WGU C722 PROJECT MANAGEMENT OBJECTIVE ASSESSMENT PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+<RECENT VERSION>

WGU C722 PROJECT MANAGEMENT OBJECTIVE ASSESSMENT PRACTICE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS | ALREADY GRADED A+&lt;RECENT VERSION&gt; 1) Project - ANSWER Any temporary endeavor with a specified start and end date. It exists to develop a unique product, service, or result that may become a part of the organization's ongoing operations. 2) Project Management - ANSWER The application of knowledge, skills, tools, and techniques to project activities. Involves managing everything about the project to get the desired result. 3) Operations - ANSWER The ongoing, daily activities of an organization that produce revenue and expenses. They continue over an indefinite period of time, creating business transactions and delivering products and services that generate revenue. 4) Scope Management - ANSWER Processes that ensure all work required is identified to complete the project successfully. 5) Time Management - ANSWER Processes required to manage the timely completion of the project. 6) Cost Management - ANSWER Processes involved in planning, estimating, budgeting, managing, and controlling costs so that the project can be completed within the approved budget. 7) Quality Management - ANSWER Processes and activities that determine quality policies, objectives and responsibilities. 8) HR Management - ANSWER Processes that organize, manage and lead the project team. 9) Communication Management - ANSWER Processes to ensure timely and appropriate planning, creation, distribution, management, control, and monitoring of project information. 10) Risk Management - ANSWER Processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on projects. 11) Procurement Management - ANSWER Processes necessary to acquire products, services, or results needed from outside the project team. 12) Stakeholder Management - ANSWER Processes required to identify all people or organizations impacted by the project, analyze stakeholder expectations, and develop appropriate strategies for effectively engaging stakeholders in project decisions and execution. 13) Scenario - ANSWER An imagined or projected sequence of events, especially any of several detailed plans or possibilities. 14) Business Scenario - ANSWER A description of a business situation or problem that describes relevant Past events, Current key information, Expected or desired outcomes. 15) Business Strategy - ANSWER Consists of the activities, methods, and tactics that will be employed to meet the business's goals. 16) Program - ANSWER A group of projects that support the goals and objectives of the company; it may be established and is a group of related projects. 17) Portfolio - ANSWER A group of related programs that support a long-term company goal or objective. 18) Defining Phase - ANSWER Determining the project's sponsor and the project's manager. 19) Project Definition - ANSWER It Defines the project and authorizes the resources, roles, responsibilities, authorities, and scope for the project. 20) Project Proposal - ANSWER The idea for the project is formalized into a project proposal and the decision on whether the project will be selected for implementation is made. 21) Planning - ANSWER When detailed planning occurs. Will require additional resources since people with specific knowledge about the work will need to provide input to the plan. 22) Reliable Scope, Budget, and Schedule - ANSWER The planning will result in a reliable scope, budget, and schedule that can be approved and then executed. 23) Quality Measurements - ANSWER Quality measurements, and cost are defined during the planning phase. 24) Executing - ANSWER When the bulk of the work to complete the project outcomes occurs. 25) Project Outcomes Delivery - ANSWER When the project outcomes are delivered to the customer or sponsor. 26) Stakeholder Evaluation - ANSWER The customer or sponsor evaluates the project outcomes to determine if they are acceptable. 27) SMART Criteria - ANSWER Specific, Measurable, Achievable, Relevant, Timed. 28) Specific - ANSWER What are you attempting to achieve? 29) Measurable - ANSWER Can you assign a number? Is the result quantifiable? 30) Achievable - ANSWER Is this possible with resources (including financial) and technology available? 31) Relevant - ANSWER Does it make sense? Does it fit the organization's strategic goals? 32) Timed - ANSWER Is there a date when it needs to be completed? 33) Triple Constraint - ANSWER The triple constraint of a project includes time, cost, and scope. 34) Stakeholder - ANSWER Anyone who has an impact on or is impacted by the project. 35) Weekly Status Meetings - ANSWER The project team determines progress on scheduled tasks and deliverables and discusses issues and risks. 36) Monthly Status Meetings - ANSWER The audience is the sponsor and other senior managers who may or may not report directly to the sponsor. 37) Change Requests (CR) - ANSWER Submitted to Change Control Board (CCB) to change the scope, schedule, or funding. 38) Change Control Board (CCB) - ANSWER Ensures that the changes do not negatively impact the project triple constraints. 39) Scheduling Tools - ANSWER How the schedule commitments of the team are captured and tracked. 40) Collaboration Tools - ANSWER Include the ability to perform status reporting, task assignment, issue management, and threaded team discussions. 41) Virtual Team - ANSWER A team whose members are not physically collocated on a regular basis during the project. 42) Project Management Institute (PMI) - ANSWER The largest project management organization in the world, publishing foundational and practice standards. 43) Foundational Standards - ANSWER Standards that provide frameworks and processes in the areas of project, program, and portfolio management. 44) Practice Standards - ANSWER Standards that focus on specific knowledge areas or topics such as risk management, scheduling, and estimating. 45) Association for Project Management (APM) - ANSWER A UK-based chartered project management organization. 46) International Project Management Association (IPMA) - ANSWER The world's first project management association, founded in 1965, and a leading authority on competent project management. 47) Functional Organizational Structure - ANSWER The oldest and most basic form of organizational structure, characterized by clear-cut lines of authority. 48) Advantages of Functional Structure - ANSWER Clear lines of authority, easy prioritization of departmental work, and availability of subject matter experts (SMEs). 49) Disadvantages of Functional Structure - ANSWER Difficult resource utilization across functions, slow response to customer needs, and inefficiency in collaborative projects. 50) Projectized Organizational Structure - ANSWER A structure where SMEs from different functional areas report directly to the project manager for a specific project. 51) Advantages of Projectized Structure - ANSWER Clear lines of authority, holistic project management, and faster responses to customer and stakeholder issues. 52) Disadvantages of Projectized Structure - ANSWER Expensive due to personnel duplication and potential loss of SMEs to other projects. 53) Matrix Organizational Structure - ANSWER A structure with less clearly defined lines of reporting, where SMEs report to both the project manager and their functional supervisor. 54) Weak Matrix - ANSWER A type of matrix structure where the project manager has less authority than the functional manager. 55) Balanced Matrix - ANSWER A type of matrix structure where the authority is shared between the project manager and the functional manager. 56) Strong Matrix - ANSWER A type of matrix structure where the project manager has more authority than the functional manager. 57) Holistic Project Management - ANSWER An approach where the project is managed with consideration of all aspects and issues. 58) Technical Continuity - ANSWER The existence of ongoing technical expertise within an organization. 59) Professional Growth - ANSWER Clearly defined career paths and development opportunities for staff within an organization.