Project+ (PK0-004) Exam Practice Questions and Answers

Project+ (PK0-004) Exam Practice Questions and Answers Benefit measurement methods - Correct Answer️️ -Decision model that compares the benefits obtained from new project requests by evaluating them using the same criteria and comparing the results. Constrained optimization models - Correct Answer️️ -Decision models that use statistics and other mathematical concepts to assess a proposed project. Cost-benefit analysis - Correct Answer️️ -benefit measurement. Calculates the cost of producing the result of the project and compares to the financial gain the project will generate. Decision model - Correct Answer️️ -Method of project selection that helps managers make the best use of limited budgets and human resources. Discounted cash flow (DCF) - Correct Answer️️ -Compares the value of the future cash flows of the project to today's dollars. Economic model - Correct Answer️️ -benefit measurement method. Series of financial calculations that provide data on the overall financials of the project. used as a project selection technique. Feasibility study - Correct Answer️️ -determine whether the project is a viable project, the probability of project success, and the viability of the product of the project.SMART PDF Functional organization - Correct Answer️️ -organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures. Internal rate of return (IRR) - Correct Answer️️ -The discount rate when the present value of the cash inflows = the original investment. higher IRR values are considered better than projects with lower IRR values. Matrix organization - Correct Answer️️ -An organizational structure where employees report to one functional manager and at least one project manager. Functional managers assign employees to projects and carry out administrative duties, while project managers assign tasks associated with the project Net present value (NPV) - Correct Answer️️ -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. Operations - Correct Answer️️ -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 Answer️️ -The length of time it takes a company to recover the initial cost of producing the product or service of the project. Program - Correct Answer️️ -A grouping of related projects that are managed together to capitalize on benefits that couldn't be achieved if the projects were managed separately.SMART PDF Project - Correct Answer️️ -Temporary in nature, with a definite start and end date; creates a unique result. completed when the goals of the project have been met and signed off on by the stakeholders. Project management - Correct Answer️️ -Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements. Project Management Institute (PMI) - Correct Answer️️ -The world's leading professional project management association. Project management office (PMO) - Correct Answer️️ -create and maintain procedures and standards for project management methodologies to be used throughout the organization. Project manager - Correct Answer️️ -The person responsible for applying the skills and knowledge to the project activities to successfully complete the proje