C722- Project Management, WGU C722
(Pre), WGU C722 Project Management
Terminology, WGU C722 Project
Management Terminology, WGU C722
Equations Exam Questions And
Answers
What is a disadvantage of using this checklist approach? - ANSWER -Biases have
not been eliminated.
To calculate money's worth today compared to in the future - ANSWER -Time
value of money
To calculate future cash flows using time and interest rate - ANSWER -Internal
rate of return
To calculate whether revenue tomorrow is greater than costs today - ANSWER -
Net present value
To calculate the alternative use of money - ANSWER -Opportunity cost
What is the time value of money? - ANSWER -The concept that a dollar today is
worth a dollar, but a dollar in a year will be worth less than a dollar
What is internal rate of return? - ANSWER -The discount amount when present
value of cash intake equals the original investment
Which two processes are considered iterative processes? - ANSWER -(1) Planning
(2) Executing
Which activity is accomplished as part of the planning process of a project? -
ANSWER -Finalizing the project budget
,Which activity is accomplished as part of the planning process of a project? -
ANSWER -Finalizing the project schedule
Which activity is accomplished during the closing process of a project? -
ANSWER -Reconciling the vendor accounts
Which activity is performed during the creating part of the initiating process? -
ANSWER -Drafting the project charter
Which activity is accomplished as part of the executing process of a project? -
ANSWER -Implementing the project plan
Which process involves determining who the project's stakeholders are? -
ANSWER -The initiating process
What information does this resource histogram display that can help during the
planning phase of the project? - ANSWER -Opportunities to level resource usage
patterns
Which tool could a project manager use to ensure that the project team will
address the items that are important when developing and defining the project's
scope? - ANSWER -Checklist
A project manager wants to understand and document the approvals that must be
obtained for each work package in the work breakdown structure (WBS).
Which tools document the approval requirements for each work package? -
ANSWER -(1) Project statement of work (SOW) (2) Requirements traceability
matrix (RAM)
The general manager of a hotel has asked for a project to put in new landscaping
around the building. The project manager has constructed a high-level work
breakdown structure (WBS) for the project, which is provided below.
,WBS ID Description
1.0 Landscaping
1.1 Plans
1.2 Site preparation
1.3 Sprinklers
1.4 Sidewalks and curbing
1.5 Planting
Which activity would it be logical to add to the approved high-level WBS to
provide more detail on the work to be accomplished? - ANSWER -1.5.1 Lay sod
A state college is launching a library building project. The project manager has
constructed a work breakdown structure (WBS) for the project. A few elements
from the WBS are shown in the table below (the WBS ID numbers and
indentations of the descriptions are intentionally omitted).
WBS ID Description
? Library project
? Facility needs
? Academic plan
? Stakeholder input
? Building proposal
? Siting
? Fundraising
? Potential donor list
? U.S. donors
? Florida donors
Which two WBS elements of this project are on the same level as each other?
Choose 2 ANSWERs - ANSWER -(1) Building proposal (2) Fundraising
The World Fabrication Corporation is launching a project that calls for the heavy
use of copper-clad bolts. The cost of these bolts fluctuates daily and it is difficult to
estimate the project cost over several weekly purchases of bolts. The threat of cost
increases is highly probable with a potentially significant budget impact. The
, company has decided to contract with the supplier to buy the bolts at a fixed price
for the expected duration of the project.
What risk response strategy is World Fabrication Corporation using? - ANSWER -
Risk Avoidance
Consolidated Systems, Inc. is initiating a project to develop a new Inventory
system with a specific system launch date and fixed budget. The company had
planned to use a software development tool it has used for past projects but is now
considering instead using new state-of-art software that has the potential to speed
development. The available staff is familiar with the old software development
tool.
What can the company do to avoid the risk of project delays? - ANSWER -
Continue using the old software tool
Bantam Electronics, a leader in mobile communications, has fallen behind in
technology. Competitors have introduced products using the latest technology.
Resources with expertise in this technology are scarce since there are very few
universities offering training in the technology. Bantam's market share has fallen
from 70 % to under 50%.
What can Bantam do to mitigate the risk of losing further ground in technology? -
ANSWER -Hire technical staff from the competition
What are the three categories of risk in the project risk register? - ANSWER -
External, technical, or organizational
A project manager is creating a list of anticipated project tasks while building a
calendarized budget.
What is the key component of this budget called? - ANSWER -Activity estimates
A project manager has identified activities in a calendarized budget.
