WGU C722 PROJECT MANAGEMENT TERMINOLOGY.
Designed to boost confidence and grades!
Portfolio - Answer: a group of related programs that support a long-term company goal
or objective Pg 13
Program - Answer: a group of related projects Pg 13
Project - Answer: an activity or group of activities to generate a new, unique product,
service, or results to support that program Pg 13
Charter - Answer: a document that, like a contract, is agreed upon by the sponsor and
key stakeholders. It defines the project and authorizes the resources, roles,
responsibilities, authorities, and scope for the project Pg 13
Specific, measurable, attainable, relevant, timely - Answer: Criteria of specific
objectives that are unique to a project are referred to as SMART which stands for what
Pg 15
Triple constraint - Answer: cost (budget), schedule (time), and scope (deliverables) Pg
17
Stakeholder analysis - Answer: analysis to define the relevant stakeholders, their
interests, and their communication needs Pg 19
Change Control Board (CCB) - Answer: a group of people who track changes in a
project and can be used as a governance tool Pg 19
Work Breakdown Structures (WBS) - Answer: a key tool so that people understand
what is expected of them and how they will be held accountable Pg 21
1
APPHIA - Crafted with Care and Precision for Academic Excellence.
,Project Management Institute (PMI) - Answer: Founded in 1969, it's headquartered in
Newton, PA, and has member chapters on every continent (except Antarctica).
Publishes foundational and practice standards and is the largest in the world. Pg 22
Association for Project Management (APM) - Answer: A UK-based charter organization
that is the largest professional body of its kind in Europe. Formed in 1972, it's
membership is primarily limited to the United Kingdom. Pg 22
International Project Management Association (IPMA) - Answer: the world's first project
management association, founded in 1965. The leading authority on competent project,
programme, and portfolio management (PPPM) Pg 22
AXELOS, Ltd - Answer: a joint venture between the government of the United Kingdom
and Captia PLC. It was formed to manage and grow a number of standards and
associated certifications developed by the Cabinet office, including ITIL (Information
Technology Infrastructure Library), PRINCE2, and Managing Successful Programs
(MSP). Pg 22
Functional (Departmentalized) Organization pros/cons - Answer: Pros: Lines of
authority are clear; work is easily prioritized by identified departmental authority
Cons: Utilizing resources across functions can be difficult; project is not managed
holistically
Projectized Organization pros and cons - Answer: Pros: Clear lines of authority; project
is managed holistically; gain historical data from prior projects.
Cons: Approach is expensive because of the duplication of personnel; SME assigned
may not have the most appropriate knowledge or expertise for the project
2
APPHIA - Crafted with Care and Precision for Academic Excellence.
, Matrix Organization pros and cons - Answer: Pros: Central focus is the project; issues
are responded to quickly.
Cons: Requires cooperation and coordination between and among functional
departments and project managers; resource balancing between projects can lead to
friction.
Project management office (PMO) - Answer: A process for determining if the level of
documentation and best practices followed in project execution. Pg 26
Project Management Maturity Level - Answer: Determined by the comprehensiveness
of written procedures to accomplish tasks in each of the process areas identified by
PMI. Pg 26
Alignment - Answer: Term used to describe connecting project outcomes to company
goals. Pg 30
Realistic - Answer: Model is appropriate to the level of resources available, the
operating environment, and capabilities of the company. Pg 31
Capable - Answer: The model is able to apply the pertinent factors of the evaluation,
including time, risk, cost, and internal and external environment. Pg 31
Flexible - Answer: Model should provide accurate measures across a reasonable range
of changing conditions. Pg 31
Easy to use - Answer: The model is not difficult to learn and understand in a relatively
short time; provides results readily understandable to the user.. Pg 31
Low Cost - Answer: Cost to run the model is economical relative to scale (budget) of
project Pg 31
3
APPHIA - Crafted with Care and Precision for Academic Excellence.
Designed to boost confidence and grades!
Portfolio - Answer: a group of related programs that support a long-term company goal
or objective Pg 13
Program - Answer: a group of related projects Pg 13
Project - Answer: an activity or group of activities to generate a new, unique product,
service, or results to support that program Pg 13
Charter - Answer: a document that, like a contract, is agreed upon by the sponsor and
key stakeholders. It defines the project and authorizes the resources, roles,
responsibilities, authorities, and scope for the project Pg 13
Specific, measurable, attainable, relevant, timely - Answer: Criteria of specific
objectives that are unique to a project are referred to as SMART which stands for what
Pg 15
Triple constraint - Answer: cost (budget), schedule (time), and scope (deliverables) Pg
17
Stakeholder analysis - Answer: analysis to define the relevant stakeholders, their
interests, and their communication needs Pg 19
Change Control Board (CCB) - Answer: a group of people who track changes in a
project and can be used as a governance tool Pg 19
Work Breakdown Structures (WBS) - Answer: a key tool so that people understand
what is expected of them and how they will be held accountable Pg 21
1
APPHIA - Crafted with Care and Precision for Academic Excellence.
,Project Management Institute (PMI) - Answer: Founded in 1969, it's headquartered in
Newton, PA, and has member chapters on every continent (except Antarctica).
Publishes foundational and practice standards and is the largest in the world. Pg 22
Association for Project Management (APM) - Answer: A UK-based charter organization
that is the largest professional body of its kind in Europe. Formed in 1972, it's
membership is primarily limited to the United Kingdom. Pg 22
International Project Management Association (IPMA) - Answer: the world's first project
management association, founded in 1965. The leading authority on competent project,
programme, and portfolio management (PPPM) Pg 22
AXELOS, Ltd - Answer: a joint venture between the government of the United Kingdom
and Captia PLC. It was formed to manage and grow a number of standards and
associated certifications developed by the Cabinet office, including ITIL (Information
Technology Infrastructure Library), PRINCE2, and Managing Successful Programs
(MSP). Pg 22
Functional (Departmentalized) Organization pros/cons - Answer: Pros: Lines of
authority are clear; work is easily prioritized by identified departmental authority
Cons: Utilizing resources across functions can be difficult; project is not managed
holistically
Projectized Organization pros and cons - Answer: Pros: Clear lines of authority; project
is managed holistically; gain historical data from prior projects.
Cons: Approach is expensive because of the duplication of personnel; SME assigned
may not have the most appropriate knowledge or expertise for the project
2
APPHIA - Crafted with Care and Precision for Academic Excellence.
, Matrix Organization pros and cons - Answer: Pros: Central focus is the project; issues
are responded to quickly.
Cons: Requires cooperation and coordination between and among functional
departments and project managers; resource balancing between projects can lead to
friction.
Project management office (PMO) - Answer: A process for determining if the level of
documentation and best practices followed in project execution. Pg 26
Project Management Maturity Level - Answer: Determined by the comprehensiveness
of written procedures to accomplish tasks in each of the process areas identified by
PMI. Pg 26
Alignment - Answer: Term used to describe connecting project outcomes to company
goals. Pg 30
Realistic - Answer: Model is appropriate to the level of resources available, the
operating environment, and capabilities of the company. Pg 31
Capable - Answer: The model is able to apply the pertinent factors of the evaluation,
including time, risk, cost, and internal and external environment. Pg 31
Flexible - Answer: Model should provide accurate measures across a reasonable range
of changing conditions. Pg 31
Easy to use - Answer: The model is not difficult to learn and understand in a relatively
short time; provides results readily understandable to the user.. Pg 31
Low Cost - Answer: Cost to run the model is economical relative to scale (budget) of
project Pg 31
3
APPHIA - Crafted with Care and Precision for Academic Excellence.
