WGU C722 Project Management Exam Solved 100% Correct!!

Operations - the day-to-day activities in which organizations engage. The result of these activities might be a product or a service satisfying a need that a customer is willing to pay for. projects - a temporary endeavor with a specified start and end date. It exists to develop a unique product, service or result that may become a part of the organization's ongoing operations. critical path - Longest sequence of activities in a project plan which must be completed on time for the project to complete on due date. An activity on the critical path cannot be started until its predecessor activity is complete; if it is delayed for a day, the entire project will be delayed for a day unless the activity following the delayed activity is completed a day earlier Examples of new projects - •An automobile manufacturer developing a new passenger car or options to stay competitive and meet market demand •An airline company partnering with an aircraft manufacturer to develop a new passenger aircraft •A freight company designing a computer program to optimize the amount of cargo in a given trailer volume to ensure more efficient and optimal use of resources •A construction company building a new facility for a customer •Technologists instituting new systems and procedures to provide better customer service or reduce costs to their customer SMEs (subject matter experts) - a person who is an authority in a particular area or topic. portfolio - a group of related programs that support a long-term company goal or objective. program - a group of related projects. project management - "the application of knowledge, skills, tools and techniques to project activities."Phases of the Project Life Cycle - defining, planning, executing, and closing