WGU C813 TASK 2 EXAM SCRIPT WITH
VERIFIED ANSWERS
◉ Benefit measurement methods
Answer: A type of decision model that compares the benefits
obtained from a variety of new project requests by evaluating
them using the same criteria and comparing the results.
◉ Co-located
Answer: When team members work together at the same physical
location
◉ Constrained optimization models
Answer: Decision models that use complex principles of statistics
and other mathematical concepts to assess a proposed project.
◉ Cost-benefit analysis
Answer: A commonly used benefit measurement method that
calculates the cost of producing the product, service, or result of
the project and compares this to the financial gain the project is
expected to generate.
◉ Decision model
,Answer: A formal method of project selection that helps managers
make the best use of limited budgets and human resources.
Includes benefit measurement methods and constrained
optimization models.
◉ Discounted cash flow (DCF)
Answer: Compares the value of the future cash flows of the project
to today's dollars.
◉ Economic model
Answer: A type of benefit measurement method. It is a series of
financial calculations that provide data on the overall financials of
the project and is generally used as a project selection technique.
◉ Expert judgment
Answer: A technique used in project selection, determining
estimates, and determining other related project information that
relies on the knowledge of those with expertise on the requested
subject matter. Expert judgment can come from, stakeholders,
other departments, consultants, team members, vendors, or
industry groups.
◉ Feasibility study
Answer: Undertaken to determine whether the project is a viable
project, the probability of project success, and the viability of the
product of the project
,◉ Functional organization
Answer: A form of organizational structure. Functional
organizations are traditional organizations with hierarchical
reporting structures.
◉ Internal rate of return (IRR)
Answer: 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.
◉ Matrix organization
Answer: An organizational structure where employees report to
one functional manager and at least on project manager.
Functional managers assign employees to projects and carry out
administrative duties, while project managers assign tasks
associated with the project to team members and execute the
project.
◉ Net present value
Answer: 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.
, ◉ Operations
Answer: Operations typically involve ongoing functions that
support the production of goods or services. They don't have a
beginning or an end.
◉ Payback period
Answer: The length of time it takes a company to recover the
initial cost of producing the product or service of the project.
◉ Program
Answer: A grouping of related projects that are managed together
to capitalize on benefits that couldn't be achieved if the projects
were managed separately.
◉ Project
Answer: Temporary in nature, with a definite start and end date;
creates a unique product, service, or result. It is completed when
the goals and objectives of the project have been met and signed
off on by the stakeholders.
◉ Project management
Answer: Applying skills, knowledge, and project management
tools and techniques to fulfill the project requirements.
◉ Project Management Institute (PMI)
VERIFIED ANSWERS
◉ Benefit measurement methods
Answer: A type of decision model that compares the benefits
obtained from a variety of new project requests by evaluating
them using the same criteria and comparing the results.
◉ Co-located
Answer: When team members work together at the same physical
location
◉ Constrained optimization models
Answer: Decision models that use complex principles of statistics
and other mathematical concepts to assess a proposed project.
◉ Cost-benefit analysis
Answer: A commonly used benefit measurement method that
calculates the cost of producing the product, service, or result of
the project and compares this to the financial gain the project is
expected to generate.
◉ Decision model
,Answer: A formal method of project selection that helps managers
make the best use of limited budgets and human resources.
Includes benefit measurement methods and constrained
optimization models.
◉ Discounted cash flow (DCF)
Answer: Compares the value of the future cash flows of the project
to today's dollars.
◉ Economic model
Answer: A type of benefit measurement method. It is a series of
financial calculations that provide data on the overall financials of
the project and is generally used as a project selection technique.
◉ Expert judgment
Answer: A technique used in project selection, determining
estimates, and determining other related project information that
relies on the knowledge of those with expertise on the requested
subject matter. Expert judgment can come from, stakeholders,
other departments, consultants, team members, vendors, or
industry groups.
◉ Feasibility study
Answer: Undertaken to determine whether the project is a viable
project, the probability of project success, and the viability of the
product of the project
,◉ Functional organization
Answer: A form of organizational structure. Functional
organizations are traditional organizations with hierarchical
reporting structures.
◉ Internal rate of return (IRR)
Answer: 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.
◉ Matrix organization
Answer: An organizational structure where employees report to
one functional manager and at least on project manager.
Functional managers assign employees to projects and carry out
administrative duties, while project managers assign tasks
associated with the project to team members and execute the
project.
◉ Net present value
Answer: 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.
, ◉ Operations
Answer: Operations typically involve ongoing functions that
support the production of goods or services. They don't have a
beginning or an end.
◉ Payback period
Answer: The length of time it takes a company to recover the
initial cost of producing the product or service of the project.
◉ Program
Answer: A grouping of related projects that are managed together
to capitalize on benefits that couldn't be achieved if the projects
were managed separately.
◉ Project
Answer: Temporary in nature, with a definite start and end date;
creates a unique product, service, or result. It is completed when
the goals and objectives of the project have been met and signed
off on by the stakeholders.
◉ Project management
Answer: Applying skills, knowledge, and project management
tools and techniques to fulfill the project requirements.
◉ Project Management Institute (PMI)
