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C722- Project Management, WGU C722 (Pre), WGU C722 Project
Management Terminology, WGU C722 Project Management
Terminology, WGU C722 Equations 2026-2027
portfolio - CORRECT ANSWER a group of related programs that support a long-term
company goal or objective Pg 13
QUESTION :program - CORRECT ANSWER a group of related projects Pg 13
QUESTION :project - CORRECT ANSWER an activity or group of activities to generate
a new, unique product, service, or results to support that program Pg 13
QUESTION :charter - CORRECT 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
QUESTION :Specific, measurable, attainable, relevant, timely - CORRECT ANSWER
Criteria of specific objectives that are unique to a project are referred to as SMART which stands
for what Pg 15
QUESTION :triple constraint - CORRECT ANSWER cost (budget), schedule (time), and
scope (deliverables) Pg 17
QUESTION :stakeholder analysis - CORRECT ANSWER analysis to define the relevant
stakeholders, their interests, and their communication needs Pg 19
QUESTION :Change Control Board (CCB) - CORRECT ANSWER a group of people who
track changes in a project and can be used as a governance tool Pg 19
QUESTION :Work Breakdown Structures (WBS) - CORRECT ANSWER a key tool so
that people understand what is expected of them and how they will be held accountable Pg 21
QUESTION :Project Management Institute (PMI) - CORRECT 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
practice exam 2026
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QUESTION :Association for Project Management (APM) - CORRECT 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
QUESTION :International Project Management Association (IPMA) - CORRECT ANSWER
the world's first project management association, founded in 1965. The leading authority on
competent project, programme, and portfolio management (PPPM) Pg 22
QUESTION :AXELOS, Ltd - CORRECT 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
QUESTION :Functional (Departmentalized) Organization pros/cons - CORRECT 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
QUESTION :Projectized Organization pros and cons - CORRECT 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
QUESTION :Matrix Organization pros and cons - CORRECT 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.
QUESTION :project management office (PMO) - CORRECT ANSWER A process for
determining if the level of documentation and best practices followed in project execution. Pg 26
practice exam 2026
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QUESTION :Project Management Maturity Level - CORRECT ANSWER Determined by
the comprehensiveness of written procedures to accomplish tasks in each of the process areas
identified by PMI. Pg 26
QUESTION :alignment - CORRECT ANSWER Term used to describe connecting project
outcomes to company goals. Pg 30
QUESTION :Realistic - CORRECT ANSWER Model is appropriate to the level of
resources available, the operating environment, and capabilities of the company. Pg 31
QUESTION :Capable - CORRECT ANSWER The model is able to apply the pertinent
factors of the evaluation, including time, risk, cost, and internal and external environment. Pg 31
QUESTION :Flexible - CORRECT ANSWER Model should provide accurate measures
across a reasonable range of changing conditions. Pg 31
QUESTION :Easy to use - CORRECT ANSWER The model is not difficult to learn and
understand in a relatively short time; provides results readily understandable to the user.. Pg 31
QUESTION :Low Cost - CORRECT ANSWER Cost to run the model is economical
relative to scale (budget) of project Pg 31
QUESTION :Comparable - CORRECT ANSWER The model should be usable across a
multitude of projects, and not be project specific. Pg 31
QUESTION :Non-numeric project selection models - CORRECT ANSWER A process of
selecting projects; not limited to traditional numeric performance measures; includes
Competitive Necessity, Operating Necessity, Sacred Cow, and Checklist.
QUESTION :Return on Investment (ROI) - CORRECT ANSWER (NET PROFIT / COST OF
INVESTMENT) * 100 Pg 32
QUESTION :Competitive Necessity Model - CORRECT ANSWER A process of selecting
a project based upon whether implementing the project will ensure the viability of the company
in the competitive market.
practice exam 2026
, 4|Page
QUESTION :Operating Necessity Model - CORRECT ANSWER A process of selecting a
project based upon if it will ensure ongoing operations.
QUESTION :Sacred Cow - CORRECT ANSWER Projects are suggested by senior
leadership or a powerful constituent of the company often created to satisfy the expectations of
the leader with little regard for the project's viability or contribution to strategic or operational
needs. Pg 32
QUESTION :Checklist Model - CORRECT ANSWER This method uses a series of
questions to evaluate each potential project. Each project would be analyzed using the same set
of questions, and then the answers to the questions would be compared to determine whether
a project is accepted or rejected.
