WGU C176 STUDY EXAMS GUIDE ALL QUESTIONS
AND ANSWERS SURE A+
✔✔Project closure report includes: - ✔✔Recap of the original goals and objectives of
the project - Statement of project acceptance or rejection (and the reasons for rejection)
- Summary of project costs - Summary of project schedule - Lessons learned and
historical data
✔✔You will perform the following activities in the planning process: - ✔✔Develop a
project schedule. - Create a work breakdown structure. - Determine resources. - Identify
and plan for detailed risks. - Determine project requirements. - Write a communication
plan. - Develop a procurement plan if utilizing resources outside the organization. -
Develop a change management plan. - Define the project budget.
✔✔The activities in the Initiating process are as follows: - ✔✔Create the project charter.
- Create a business case and justification. - Define a high-level scope definition. -
identify high-level risks.
✔✔PDM (precedence diagramming method) - ✔✔PDM (precedence diagramming
method) uses boxes to represent the project activities and arrows to connect the boxes
and show the dependencies. Also known as activity on node.
✔✔ADM (arrow diagramming method) - ✔✔ADM (arrow diagramming method) is a
network diagramming technique in which activities are represented by arrows.
✔✔Here are the steps required in constructing a project schedule: - ✔✔Determine
tasks. - Sequence tasks. - Allocate resources. - Determine task durations including start
and end dates. - Determine milestones. - Construct the schedule. - Determine the
critical path. - Set the baseline and obtain approval. - Set quality gates. - Establish the
governance process.
, ✔✔scope management plan - ✔✔A scope management plan describes procedures for
preparing a scope statement and WBS, a definition of how deliverables will be verified,
and a description of the process for controlling changes.
✔✔project scope statement - ✔✔A project scope statement documents project
objectives, deliverables, and work required to produce deliverables.
✔✔Discounted cash flow (DCF) - ✔✔Compares the value of the future cash flows of the
project to today's dollars.
✔✔Internal rate of return (IRR) - ✔✔The discount rate when the present value of the
cash inflows equals the original investment. Projects with higher IRR values are
generally considered better than projects with lower IRR values. Assumes that cash
inflows are reinvested at the IRR value.
✔✔Net present value (NPV) - ✔✔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. It is
similar to discounted cash flows.
✔✔business case - ✔✔The business case establishes the justification for the project,
how it aligns to the strategic goals of the organization, the business need or opportunity
that brought about the project, alternative solutions analysis, the recommended solution,
and the feasibility study or the feasibility study results may or may not be included in the
business case.
✔✔steps required to validate a project - ✔✔The steps required to validate a project are
validating the business case (which encompasses a feasibility analysis, justification for
the project, and alignment to the strategic plan) and identifying and analyzing
stakeholders.
✔✔7 needs or demands that bring about a project include the following: - ✔✔market
demand, strategic opportunity/business need, customer request, technological
advances, legal requirements, environmental considerations, and social needs.
✔✔high-level scope definition - ✔✔The high-level scope definition describes the reason
for the project, its objectives, and the high-level deliverables.
✔✔project baseline includes - ✔✔The project baseline includes the approved schedule,
cost, scope, and quality plans and documents and is approved by the project sponsor.
The project baseline is then used to measure performance as the project progresses.
You can refer back to the project baseline at any time to determine whether you are on
schedule, within scope, and within budget, and to determine whether the quality
standards are on target.
AND ANSWERS SURE A+
✔✔Project closure report includes: - ✔✔Recap of the original goals and objectives of
the project - Statement of project acceptance or rejection (and the reasons for rejection)
- Summary of project costs - Summary of project schedule - Lessons learned and
historical data
✔✔You will perform the following activities in the planning process: - ✔✔Develop a
project schedule. - Create a work breakdown structure. - Determine resources. - Identify
and plan for detailed risks. - Determine project requirements. - Write a communication
plan. - Develop a procurement plan if utilizing resources outside the organization. -
Develop a change management plan. - Define the project budget.
✔✔The activities in the Initiating process are as follows: - ✔✔Create the project charter.
- Create a business case and justification. - Define a high-level scope definition. -
identify high-level risks.
✔✔PDM (precedence diagramming method) - ✔✔PDM (precedence diagramming
method) uses boxes to represent the project activities and arrows to connect the boxes
and show the dependencies. Also known as activity on node.
✔✔ADM (arrow diagramming method) - ✔✔ADM (arrow diagramming method) is a
network diagramming technique in which activities are represented by arrows.
✔✔Here are the steps required in constructing a project schedule: - ✔✔Determine
tasks. - Sequence tasks. - Allocate resources. - Determine task durations including start
and end dates. - Determine milestones. - Construct the schedule. - Determine the
critical path. - Set the baseline and obtain approval. - Set quality gates. - Establish the
governance process.
, ✔✔scope management plan - ✔✔A scope management plan describes procedures for
preparing a scope statement and WBS, a definition of how deliverables will be verified,
and a description of the process for controlling changes.
✔✔project scope statement - ✔✔A project scope statement documents project
objectives, deliverables, and work required to produce deliverables.
✔✔Discounted cash flow (DCF) - ✔✔Compares the value of the future cash flows of the
project to today's dollars.
✔✔Internal rate of return (IRR) - ✔✔The discount rate when the present value of the
cash inflows equals the original investment. Projects with higher IRR values are
generally considered better than projects with lower IRR values. Assumes that cash
inflows are reinvested at the IRR value.
✔✔Net present value (NPV) - ✔✔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. It is
similar to discounted cash flows.
✔✔business case - ✔✔The business case establishes the justification for the project,
how it aligns to the strategic goals of the organization, the business need or opportunity
that brought about the project, alternative solutions analysis, the recommended solution,
and the feasibility study or the feasibility study results may or may not be included in the
business case.
✔✔steps required to validate a project - ✔✔The steps required to validate a project are
validating the business case (which encompasses a feasibility analysis, justification for
the project, and alignment to the strategic plan) and identifying and analyzing
stakeholders.
✔✔7 needs or demands that bring about a project include the following: - ✔✔market
demand, strategic opportunity/business need, customer request, technological
advances, legal requirements, environmental considerations, and social needs.
✔✔high-level scope definition - ✔✔The high-level scope definition describes the reason
for the project, its objectives, and the high-level deliverables.
✔✔project baseline includes - ✔✔The project baseline includes the approved schedule,
cost, scope, and quality plans and documents and is approved by the project sponsor.
The project baseline is then used to measure performance as the project progresses.
You can refer back to the project baseline at any time to determine whether you are on
schedule, within scope, and within budget, and to determine whether the quality
standards are on target.
