WGU Project Management Final Exam |Question and Answer| 100% Correct

WGU Project Management Final Exam |Question and Answer| 100% Correct A Guide to Project Management Body of Knowledge (PMBOK Guide) *Answer* The project management standard developed by the Project Management Institute. 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.