WGU C722 Project Management 2026 | 700+ Q&A | Critical Path, WBS, EVM & Risk Management

This WGU C722 Project Management (2026) Expert Verified study guide contains over 700 structured exam-style questions and answers covering the complete project management lifecycle, organizational structures, financial evaluation models, scheduling techniques, risk management, earned value management (EVM), and change control processes. The material begins with foundational concepts such as projects vs. operations (pages 1–2), business case and charter development (page 4), project life cycle phases—Defining, Planning, Executing, and Closing (pages 4–6)—and the five process groups: Initiating, Planning, Executing, Monitoring & Controlling, and Closing (pages 31–34). The guide provides in-depth coverage of scope management, Work Breakdown Structure (WBS), hierarchical numbering, the 8/80 rule (pages 41–43), deliverables vs. activities vs. tasks, and scope creep prevention (pages 6, 28–29). Organizational structure comparisons—including Functional, Projectized, and Matrix models—are thoroughly explained with advantages and disadvantages (pages 15–21), along with PMO roles, OPM3 maturity levels, and change management levels (pages 16–19). Comprehensive financial and selection model content includes numeric and non-numeric selection methods (pages 23–26), Weighted Factor Scoring Model, Payback Period, Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Cash Flow, Time Value of Money, and Opportunity Cost (pages 26–27). Cost estimation techniques such as top-down, bottom-up, parametric, ratio, apportion, contingency reserve, and management reserve are detailed (pages 46–48). Advanced scheduling and estimation tools are extensively covered, including PERT, CPM, CCPM, network diagrams, precedence relationships (FS, FF, SS, SF), float, free float, forward and backward pass, schedule compression, crashing, fast tracking, and critical chain methods (pages 29–54). Probabilistic and deterministic estimates, Beta distribution formulas, standard deviation calculations, and three-point estimates are explained with formulas and examples (pages 49–50). Risk management is thoroughly addressed, including risk appetite, tolerance, threshold, Risk Breakdown Structure, risk responses (avoid, mitigate, transfer, accept), risk register prioritization using probability × severity scoring, and contingency planning (pages 43–45). Change management processes include identification, evaluation, decision, and communication steps (pages 57–58). Earned Value Management (EVM) formulas and performance indicators are comprehensively detailed (pages 60–63), including EV, PV, AC, BAC, EAC, ETC, CPI, SPI, CV, SV, TCPI, 50/50 rule, and 0/100 rule, providing strong quantitative preparation for Objective Assessment (OA) scenarios. This document is especially relevant for: • WGU students enrolled in C722 Project Management • Business Administration and MBA students studying project management • Students preparing for Objective Assessment (OA) exams • PMP and CAPM exam concept reviewers • Professionals seeking structured review of scheduling, cost control, and earned value formulas Keywords: WGU C722 project management exam project life cycle phases work breakdown structure WBS critical path method CPM PERT beta distribution earned value management EVM cost performance index CPI schedule performance index SPI net present value NPV internal rate of return IRR weighted factor scoring model risk management strategies risk register probability severity scope creep prevention change management process organizational structures functional matrix projectized forward pass backward pass schedule compression crashing fast tracking project charter and statement of work