legal, mutually-binding document between buyer and seller covering the terms and conditions by which the work must be completed. Contract administration Managing the relationship with the seller and overseeing that all elements of the contract are met. Contract closeout The process of determining whether the work as outlined in the contract was completed accurately and settling the terms of the contract. Corrective action Actions taken to bring expected performance in line with the project plan. Cost-benefit analysis A benefit measurement method that weighs expected project costs against expected project benefits. Cost control Managing and controlling changes to the cost baseline. Cost estimating Estimating the cost of resources that will be required to complete each project activity. Cost variance (CV) The difference between the budgeted cost and actual cost. CV = EV - AC Cost of quality The costs incurred to ensure the quality of the project. Critical path The longest path through all project activities (as represented in a network diagram) that determines the duration of the project. The activities on the critical path usually have zero float. Critical path method (CPM) A technique used to determine the duration of a project by looking at the sequence of activities and their flexibility in scheduling. Customer The recipient of service or product that the project created. Also known as client in some organizations. Decomposition Breaking the project deliverables into smaller, more manageable components. Deliverable Outcome or product that is produced to complete a work package or project. Dependency The relationship between project activities. Early finish date The earliest date that an activity may be completed in the activity sequence. Early start date The earliest date that an activity can be started in the activity sequence. Earned value (EV) A measurement used to determine a project's progress and represents the value of the work completed to date. Also known as budgeted cost of work performed (BCWP). Baseline Represents the original approved plan for schedules, costs, etc. and is used to monitor and control ongoing project performance. Top-down estimating An estimating technique that uses historical project information to estimate the project duration of a similar project. Also known as analogous estimating. Backward pass ...Calculation of the late start and the late finish dates for uncompleted activities by working backwards through the network diagram from the project's end date. Part of critical path method (CPM). End user The person or group who will use the product produced by the project. Estimate at completion (EAC) The estimated total cost of the completed project at a particular time, using current project performance and work that still needs to be completed. EAC = AC + ETC Estimate to complete (ETC) The estimated amount of the work that still needs to be completed. Expert judgment Using subject matter experts to assist in decision making. External dependency A relationship between a project activity and a factor outside the scope of the project that influences the completion of that activity. Finish-to-finish dependency When the completion of an activity is dependent on the completion of the preceding activity. Finish-to-start dependency When the start of an activity is dependent on the completion of the previous activity. Fixed cost A cost that remains constant regardless of a change in production. Float The amount of time that the early start of an activity can be delayed without affecting the completion date of the project. Also known as slack time. Flowchart