WGU Project Management
WGU Project Management
Study online at https://quizlet.com/_2elh89
1. A Guide to The project management standard developed by the Project Management Insti-
Project Manage- tute.
ment Body of
Knowledge (PM-
BOK Guide)
2. Benefit measure- A type of decision model that compares the benefits obtained from a variety of
ment methods new project requests by evaluating them using the same criteria and comparing
the results.
3. Co-located When team members work together at the same physical location
4. Constrained opti- Decision models that use complex principles of statistics and other mathematical
mization models concepts to assess a proposed project.
5. Cost-benefit A commonly used benefit measurement method that calculates the cost of pro-
analysis ducing the product, service, or result of the project and compares this to the
financial gain the project is expected to generate.
6. 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.
7. Discounted cash Compares the value of the future cash flows of the project to today's dollars.
flow (DCF)
8. 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.
9. 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, stake-
, WGU Project Management
WGU Project Management
Study online at https://quizlet.com/_2elh89
holders, other departments, consultants, team members, vendors, or industry
groups.
10. 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
11. Functional orga- A form of organizational structure. Functional organizations are traditional orga-
nization nizations with hierarchical reporting structures.
12. Internal rate of The discount rate when the present value of the cash inflows equals the original
return (IRR) 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.
13. Matrix organiza- An organizational structure where employees report to one functional manager
tion 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.
14. Net present val- Evaluation of the cash inflows using the discounted cash flow technique, which is
ue 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.
15. Operations Operations typically involve ongoing functions that support the production of
goods or services. They don't have a beginning or an end.
16. Payback period The length of time it takes a company to recover the initial cost of producing the
product or service of the project.
17. 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.
18. Project
, WGU Project Management
WGU Project Management
Study online at https://quizlet.com/_2elh89
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.
19. Project manage- Applying skills, knowledge, and project management tools and techniques to fulfill
ment the project requirements.
20. Project Manage- The world's leading professional project management association.
ment Institute
(PMI)
21. Project manage- The nine project management groupings, or Knowledge Areas, that bring togeth-
ment knowledge er common or related processes. They are Integration, Scope, Time, Cost, Quality,
areas Human Resource, Communications, Risk & Procurement.
22. Project man- Established by organizations to create and maintain procedures and standards for
agement office project management methodologies to be used throughout the organization.
(PMO)
23. Project manager The person responsible for applying the skills, knowledge, and project manage-
ment tools and techniques to the project activities to successfully complete the
project objectives.
24. Project perfor- Measures that the project manager uses to determine whether the project is on
mance indicators track, such as any deviation from the baseline schedule or the baseline budget.
25. 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.
26. Project selection Used to determine which proposed projects are approved to move forward
WGU Project Management
Study online at https://quizlet.com/_2elh89
1. A Guide to The project management standard developed by the Project Management Insti-
Project Manage- tute.
ment Body of
Knowledge (PM-
BOK Guide)
2. Benefit measure- A type of decision model that compares the benefits obtained from a variety of
ment methods new project requests by evaluating them using the same criteria and comparing
the results.
3. Co-located When team members work together at the same physical location
4. Constrained opti- Decision models that use complex principles of statistics and other mathematical
mization models concepts to assess a proposed project.
5. Cost-benefit A commonly used benefit measurement method that calculates the cost of pro-
analysis ducing the product, service, or result of the project and compares this to the
financial gain the project is expected to generate.
6. 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.
7. Discounted cash Compares the value of the future cash flows of the project to today's dollars.
flow (DCF)
8. 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.
9. 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, stake-
, WGU Project Management
WGU Project Management
Study online at https://quizlet.com/_2elh89
holders, other departments, consultants, team members, vendors, or industry
groups.
10. 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
11. Functional orga- A form of organizational structure. Functional organizations are traditional orga-
nization nizations with hierarchical reporting structures.
12. Internal rate of The discount rate when the present value of the cash inflows equals the original
return (IRR) 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.
13. Matrix organiza- An organizational structure where employees report to one functional manager
tion 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.
14. Net present val- Evaluation of the cash inflows using the discounted cash flow technique, which is
ue 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.
15. Operations Operations typically involve ongoing functions that support the production of
goods or services. They don't have a beginning or an end.
16. Payback period The length of time it takes a company to recover the initial cost of producing the
product or service of the project.
17. 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.
18. Project
, WGU Project Management
WGU Project Management
Study online at https://quizlet.com/_2elh89
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.
19. Project manage- Applying skills, knowledge, and project management tools and techniques to fulfill
ment the project requirements.
20. Project Manage- The world's leading professional project management association.
ment Institute
(PMI)
21. Project manage- The nine project management groupings, or Knowledge Areas, that bring togeth-
ment knowledge er common or related processes. They are Integration, Scope, Time, Cost, Quality,
areas Human Resource, Communications, Risk & Procurement.
22. Project man- Established by organizations to create and maintain procedures and standards for
agement office project management methodologies to be used throughout the organization.
(PMO)
23. Project manager The person responsible for applying the skills, knowledge, and project manage-
ment tools and techniques to the project activities to successfully complete the
project objectives.
24. Project perfor- Measures that the project manager uses to determine whether the project is on
mance indicators track, such as any deviation from the baseline schedule or the baseline budget.
25. 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.
26. Project selection Used to determine which proposed projects are approved to move forward