(Pre), WGU C722 Project Management
Terminology, WGU C722 Project
Management Terminology, WGU C722
Equations Exam Questions And
Answers
What is a disadvantage of using this checklist approach? - ANSWER -Biases have
not been eliminated.
To calculate money's worth today compared to in the future - ANSWER -Time
value of money
To calculate future cash flows using time and interest rate - ANSWER -Internal
rate of return
To calculate whether revenue tomorrow is greater than costs today - ANSWER -
Net present value
To calculate the alternative use of money - ANSWER -Opportunity cost
What is the time value of money? - ANSWER -The concept that a dollar today is
worth a dollar, but a dollar in a year will be worth less than a dollar
What is internal rate of return? - ANSWER -The discount amount when present
value of cash intake equals the original investment
Which two processes are considered iterative processes? - ANSWER -(1) Planning
(2) Executing
Which activity is accomplished as part of the planning process of a project? -
ANSWER -Finalizing the project budget
,Which activity is accomplished as part of the planning process of a project? -
ANSWER -Finalizing the project schedule
Which activity is accomplished during the closing process of a project? -
ANSWER -Reconciling the vendor accounts
Which activity is performed during the creating part of the initiating process? -
ANSWER -Drafting the project charter
Which activity is accomplished as part of the executing process of a project? -
ANSWER -Implementing the project plan
Which process involves determining who the project's stakeholders are? -
ANSWER -The initiating process
What information does this resource histogram display that can help during the
planning phase of the project? - ANSWER -Opportunities to level resource usage
patterns
Which tool could a project manager use to ensure that the project team will
address the items that are important when developing and defining the project's
scope? - ANSWER -Checklist
A project manager wants to understand and document the approvals that must be
obtained for each work package in the work breakdown structure (WBS).
Which tools document the approval requirements for each work package? -
ANSWER -(1) Project statement of work (SOW) (2) Requirements traceability
matrix (RAM)
The general manager of a hotel has asked for a project to put in new landscaping
around the building. The project manager has constructed a high-level work
breakdown structure (WBS) for the project, which is provided below.
,WBS ID Description
1.0 Landscaping
1.1 Plans
1.2 Site preparation
1.3 Sprinklers
1.4 Sidewalks and curbing
1.5 Planting
Which activity would it be logical to add to the approved high-level WBS to
provide more detail on the work to be accomplished? - ANSWER -1.5.1 Lay sod
A state college is launching a library building project. The project manager has
constructed a work breakdown structure (WBS) for the project. A few elements
from the WBS are shown in the table below (the WBS ID numbers and
indentations of the descriptions are intentionally omitted).
WBS ID Description
? Library project
? Facility needs
? Academic plan
? Stakeholder input
? Building proposal
? Siting
? Fundraising
? Potential donor list
? U.S. donors
? Florida donors
Which two WBS elements of this project are on the same level as each other?
Choose 2 ANSWERs - ANSWER -(1) Building proposal (2) Fundraising
The World Fabrication Corporation is launching a project that calls for the heavy
use of copper-clad bolts. The cost of these bolts fluctuates daily and it is difficult to
estimate the project cost over several weekly purchases of bolts. The threat of cost
increases is highly probable with a potentially significant budget impact. The
, company has decided to contract with the supplier to buy the bolts at a fixed price
for the expected duration of the project.
What risk response strategy is World Fabrication Corporation using? - ANSWER -
Risk Avoidance
Consolidated Systems, Inc. is initiating a project to develop a new Inventory
system with a specific system launch date and fixed budget. The company had
planned to use a software development tool it has used for past projects but is now
considering instead using new state-of-art software that has the potential to speed
development. The available staff is familiar with the old software development
tool.
What can the company do to avoid the risk of project delays? - ANSWER -
Continue using the old software tool
Bantam Electronics, a leader in mobile communications, has fallen behind in
technology. Competitors have introduced products using the latest technology.
Resources with expertise in this technology are scarce since there are very few
universities offering training in the technology. Bantam's market share has fallen
from 70 % to under 50%.
What can Bantam do to mitigate the risk of losing further ground in technology? -
ANSWER -Hire technical staff from the competition
What are the three categories of risk in the project risk register? - ANSWER -
External, technical, or organizational
A project manager is creating a list of anticipated project tasks while building a
calendarized budget.
What is the key component of this budget called? - ANSWER -Activity estimates
A project manager has identified activities in a calendarized budget.
