WESTERN GOVERNORS UNIVERSITY
PROJECT MANAGEMENT |
COMPREHENSIVE OBJECTIVE
ASSESSMENT STUDY GUIDE 2026|
GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers | 100% Verified
Exam Prep and Comprehensive Rationales Included
,Decision model A formal method of project selection that helps managers make the best use of
limited budgets and human resources. Includes benefit measurement methods
and constrained optimization models.
Discounted cash flow (DCF) Compares the value of the future cash flows of the project to today's dollars.
Economic model A type of benefit measurement method. It is a series of financial calculations that
provide data on the overall financials of the project and is generally used as a
project selection technique.
Expert judgment A technique used in project selection, determining estimates, and determining
other related project information that relies on the knowledge of those with
expertise on the requested subject matter. Expert judgment can come from,
stakeholders, other departments, consultants, team members, vendors, or industry
groups.
Feasibility study Undertaken to determine whether the project is a viable project, the probability of
project success, and the viability of the product of the project
Functional organization A form of organizational structure. Functional organizations are traditional
organizations with hierarchical reporting structures.
Internal rate of return (IRR) The discount rate when the present value of the cash inflows equals the original
investment. Projects with higher IRR values are generally considered better than
projects with lower IRR values. Assumes that cash inflows are reinvested at the IRR
value.
Matrix organization An organizational structure where employees report to one functional manager
and at least on project manager. Functional managers assign employees to
projects and carry out administrative duties, while project managers assign tasks
associated with the project to team members and execute the project.
Net present value Evaluation of the cash inflows using the discounted cash flow technique, which is
applied to each period the inflows are expected. NPV subtracts the initial project
investment from the total cash flow in today's dollars. It is similar to discounted
cash flows.
Operations Operations typically involve ongoing functions that support the production of
goods or services. They don't have a beginning or an end.
Payback period The length of time it takes a company to recover the initial cost of producing the
product or service of the project.
, Program A grouping of related projects that are managed together to capitalize on
benefits that couldn't be achieved if the projects were managed separately.
Project Temporary in nature, with a definite start and end date; creates a unique product,
service, or result. It is completed when the goals and objectives of the project
have been met and signed off on by the stakeholders.
Project management Applying skills, knowledge, and project management tools and techniques to
fulfill the project requirements.
Project Management Institute (PMI) The world's leading professional project management association.
Project management knowledge areas The nine project management groupings, or Knowledge Areas, that bring
together common or related processes. They are Integration, Scope, Time, Cost,
Quality, Human Resource, Communications, Risk & Procurement.
Project management office (PMO) Established by organizations to create and maintain procedures and standards for
project management methodologies to be used throughout the organization.
Project manager The person responsible for applying the skills, knowledge, and project
management tools and techniques to the project activities to successfully
complete the project objectives.
Project performance indicators Measures that the project manager uses to determine whether the project is on
track, such as any deviation from the baseline schedule or the baseline budget.
Project plan A document, or assortment of documents, that constitutes what the project is,
what the project will deliver, and how all the processes will be managed. Used as
the guideline throughout the project Executing and Controlling phases to track
and measure project performance and to make future project decisions. Also
used as a communication and information tool for stakeholders, team members,
and management.
Project selection Used to determine which proposed projects are approved to move forward
Project-based organization An organizational structure focused on projects. Project managers generally have
ultimate authority over the project, and sometimes supporting departments such
as human resources and accounting might report to the project manager. Project
managers are responsible for making project decisions and acquiring and
assigning resources.
PROJECT MANAGEMENT |
COMPREHENSIVE OBJECTIVE
ASSESSMENT STUDY GUIDE 2026|
GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers | 100% Verified
Exam Prep and Comprehensive Rationales Included
,Decision model A formal method of project selection that helps managers make the best use of
limited budgets and human resources. Includes benefit measurement methods
and constrained optimization models.
Discounted cash flow (DCF) Compares the value of the future cash flows of the project to today's dollars.
Economic model A type of benefit measurement method. It is a series of financial calculations that
provide data on the overall financials of the project and is generally used as a
project selection technique.
Expert judgment A technique used in project selection, determining estimates, and determining
other related project information that relies on the knowledge of those with
expertise on the requested subject matter. Expert judgment can come from,
stakeholders, other departments, consultants, team members, vendors, or industry
groups.
Feasibility study Undertaken to determine whether the project is a viable project, the probability of
project success, and the viability of the product of the project
Functional organization A form of organizational structure. Functional organizations are traditional
organizations with hierarchical reporting structures.
Internal rate of return (IRR) The discount rate when the present value of the cash inflows equals the original
investment. Projects with higher IRR values are generally considered better than
projects with lower IRR values. Assumes that cash inflows are reinvested at the IRR
value.
Matrix organization An organizational structure where employees report to one functional manager
and at least on project manager. Functional managers assign employees to
projects and carry out administrative duties, while project managers assign tasks
associated with the project to team members and execute the project.
Net present value Evaluation of the cash inflows using the discounted cash flow technique, which is
applied to each period the inflows are expected. NPV subtracts the initial project
investment from the total cash flow in today's dollars. It is similar to discounted
cash flows.
Operations Operations typically involve ongoing functions that support the production of
goods or services. They don't have a beginning or an end.
Payback period The length of time it takes a company to recover the initial cost of producing the
product or service of the project.
, Program A grouping of related projects that are managed together to capitalize on
benefits that couldn't be achieved if the projects were managed separately.
Project Temporary in nature, with a definite start and end date; creates a unique product,
service, or result. It is completed when the goals and objectives of the project
have been met and signed off on by the stakeholders.
Project management Applying skills, knowledge, and project management tools and techniques to
fulfill the project requirements.
Project Management Institute (PMI) The world's leading professional project management association.
Project management knowledge areas The nine project management groupings, or Knowledge Areas, that bring
together common or related processes. They are Integration, Scope, Time, Cost,
Quality, Human Resource, Communications, Risk & Procurement.
Project management office (PMO) Established by organizations to create and maintain procedures and standards for
project management methodologies to be used throughout the organization.
Project manager The person responsible for applying the skills, knowledge, and project
management tools and techniques to the project activities to successfully
complete the project objectives.
Project performance indicators Measures that the project manager uses to determine whether the project is on
track, such as any deviation from the baseline schedule or the baseline budget.
Project plan A document, or assortment of documents, that constitutes what the project is,
what the project will deliver, and how all the processes will be managed. Used as
the guideline throughout the project Executing and Controlling phases to track
and measure project performance and to make future project decisions. Also
used as a communication and information tool for stakeholders, team members,
and management.
Project selection Used to determine which proposed projects are approved to move forward
Project-based organization An organizational structure focused on projects. Project managers generally have
ultimate authority over the project, and sometimes supporting departments such
as human resources and accounting might report to the project manager. Project
managers are responsible for making project decisions and acquiring and
assigning resources.
