WGU C722 Project Management Study Guide
terms
Ans✓✓✓-Ad Hoc no formal standards, processes, procedures or resources to
constitute a project management discipline. Standard technologies/reporting
technologies are sporadic
8/80 rule Ans✓✓✓-you do not assign work that takes 8 hours or 1 day to
complete; you do not assign a task that is more than 80 hours or two weeks to
completed.
Acceptance Ans✓✓✓-where you recognize the risk and sayn that it is a part of
the project or normal business practice, and the team will plan to accept it
accordingly. Often done when the risk is low or impact is low and it's cheaper to
accept the risk.
Activity Ans✓✓✓-a portion of work that will be executed as part of the project to
create the specified deliverables.
Agile Methods Ans✓✓✓-iterative approach to project management where the
project team works closely with the customer to deliever projects in usable
chunks
Apportion Method Ans✓✓✓-based on the ratio method, but takes into
consideration specific functionality or types of work that will be required. It
requires that an overall project cost be provided based on the customers' budget
or similar projects.
, Avoidance Ans✓✓✓-identify the risk and set a path to avoid the risk. Could
include additional costs or a change to the scope.
AXELOS Ans✓✓✓-joint venture between the UK government and a private
company: standards and certifications
Baseline Budget Ans✓✓✓-the approved budget used as the standard for
comparison of actual costs throughout the life of the project
Beta Distribution Ans✓✓✓-probabilistic approach; uses the 3 estimates averaged
together but emphasizes the 'most-likely' estimate with a 4 factor =p+4m+p/6
Bottom-up Estimation Ans✓✓✓-detailed work activity level of the WBS -
estimates generated by functional experts with knowledge of the resources
required and available to complete the activity.
Calendarized Budget Ans✓✓✓-the budget where the costs are distributed across
the time periods of the project; knowing when expenses occur allows the org to
ensure that sufficient money is available to pay the bills when due.
Change control board (CCB) Ans✓✓✓-ensures that the change doe not
negatively impact the project triple constraints
Change Management Process Ans✓✓✓-a system in place to formally identify,
evaluate, decide and communicate project changes.
Change requests (CR) Ans✓✓✓-changes in scope, schedule, or funding should be
submitted to the appropriate board for a decision
terms
Ans✓✓✓-Ad Hoc no formal standards, processes, procedures or resources to
constitute a project management discipline. Standard technologies/reporting
technologies are sporadic
8/80 rule Ans✓✓✓-you do not assign work that takes 8 hours or 1 day to
complete; you do not assign a task that is more than 80 hours or two weeks to
completed.
Acceptance Ans✓✓✓-where you recognize the risk and sayn that it is a part of
the project or normal business practice, and the team will plan to accept it
accordingly. Often done when the risk is low or impact is low and it's cheaper to
accept the risk.
Activity Ans✓✓✓-a portion of work that will be executed as part of the project to
create the specified deliverables.
Agile Methods Ans✓✓✓-iterative approach to project management where the
project team works closely with the customer to deliever projects in usable
chunks
Apportion Method Ans✓✓✓-based on the ratio method, but takes into
consideration specific functionality or types of work that will be required. It
requires that an overall project cost be provided based on the customers' budget
or similar projects.
, Avoidance Ans✓✓✓-identify the risk and set a path to avoid the risk. Could
include additional costs or a change to the scope.
AXELOS Ans✓✓✓-joint venture between the UK government and a private
company: standards and certifications
Baseline Budget Ans✓✓✓-the approved budget used as the standard for
comparison of actual costs throughout the life of the project
Beta Distribution Ans✓✓✓-probabilistic approach; uses the 3 estimates averaged
together but emphasizes the 'most-likely' estimate with a 4 factor =p+4m+p/6
Bottom-up Estimation Ans✓✓✓-detailed work activity level of the WBS -
estimates generated by functional experts with knowledge of the resources
required and available to complete the activity.
Calendarized Budget Ans✓✓✓-the budget where the costs are distributed across
the time periods of the project; knowing when expenses occur allows the org to
ensure that sufficient money is available to pay the bills when due.
Change control board (CCB) Ans✓✓✓-ensures that the change doe not
negatively impact the project triple constraints
Change Management Process Ans✓✓✓-a system in place to formally identify,
evaluate, decide and communicate project changes.
Change requests (CR) Ans✓✓✓-changes in scope, schedule, or funding should be
submitted to the appropriate board for a decision
