WGU Project Management Exam with Guaranteed Accurate Answers

A Guide to Project Management Body of Knowledge (PMBOK Guide) - correct answer The project management standard developed by the Project Management Institute. Benefit measurement methods - correct answer 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. Co-located - correct answer When team members work together at the same physical location Constrained optimization models - correct answer Decision models that use complex principles of statistics and other mathematical concepts to assess a proposed project. Cost-benefit analysis - correct answer A commonly used benefit measurement method that calculates the cost of producing the product, service, or result of the project and compares this to the financial gain the project is expected to generate. Decision model - correct answer 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) - correct answer Compares the value of the future cash flows of the project to today's dollars. Economic model - correct answer 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 - correct answer 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 - correct answer 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 - correct answer A form of organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures. Internal rate of return (IRR) - correct answer 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 - correct answer 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 - correct answer 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 - correct answer Operations typically involve ongoing functions that support the production of goods or services. They don't have a beginning or an end. Payback period - correct answer The length of time it takes a company to recover the initial cost of producing the product or service of the project. Program - correct answer 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 - correct answer 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 - correct answer Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements. Project Management Institute (PMI) - correct answer The world's leading professional project management association. Project management knowledge areas - correct answer 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) - correct answer Established by organizations to create and