WGU - C722. 285 Terminology Questions And Complete 100% Accurate Answers 2025/2026 – Sure To Pass!!

WGU - C722. 285 Terminology Questions And Complete 100% Accurate Answers 2025/2026 – Sure To Pass!! 1. Closing - ANSWER The final stage where all product activities are formally wrapped up and the project is officially completed. 2. Preliminary Scope - ANSWER A formal document that provides a high-level outline of a project's objectives, deliverables, constraints, and assumptions. 3. Iterative Process - ANSWER A cyclical approach to development, design, or problem-solving that involves repeating a series of steps until a desired result is achieved. 4. Lessons Learned - ANSWER The insights and experiences gained from a project or activity that are applied to future endeavors. 5. Statement of Work (SOW) - ANSWER A detailed document that outlines the specific tasks, deliverables, and requirements for a project, essentially defining the scope of work for a vender or service provider. 6. Critical Path - ANSWER Determined by identifying the longest stretch of dependent activities and measuring the time required to complete them from start to finish. 7. Float Time (Slack Time) - ANSWER The amount of time a task can be delayed without affecting the project's overall completion date or the deadlines of subsequent tasks. Competitive Necessity Operating Necessity Sacred Cow - ANSWER Three types of non-numeric selection models: 8. Risk Management - ANSWER The proactive planning for risk and opportunities that occur at most steps of the project management process from the time you define the project and create the charter to all the project management planning through execution of the project. 9. Risk Avoidance - ANSWER A risk management strategy that aims to eliminate a risk by simply not engaging in the activity or action that could lead to that risk. Example: An investor might place all their assets in a federally guaranteed savings account instead of buying stocks to avoid the risk of capital loss. 10. Risk Transference - ANSWER A risk management strategy where the responsibility for potential losses is shifted from one party to another, usually through contracts or insurance. 11. Example: You purchase a car insurance policy to cover the potential financial loss from a car accident. 12. Risk Mitigation - ANSWER The process of planning and executing strategies to reduce or eliminate the impact of potential risks. It involves identifying risks, evaluating their potential impact, and implementing measures to manage, avoid, or reduce the likelihood of those risks occurring. Example: Implementing security measures like firewalls and multi-factor authentication to prevent data breaches. 13. Risk Acceptance - ANSWER A conscious decision to acknowledge and potentially accept the consequences of a specific risk, instead of actively trying to avoid, mitigate, or transfer it. Example: A company might accept the risk of a minor software bug affecting a small segment of users, as the cost of fixing it outweighs the potential impact. 14. Probability/Severity Score - ANSWER A numerical value that quantifies the likelihood (probability) of a risk occurring and the potential impact (severity) it could have. 15. Ratio method Apportion method - ANSWER Top Down estimation methods: 16. Ratio Method - ANSWER A form of estimating by applying a factor to observed historical values. It assesses the costs and benefits of a project to determine its viability. 17. Apportion Method - ANSWER Requires that an overall project cost be provided based on the customer's budget or similar projects. The overall budget is then allocated to the major work areas required in the project (design, programming, testing, documentation and user training)