Project Management (Chapters 1-5) Exam Study Guide |Question and Answers| 100% Correct

Project Management (Chapters 1-5) Exam Study Guide |Question and Answers| 100% Correct Traceability *Answer* The tracking of something from the beginning to end. Two things (or metrics) to combine that make a project valuable *Answer* (1) something to compare to and (2) come up with a trend to see how things are going over time. Metrics *Answer* Measures an organization's activity performance. Work Breakdown Structure (WBS) *Answer* A selective outline of the project used for collecting information to use through all phases of the life cycle, to meet needs of all stakeholders, and measure performance against the strategic plan of the organization. *Gives you the activities you need to be able to create the project plan. How would you use a weighted scoring matrix to decide on a movie to see? *Answer* Come up with criteria for each movie and rate each criteria's importance to you, such as movie ratings, times, genres, sold out or not, reviews, etc. Business Case *Answer* A wish-list of projects used for selecting projects after the strategic management process. 4 Items Included in a Business Case *Answer* (1) cost, (2) time, (3) how it's aligned with vision/goals, (4) risk. Work Package *Answer* The basic unit for planning, scheduling, and controlling the project. The lowest level of the WBS *Answer* Work package 6 Items Included in Each Work Package *Answer* (1) defines work - what (2) identifies time to complete a work package - how long (3) identifies and time-phased budget to complete work package - cost (4) identifies resources needed to complete a work package - how much (5) identifies a single person responsible for units of work - who (6) identifies monitoring points for measuring progress - how well Project Manager *Answer* Person who comes up with a business plan. Functional Manager *Answer* Person who figures out what projects to do that will support the company and comes up with a business case to justify that project. Another phrase for project selection *Answer* Vetting process