C722- Project Management, WGU C722 (Pre), WGU C722 Project Management Terminology, WGU C722 Project Management Terminology, WGU C722 Equations

C722- Project Management, WGU C722 (Pre), WGU C722 Project Management Terminology, WGU C722 Project Management Terminology, WGU C722 Equations A firm begins its strategic business initiative of developing a new business model that will allow the firm to deliver an efficient, tailored service to its customers. To accomplish this, the firm initiates a business management project. Which aspect of project management applies to this firm's project? Interdependent Tasks A firm begins its strategic business initiative of developing a new business model to enhance its competitiveness. What can be identified as a strategic business initiative for this firm? Improvement in product design A firm begins a strategic business initiative of developing a new business model that will allow the firm to deliver an efficient, tailored service to its customers. Project sponsor Which group is included in the five process groups? Closing process group What does PRINCE2 stand for? PRojects IN a Controlled Environment Which PMBOK process group is described as the delivery part of project management where the main activity happens? Executing Which advantage does the functional (departmentalized) organizational structure provide for a firm with multiple projects? Lines of authority are clear. Which two organizations are examples of organizations with the functional organizational structure? (1) The U.S. Department of State and (2) The U.S Department of Energy An organization expects to use a project management office (PMO) to support multiple projects that will be implemented within a projectized organizational structure. Which implied effect is a benefit to this organization? Project team members gain access to historical data from other projects. Regardless of the organizational structure used to manage a project, an organization elects to use a project management office (PMO). Which benefit will this organization gain? Projects will coordinate resource usage by monitoring the status of shared resources. During a certain project phase, specific blueprints are drawn and approved, materials and labor costs are estimated, prototypes are created, and work activities and tasks are identified. Also, quality expectations, measurements, and costs are defined. During which project phase do these activities occur? Planning Place the project activities in order of occurrence from first (1) to last (5). (1) Collecting customer requirements (2) Developing the work breakdown structure (3) Working to produce project deliverables (4) Customers evaluating the project outcomes (5) Capturing lessons learned During which life cycle phase is the vast majority of the actual work to produce the project's deliverables completed? Executing What is the correct term for an intermediate outcome of project work, such as a signed contract or obtaining a construction permit? Deliverable Which deliverable from a work breakdown structure (WBS) is not specific enough to measure its completion at project closure? User training The following table shows the Level 1 work breakdown structure (WBS) for Project A. WBS ID Description 0.0 Project A 1.0 Project started 2.0 Feasiblity 3.0 Design 4.0 Development 5.0 Manufacturing 6.0 Distribution 7.0 Project completed Which approach did the project manager use to structure the WBS? Sequence of project phases For the following collapsed work breakdown structure (WBS) for Project O, the project manager must complete the scope baseline. In addition to the WBS, the scope baseline will contain two additional documents. WBS ID Description 0.0 Project O 1.0 Project started 2.0 Feasibility 3.0 Design 4.0 Development 5.0 Manufacturing 6.0 Distribution 7.0 Project completed What are the other two documents that belong in the scope baseline? WBS dictionary and project scope statement For the following collapsed work breakdown structure (WBS) for Project O, the project's steering committee held a phase gate review of the Feasibility results. That review determined that the project's proposed design would be obsolete before it would reach the marketplace. WBS ID Description 0.0 Project O 1.0 Project started 2.0 Feasibility 3.0 Design 4.0 Development 5.0 Manufacturing 6.0 Distribution 7.0 Project completed Which action should the project manager initiate? Terminating the project as soon as possible and releasing the project's resources A project is an operational necessity to repair a design flaw in the date field that constrains the year number to two digits, instead of permitting the year to be indicated with four digits. If the project is not completed before December 31, 1999, many legacy programs are expected to fail or produce unpredictable outcomes. The marketing department wants to upgrade its existing computer equipment and have the costs included in the budget for this project. The project team implemented the marketing department's request without completing the formal change control procedures. What has happened to the scope baseline in this scenario? Scope creep has caused a scope variance. A general contractor is managing a highway construction project that will repair a flood-damaged road. The project was