WGU - C722 PROJECT MANAGEMENT OA ACTUAL EXAM WITH VERIFIED QUESTIONS AND CORRECT ANSWERS GRADED A+ || 100% GUARANTEED PASS LATEST UPDATED VERSION

WGU - C722 PROJECT MANAGEMENT OA ACTUAL EXAM WITH VERIFIED QUESTIONS AND CORRECT ANSWERS GRADED A+ || 100% GUARANTEED PASS LATEST UPDATED VERSION PCIC Equation - Answer ️PCIC = AC / EAC Actual Cost / Estimated Cost at Completion ETC - Answer ️Estimate to Completion How much money will need to complete the project ETC = (BAC - EV)/CPI (Budget at Completion - Earned Value) / Cost Performance Index CPI = EV/AC EAC - Answer ️Estimate at Completion Forecast of how much more the project is expected to cost to complete EAC = AC + ETC Actual Cost = Estimate to Completion ETC = (BAC - EV)/CPI [Cost performance index] CPI = EV/AC EVA - Answer ️Earned Value Assessment EVA Process Step 1 - Answer ️Collect measures from project records: 1. AC - Actual Cost 2. EV - Earned Value 3. PV - Planned Value 4. BAC - Budget at Completion EVA Process Step 2 - Answer ️Calculate Variances: 1. CV - Cost Variance 2. SV - Schedule Variance 3. PCIB - Percent complete index budget EVA Process Step 3 - Answer ️Calculate Performance Factors 1. CPI - Cost Performance Index 2. SPI - Schedule Performance Index EVA Process Step 4 - Answer ️Calculate Estimates or Identifying Performance Factors 1. ETC - Estimate to completion 2. EAC - Estimate at completion 3. TCPI - To complete performance Index 4. PCIB - Percent complete index budget or PCIC - (Percent complete index - cost) operations - Answer ️are the ongoing, daily activities of an organization that produces revenue and expense. project - Answer ️is an activity or group of activities to generate a new, unique product, service, or results to support that program. However, it is possible that not all projects will be part of a larger program. There could, for example, be a project to develop a new battery that is more adaptable to more extreme temperature conditions. The product of this project could be applicable to all existing automobiles and not strictly a single program. portfolio - Answer ️is a group of related programs that support a long-term company goal or objective. The projects in a portfolio may individually address separate initiatives within the organization but collectively move the organization toward meeting a long-term goal or objective. business strategy - Answer ️consists of the activities, methods, tactics, etc. that will be employed to meet the business's goals. program - Answer ️is a group of related projects. project management - Answer ️the application of knowledge, skills, tools and techniques to project activities. Phases of the Project Life Cycle - Answer ️Defining (intializing), Planning, executing and closing Defining - Answer ️Determining the project's sponsor and the project's manager Creating a project charter. The charter is a document that, like a contract, is agreed upon by the sponsor and key stakeholders. It defines the project and authorizes the resources, roles, responsibilities, authorities, and scope for the project. Planning - Answer ️Technology Business process Staffing Training Testing Communications Budget constraints Integration of the project with operations and other projects Executing - Answer ️Unexpected changes that may present themselves in the competitive environment New organizational priorities Loss of key project resources Previously unidentified risks surfacing that puts the project plans in jeopardy Closing - Answer ️The closing phase of the project occurs when the project is completed to the customers' satisfaction. triple constraint - Answer ️cost (budget), schedule (time), and scope (deliverables). Project Manager (PM) - Answer ️is responsible and accountable for managing the project to maximize its success "working" project manager - Answer ️a functional manager "dedicated" project manager - Answer ️role in life is to be a project manager regardless of the operational needs of the business. Functional (Departmentalized) - Answer ️is the oldest and most basic form of organization. It is the type of organization most often represented in corporation shareholder reports Projectized - Answer ️subject matter experts (SMEs) from different functional areas are assigned to directly report to the project manager (PM) for a specific project. Matrix - Answer ️has less clearly defined lines of reporting. Business scenario - Answer ️represents an important business need or issue and provides an opportunity for others to create an appropriate, valuable solution Project objectives - Answer ️the following are typically determined by the project sponsor and are intended to be very specific in order to appropriately communicate project expectations. SMART Active listening - Answer ️the following is important to understanding what others are saying both verbally and nonverbally and for effective project management Stakeholder engagement - Answer ️the following is the process of communicating and interacting with stakeholders in a way that keeps them interested and focused on their involvement in the project Team status reports - Answer ️reports are often updated in an online collaboration tool and published weekly Work breakdown schedules - Answer ️ensures that everyone understands what has to be delivered and who is responsible to do what when 8 and 80 Rule - Answer ️a project manager should avoid controlling tasks that take less than eight hours and should not let more than two weeks go by without checking in project management maturity model (OPM3) five levels - Answer ️1. "Ad Hoc" No formal standards, processes, methods, procedures, or staff to constitute a project management discipline. Standard technologies and reporting are sporadic 2."Planned" Project management standards, processes, methods, procedures, and staff exist in the organization, but are not considered to be an organizational standard. Basic documentation exists, inconsistent management support rarely/occasionally applied. 3."Managed" All project management standards, processes, methods, procedures, and staff are in place as organizational standards. Formal documentation exists, consistent management support, execution irregularly/inconsistently applied. 4."Integrated" More refined project management standards, processes, methods, procedures, and staff are in place. More refined documentation, consistent management support, consistent execution, and efficiency exist across all projects. Metrics are in place to collect performance data across all projects. 5."Sustained" Lessons learned and best practices are applied to continuously improve existing standards, processes, methods, procedures, and staff. Metrics are collected and applied at the project, portfolio, and organizational levels. The organization is in a position to evaluate future decisions based on past performance and maximize its competitive advantage in the industry. Weekly internal status meeting - Answer ️kind of meeting each leader speak to the status of their work and project risks, and explain the status of any mitigation activities. Advantages of Functional (Departmentalized) - Answer ️Lines of authority are clear. Departmental work is easily prioritized by identified departmental authority. There is flexibility in the use of staff. Subject matter experts (SME) available to work on multiple projects. Knowledge and experience readily shared between functional specialists. Technical continuity exists within the organization. Professional growth and career paths for the staff are clearly defined. disadvantages of Functional (Departmentalized) - Answer ️Utilizing resources across functions can be difficult. Requests for assistance from other departments not easily prioritized. It is inefficient for projects requiring collaboration/cooperation between departments. Project customer is not the only focus. Organization does not focus on solving project business issues. Project does not have a single individual responsible for all aspects of the project. Response to customer needs is slow and difficult. Project issues are not all given the same level of attention. Project is not managed holistically. Advantages of Projectized - Answer ️Clear lines of authority, the project manager has full authority. Once SMEs are assigned, there is less need to negotiate availability of resources. Project is managed holistically. Response to customer and stakeholder issues is faster and clearer. Skilled project team can support several successive projects of the same type. Timely decision making on project issues. Organizational structure is simple, flexible, and easy to understand.