WGU C783 Project Management Study Guide-2026
Update with complete solutions.
IRR (internal rate of return)
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. IRR assumes that cash inflows are reinvested at the IRR value.
Operation
Operation is a function that performs ongoing taks and constitutes an organization's on-going,
repetitive activities such as accounting or production. It is used to run regular business models
and is performed to achieve business goal and sustain the business
Organization
Organization is a process of dividing work into sections and departments. It involves allocation
of authority, responsibility, and duties among all the members of an enterprise. It is a group of
individuals organized to work for some purpose or mission.
Payback period
The length of time it takes a company to recover the initial cost of producing a product or service
of a project
Performing organization
performing organization is referred to as the specific enterprise or group that is viewed by all
parties to be the one that is most directly and explicitly involved in all phases and aspects of
,doing any and all work of the given and respective project. It is the organization that is
performing the project.
Portfolio management
Portfolio management is the centralized management of one or more portfolios that help in
identifying, authorizing, prioritizing, managing, and controlling projects, programs, and other
related work for attaining particular business objectives in the strategic plan of the organization
Process
A process is defined as a set of related tasks performed for managing a certain aspect of a
project, such as cost.
program
in management terms, a program is a group of related projects. these projects are grouped to
obtain benefits and control that is not available from managing them individually. Programs are a
means of achieving organizational goals and objectives
Program management
program management is the centralized, coordinated management or a program to achieve the
program's strategic objectives and benefits. Program management involves the management
Project Management knowledge areas
ten project management groups that bring together common or related processes:
-Project Integration Management
-Project Scope Management
-Project Schedule Management
,-Project Cost Management
-Project Quality Management
-Project Resource Management
-Project Communications Management
-Project Risk Management
-Project Procurement Management
-Project Stakeholder Management
Project phase
combination of associated activities that represent a distinct stage within a project. A project
phase can have distinct start and finish dates and include several stages of planning and work. It
is a set of logically related activities that usually complete one or more major deliverables of the
project
Closing process group
final stage of a project. It includes the formal acceptance of the project and the ending thereof
Executing process group
the executing process group is a stage or phase of a project. It starts after the planning phase of a
project is over. It consists of the processes used to complete the work defined in the project
management plan to accomplish the project's requirements
Initiating
, Initiating is a process group or stage that occurs at the beginning of the project. It determines the
nature and scope of the development. If this stage is not performed well, it is unlikely that the
project will be successful in meeting the business needs
Monitoring and Controlling Process group
Monitoring and controlling consists of those processes that are performed to observe project
execution, so that potential problems can be identified in a timely manner and corrective action
can be taken, when necessary, to control the execution of the project
Project management process groups
the project management process groups progress from initiating activities to planning activities,
executing activities, monitoring and controlling activities, and closing activities. The process
groups are linked by the results they produce, I.e, the result or outcome of one becomes an input
to another
NPV (net present value)
net present value evaluates the cash inflows using the discounted cash flow technique, which is
applied to each period the inflows are expected. The total present value of the cash flows is
deducted from the initial investment to determine NPV. It assumes that cash inflows are
reinvested at the cost of capital. This is similar to discounted cash flow
Project Processes
A process is a sequence of interdependent and linked procedures consuming one or more
resources to convert inputs into outputs. These outputs then serve as inputs for the next stage
until a known goal or end result is reached
Update with complete solutions.
IRR (internal rate of return)
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. IRR assumes that cash inflows are reinvested at the IRR value.
Operation
Operation is a function that performs ongoing taks and constitutes an organization's on-going,
repetitive activities such as accounting or production. It is used to run regular business models
and is performed to achieve business goal and sustain the business
Organization
Organization is a process of dividing work into sections and departments. It involves allocation
of authority, responsibility, and duties among all the members of an enterprise. It is a group of
individuals organized to work for some purpose or mission.
Payback period
The length of time it takes a company to recover the initial cost of producing a product or service
of a project
Performing organization
performing organization is referred to as the specific enterprise or group that is viewed by all
parties to be the one that is most directly and explicitly involved in all phases and aspects of
,doing any and all work of the given and respective project. It is the organization that is
performing the project.
Portfolio management
Portfolio management is the centralized management of one or more portfolios that help in
identifying, authorizing, prioritizing, managing, and controlling projects, programs, and other
related work for attaining particular business objectives in the strategic plan of the organization
Process
A process is defined as a set of related tasks performed for managing a certain aspect of a
project, such as cost.
program
in management terms, a program is a group of related projects. these projects are grouped to
obtain benefits and control that is not available from managing them individually. Programs are a
means of achieving organizational goals and objectives
Program management
program management is the centralized, coordinated management or a program to achieve the
program's strategic objectives and benefits. Program management involves the management
Project Management knowledge areas
ten project management groups that bring together common or related processes:
-Project Integration Management
-Project Scope Management
-Project Schedule Management
,-Project Cost Management
-Project Quality Management
-Project Resource Management
-Project Communications Management
-Project Risk Management
-Project Procurement Management
-Project Stakeholder Management
Project phase
combination of associated activities that represent a distinct stage within a project. A project
phase can have distinct start and finish dates and include several stages of planning and work. It
is a set of logically related activities that usually complete one or more major deliverables of the
project
Closing process group
final stage of a project. It includes the formal acceptance of the project and the ending thereof
Executing process group
the executing process group is a stage or phase of a project. It starts after the planning phase of a
project is over. It consists of the processes used to complete the work defined in the project
management plan to accomplish the project's requirements
Initiating
, Initiating is a process group or stage that occurs at the beginning of the project. It determines the
nature and scope of the development. If this stage is not performed well, it is unlikely that the
project will be successful in meeting the business needs
Monitoring and Controlling Process group
Monitoring and controlling consists of those processes that are performed to observe project
execution, so that potential problems can be identified in a timely manner and corrective action
can be taken, when necessary, to control the execution of the project
Project management process groups
the project management process groups progress from initiating activities to planning activities,
executing activities, monitoring and controlling activities, and closing activities. The process
groups are linked by the results they produce, I.e, the result or outcome of one becomes an input
to another
NPV (net present value)
net present value evaluates the cash inflows using the discounted cash flow technique, which is
applied to each period the inflows are expected. The total present value of the cash flows is
deducted from the initial investment to determine NPV. It assumes that cash inflows are
reinvested at the cost of capital. This is similar to discounted cash flow
Project Processes
A process is a sequence of interdependent and linked procedures consuming one or more
resources to convert inputs into outputs. These outputs then serve as inputs for the next stage
until a known goal or end result is reached