documented in a cost-plus-incentive fee contract that specified a completion date of June 30. The Department of Transportation has offered an incentive for early completion of the repairs. Which triple-constraint baseline remains unchanged by the effects of the incentive? Scope In Project A, the contract specifies that time is very important. All of the scope must be completed, or the project will fail. The project's objective requires the project team to work as quickly as possible. Which triple constraint can be adjusted to permit the project team to work as quickly as possible? Cost In Project B, all of the scope must be completed, or the project will fail. The work is important but not urgent. Which triple constraint can be adjusted if the project's objective requires the project team to work at the lowest possible cost? Time A project manager is discussing the latest financial reports of a project to construct a grocery store and is approximately 90% into the planning phase. The project manager has been told by a project team member that other grocery stores in the area have an automated teller machine (ATM) for visitors. An ATM has not been discussed or incorporated into the planning of this project nor have any been incorporated into prior grocery store services. The leader calls for the immediate addition of an ATM into all prior grocery stores. Which non-numeric model is this leader using? Competitive necessity An organization has a surplus of project dollars in the operating budget. The senior leader's decision is to fund one more project with the remaining funds. Of the three projects proposed, one of the projects was selected without evaluation of feasibility or viability. Which non-numeric model is this leader using? Sacred cow Each project team member generated a series of questions to evaluate three projects. The checklist was compiled into one list based on frequency of question content, such as personnel, materials, experience, and time. The more frequent the question content, the more likely the questions would be asked first. Which two benefits result from this checklist approach? (1) Operational impact has been built in (2) Strategic impact has been integrated. Each project team member generated a series of questions to evaluate three projects. A checklist was then compiled into one list based on the frequency of question content, such as personnel, materials, experience, and time. What is a disadvantage of using this checklist approach? Biases have not been eliminated. To calculate money's worth today compared to in the future Time value of money To calculate future cash flows using time and interest rate Internal rate of return To calculate whether revenue tomorrow is greater than costs today Net present value To calculate the alternative use of money Opportunity cost What is the time value of money? The concept that a dollar today is worth a dollar, but a dollar in a year will be worth less than a dollar What is internal rate of return? The discount amount when present value of cash intake equals the original investment Which two processes are considered iterative processes? (1) Planning (2) Executing Which activity is accomplished as part of the planning process of a project? Finalizing the project budget Which activity is accomplished as part of the planning process of a project? Finalizing the project schedule Which activity is accomplished during the closing process of a project? Reconciling the vendor accounts Which activity is performed during the creating part of the initiating process? Drafting the project charter Which activity is accomplished as part of the executing process of a project? Implementing the project plan Which process involves determining who the project's stakeholders are? The initiating process What information does this resource histogram display that can help during the planning phase of the project? Opportunities to level resource usage patterns Which tool could a project manager use to ensure that the project team will address the items that are important when developing and defining the project's scope? Checklist A project manager wants to understand and document the approvals that must be obtained for each work package in the work breakdown structure (WBS). Which tools document the approval requirements for each work package? (1) Project statement of work (SOW) (2) Requirements traceability matrix (RAM) The general manager of a hotel has asked for a project to put in new landscaping around the building. The project manager has constructed a high-level work breakdown structure (WBS) for the project, which is provided below. WBS ID Description 1.0 Landscaping 1.1 Plans 1.2 Site preparation 1.3 Sprinklers 1.4 Sidewalks and curbing 1.5 Planting Which activity would it be logical to add to the approved high-level WBS to provide more detail on the work to be accomplished? 1.5.1 Lay sod A state college is launching a library building project. The project manager has constructed a work breakdown structure (WBS) for the project. A few elements from the WBS are shown in the table below (the WBS ID numbers and indentations of the descriptions are intentionally omitted). WBS ID Description ? Library project ? Facility needs ? Academic plan ? Stakeholder input ? Building proposal ? Siting