1.06 Business Management Vocabulary Questions and Answers ( Certified solutions)

1.06 Business Management Vocabulary Questions and Answers ( Certified solutions) business operations - ANS- day-to-day activities needed for continued business functioning deliverable - ANS- result a project is created to achieve dynamic - ANS- changeable feasible - ANS- reasonable; achievable governance mechanism - ANS- rule or regulation used to ensure that a project stays on track and meets its requirements lessons-learned document - ANS- project-end summary of what went well, what didn't go well, and how to improve in the future project - ANS- short-term undertaking that creates a unique good or service project champion - ANS- project's sponsor; person who has the ability and authority to assist the project manager in getting the job done project charter - ANS- formal document that officially authorizes a project to get underway project close - ANS- fifth stage of the project management process; wrapping up the project, delivering the end product, and documenting lessons learned project creep - ANS- problem wherein the scope of a project keeps getting bigger and bigger project execution - ANS- third stage of the project management process; carrying out the actual project work project initiation - ANS- first stage of the project management process; all of the activities required for starting up a new project, such as creating a statement of work and a project charter project management - ANS- skills, tools, and processes used to plan, execute, and control the elements of a project project manager - ANS- person responsible for overseeing all of the activities that are part of a project project monitoring and controlling - ANS- fourth stage of the project management process; making sure the project stays on track and making the appropriate corrective measures if it doesn't project planning - ANS- second stage of the project management process; determining how all parts of the project will be accomplished, including creating the work breakdown structure R&D project - ANS- business endeavor that involves the research and development of new knowledge, new processes, new technologies, etc. risk analysis - ANS- assessment of a project's potential risks and challenges, performed by project managers to better prepare for minimizing the effects scope - ANS- what a project will and will not include stakeholder - ANS- person who has an interest or investment in a project's outcome statement of work (SOW) - ANS- dynamic document that serves as the foundation of a project; includes goals, scope, deliverables, etc. work breakdown structure (WBS) - ANS- document that details the division of a project workload into smaller, more manageable part