WGU C176 Project Management Study Set 1 | 383 Questions and Answers(A+ Solution guide)

Who is ultimately responsible for the project's outcome? - The project manager Steps in validating a project(2) - 1- Validate the business case 2- Then I.D. and analyze stakeholders. Name the traits to define a project. - 1- temporary in nature 2- delivers a unique: 2.1 product 2.2 service 2.3 or result. Who is responsible for developing the project plan? - The project manager What project management function occupies most of a project manager's time and effort? - Communication A Guide to the Project Management Body of Knowledge (PMBOK Guide) - The project management standard developed by the Project Management Institute (PMI). Knowledge Areas outlined in the PMBOK Guide(9) - 1- Scope 2- Time 3- Cost 4- Quality 5- Human Resources 6- Communications 7- Risk8- Procurement 9- Integration Management Name the steps in validating a business case. - 1- Feasibility study 2- Justification 3- Alignment to the strategic plan Benefit measurement methods - A type of decision model comparing benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results. Decision model - 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) - Compares the value of the future cash flows of the project to today's dollars. Economic model - 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. Enterprise project - A project that will be used by users throughout the enterprise. Equipment - (a) Resources such as servers, specialized test equipment, or additional PCs that are required for a project. (b) One of the categories of project resources. It includes test tools, servers, PCs, or other related items required to complete the project.