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C722 Project Management - Study Guide questions with verified detailed answers

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C722 Project Management - Study Guide questions with verified detailed answers

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C722 Project Management - Study Guide questions with ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




verified detailed answers ||\\//|| ||\\//||




Projects - correct answer✔✔A temporary activity that creates a unique result.
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Initiatives with specific goals and start and end dates. Develops a new product or service, ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




reduce costs, add technology, etc.
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Operations - correct answer✔✔Day-to-day activities in an organization. Continuous & ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




ongoing.



Product - correct answer✔✔Something created by a project.
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Business Scenario - correct answer✔✔An imagined or projected sequence of events that is
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representative of a significant business need or problem & enables vendors to understand ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




the value to the customer organization of a developed solution.
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Business Scenarios have this information: ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




- Past events that are relevant
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- Current key information
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- Expected or desired outcomes
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Business Strategy - correct answer✔✔The activities, methods, tactics, etc. that will be
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employed to meet the business's goals. Determined by senior management in the ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




organization to improve the value of the company to its stakeholders. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




Subject Matter Experts - correct answer✔✔SMOs. A person who is an authority in a
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




particular area or project. ||\\//|| ||\\//|| ||\\//||

,Program - correct answer✔✔A group of related projects.
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Portfolio - correct answer✔✔A group of initiatives (projects and programs) that a company
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engages in to improve its operations. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




Charter - correct answer✔✔The definition of a project according to stakeholders. Defines
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how customer will determine if project met expectations. Includes a beginning, work steps,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




and clear and defined end.
||\\//|| ||\\//|| ||\\//|| ||\\//||




Business Case - correct answer✔✔The justification for a project - Explains the business
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




need.



Project Life Cycle Phases - correct answer✔✔Defining, Planning Executing, Closing
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Defining - correct answer✔✔Where detailed planning occurs. Level of detail aligns with
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complexity of project. Use Work Breakdown Structure to identify outcomes needed. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




Can require significant time for large projects.
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Typically ends when baselines for scope, budget, and schedule are approved by customer
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




and/or sponsor and project team.
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Executing - correct answer✔✔Where most of the work is done. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




Deliverables are completed. Progress is monitored and actions taken as needed to stay on ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




track.

,May return to planning phase as needed if objectives can't be met, to modify budget,
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schedule, or scope. ||\\//|| ||\\//||




Critical to be careful of scope creep—don't add functionality without considering impact.
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




This phase is complete when all work activities and deliverables are ready to be delivered to
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customer/sponsor.
||\\//||




Closing - correct answer✔✔When project outcomes are delivered to the customer and/or
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




sponsor. ||\\//||




Project Manager ties up loose ends: ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




- Reassign project resources back to company
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- Document project results and lessons learned
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- Close out procurement activities
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- Verify completed project is transitioned to customer
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SMART Goals - correct answer✔✔Specific ||\\//|| ||\\//|| ||\\//|| ||\\//||




Measurable ||\\//||




Achievable

Relevant

Time Based ||\\//||




Project Management - correct answer✔✔The act of running a project and encompasses the
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




use of general management or specific project management knowledge, skills, tools, and
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




techniques to ensure that the project meets its goals. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||

, Aspects of project management - correct answer✔✔Stakeholder Relations ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




Managing Interdependent Tasks ||\\//|| ||\\//||




Managing Volatility ||\\//||




Communications

Schedule Development ||\\//||




Work Breakdown ||\\//||




PERT charts ||\\//||




Risk Management ||\\//||




Project Sponsor - correct answer✔✔The individual (often manager or executive) with
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




overall accountability for a project. Primarily concerned with ensuring project delivers
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




agreed upon benefits. ||\\//|| ||\\//||




Project Manager - correct answer✔✔The people who guide projects. Need 10 competencies:
||\\//||
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




Integration management - includes processes/activities needed to identify, define, and ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




coordinate various processes and project management activities. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




Scope management - includes the processes that ensure that all the work required is
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




identified to complete the project successfully. ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




Time management - includes the processes required to manage the timely completion of
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




the project.
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Cost management - includes the processes involved in planning, estimating, budgeting,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




managing, and controlling costs so that the project can be completed within the approved ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




budget.

Quality management - includes processes/activities that determine quality policies,
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




objectives, and responsibilities. ||\\//|| ||\\//||




Human resource management - includes the processes that organize, manage, and lead the
||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//|| ||\\//||




project team. ||\\//||

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