QUESTION :weighted factor scoring - CORRECT ANSWER This scoring models
requires senior management to assign a weight to each criterion, which places some emphasis
on selected criteria when calculating the total project score. Pg 34
QUESTION :time value of money - CORRECT ANSWER Money is worth more to an
organization now than in the future. Pg 35
QUESTION :payback period - CORRECT ANSWER Calculates the amount of time
required to earn back the cost of doing the project. Pg 36
QUESTION :Internal rate of return (IRR) - CORRECT ANSWER To calculate future cash
flows using time and interest rate; evaluates potential projects as if they were financial
investments. Pg 37
QUESTION :net present value (NPV) - CORRECT ANSWER To calculate whether
revenue tomorrow is greater than costs today; A financial measure of the total future benefits of
a project minus the costs of the project. Pg 38
QUESTION :future net cash flows - CORRECT ANSWER Amount a company expects to
realize from a project before that project begins. Pg 38
QUESTION :Project Process Groups - CORRECT ANSWER Initiating,
Planning/Executing/Monitoring and Controlling, Closing
practice exam 2026
C722- Project Management, WGU C722 (Pre), WGU C722 Project
Management Terminology, WGU C722 Project Management
Terminology, WGU C722 Equations 2026-2027
portfolio - CORRECT ANSWER a group of related programs that support a long-term
company goal or objective Pg 13
QUESTION :program - CORRECT ANSWER a group of related projects Pg 13
QUESTION :project - CORRECT ANSWER an activity or group of activities to generate
a new, unique product, service, or results to support that program Pg 13
QUESTION :charter - CORRECT 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
QUESTION :Specific, measurable, attainable, relevant, timely - CORRECT ANSWER
Criteria of specific objectives that are unique to a project are referred to as SMART which stands
for what Pg 15
QUESTION :triple constraint - CORRECT ANSWER cost (budget), schedule (time), and
scope (deliverables) Pg 17
QUESTION :stakeholder analysis - CORRECT ANSWER analysis to define the relevant
stakeholders, their interests, and their communication needs Pg 19
QUESTION :Change Control Board (CCB) - CORRECT ANSWER a group of people who
track changes in a project and can be used as a governance tool Pg 19
QUESTION :Work Breakdown Structures (WBS) - CORRECT ANSWER a key tool so
that people understand what is expected of them and how they will be held accountable Pg 21
QUESTION :Project Management Institute (PMI) - CORRECT 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
practice exam 2026
,2|Page
QUESTION :Association for Project Management (APM) - CORRECT 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
QUESTION :International Project Management Association (IPMA) - CORRECT ANSWER
the world's first project management association, founded in 1965. The leading authority on
competent project, programme, and portfolio management (PPPM) Pg 22
QUESTION :AXELOS, Ltd - CORRECT 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
QUESTION :Functional (Departmentalized) Organization pros/cons - CORRECT 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
QUESTION :Projectized Organization pros and cons - CORRECT 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
QUESTION :Matrix Organization pros and cons - CORRECT 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.
QUESTION :project management office (PMO) - CORRECT ANSWER A process for
determining if the level of documentation and best practices followed in project execution. Pg 26
practice exam 2026
,3|Page
QUESTION :Project Management Maturity Level - CORRECT ANSWER Determined by
the comprehensiveness of written procedures to accomplish tasks in each of the process areas
identified by PMI. Pg 26
QUESTION :alignment - CORRECT ANSWER Term used to describe connecting project
outcomes to company goals. Pg 30
QUESTION :Realistic - CORRECT ANSWER Model is appropriate to the level of
resources available, the operating environment, and capabilities of the company. Pg 31
QUESTION :Capable - CORRECT ANSWER The model is able to apply the pertinent
factors of the evaluation, including time, risk, cost, and internal and external environment. Pg 31
QUESTION :Flexible - CORRECT ANSWER Model should provide accurate measures
across a reasonable range of changing conditions. Pg 31
QUESTION :Easy to use - CORRECT ANSWER The model is not difficult to learn and
understand in a relatively short time; provides results readily understandable to the user.. Pg 31
QUESTION :Low Cost - CORRECT ANSWER Cost to run the model is economical
relative to scale (budget) of project Pg 31
QUESTION :Comparable - CORRECT ANSWER The model should be usable across a
multitude of projects, and not be project specific. Pg 31
QUESTION :Non-numeric project selection models - CORRECT ANSWER A process of
selecting projects; not limited to traditional numeric performance measures; includes
Competitive Necessity, Operating Necessity, Sacred Cow, and Checklist.
QUESTION :Return on Investment (ROI) - CORRECT ANSWER (NET PROFIT / COST OF
INVESTMENT) * 100 Pg 32
QUESTION :Competitive Necessity Model - CORRECT ANSWER A process of selecting
a project based upon whether implementing the project will ensure the viability of the company
in the competitive market.
practice exam 2026
, 4|Page
QUESTION :Operating Necessity Model - CORRECT ANSWER A process of selecting a
project based upon if it will ensure ongoing operations.
QUESTION :Sacred Cow - CORRECT ANSWER Projects are suggested by senior
leadership or a powerful constituent of the company often created to satisfy the expectations of
the leader with little regard for the project's viability or contribution to strategic or operational
needs. Pg 32
QUESTION :Checklist Model - CORRECT ANSWER This method uses a series of
questions to evaluate each potential project. Each project would be analyzed using the same set
of questions, and then the answers to the questions would be compared to determine whether
a project is accepted or rejected.
QUESTION :weighted factor scoring - CORRECT ANSWER This scoring models
requires senior management to assign a weight to each criterion, which places some emphasis
on selected criteria when calculating the total project score. Pg 34
QUESTION :time value of money - CORRECT ANSWER Money is worth more to an
organization now than in the future. Pg 35
QUESTION :payback period - CORRECT ANSWER Calculates the amount of time
required to earn back the cost of doing the project. Pg 36
QUESTION :Internal rate of return (IRR) - CORRECT ANSWER To calculate future cash
flows using time and interest rate; evaluates potential projects as if they were financial
investments. Pg 37
QUESTION :net present value (NPV) - CORRECT ANSWER To calculate whether
revenue tomorrow is greater than costs today; A financial measure of the total future benefits of
a project minus the costs of the project. Pg 38
QUESTION :future net cash flows - CORRECT ANSWER Amount a company expects to
realize from a project before that project begins. Pg 38
QUESTION :Project Process Groups - CORRECT ANSWER Initiating,
Planning/Executing/Monitoring and Controlling, Closing
practice exam 2026
