WGU C722 Project Management

WGU C722 Project Management 4.3 (4 reviews) Students also studied Terms in this set (48) Social SciencesBusinessBusiness management Save

WGU - C722

281 terms LearningChuPreview Project Management C722 185 terms blankenship226 Preview WGU C202 Managing Human Capita...536 terms dhagedoPreview WGU C 154 term 78a Practice questions for this set Learn1 / 7Study using Learn (monthly) multi project review for sponser and other senior managers; milestones Triple constrainttime, cost, scope Red light issuesthings that will immediately impact the success of the project yellow light issuesthings that may be impending issues arising for the future of the project, plus recommendations for how to avoid these issues from becoming problems Choose an answer 1program review2multiple choice 3quality assurance4difference analysis Don't know?

program review(monthly) multi project review for sponser and other senior managers; milestones

• and 80 ruleavoid controlling tasks of less than 8 hours; don't let more than 80 hours (or two

weeks) go by without checking in.best communication for widely dispersed virtual team shared threaded discussion basic communication tenetsestablish expectations, address conflict immediately, stay focused on goals, remember dealing with individuals, conflict is oppurtunity PMBOKproject managers book of knowledge PRINCE2PRojects IN a Controlled Environment v2 PMIProject Management Institute APMAssociation for Project Management IPMAInternational Project Management Association AXELOS, Ltdjoint venture for UK and Captia PLC Functional (Departmentalized)oldest and most basic form of organization; lines of authority are clear; organization does not focus on solving project business issues; PM has little influence; not managed holistically ProjectizedSubject matter experts from different functional areas are assigned to directly report to the project manager; PM has full authority; cross functional collaboration; timely decision making; PM has high influence; clear lines of authority; duplication of personnel; SME assigned may not have most appropriate knowledge or expertise Matrixhas less clearly defined lines of reporting; administrative personnel are not duplicated; central focus is project; issues are responded to quickly; requires cooperation between functional and project managers level 1 Ad Hocno formal standards level 2 plannedbasic documentation exists level 3 managedmanagement support is consistent, execution is irregularly/inconsistently applied level 4 integratedexecution is consistent level 5 sustainedlessons learned and best practices are applied to continuously

• process groupsInitiating, planning, executing, monitoring, closing

sacred cowbadly planned project that you are hesitant to bring up

calendarized budget Cost performance index (CPI)Measures the value of the work completed at the measurement date against actual cost. This is the most critical of all EVM measurements. The formula is

CPI=EV/AC.

Schedule Performance Index (SPI)Measures the progress to date against the progress that was planned. The SPI indicator acts as an efficiency rating. If the result is greater than one, performance is better than expected, and you're ahead of schedule. If it's less than one, performance is less than expected, and you're behind schedule. The formula is

SPI=EV/PV.

Cost Variancedetermine budget efficiency Project phasesDefining, planning executing, closing Project selection criteriarealistic, capable, flexible, easy to use, low cost, comparable Agile planningproject needs to be flexible, planning is a little fuzzy Extreme planningmany variables and unknowns; focus on human resources Scope phasesInitial scope statements, approved scope statement, scope management process, scope verification Work Breakdown Structure (WBS)list of tasks for project; not exhaustive; not a project plan or schedule; not an organizational structure Top DownRatio method; apportion method Bottom upAggregate cost estimates up; templates Change management processidentify change, evaluate change, decision, communicate change quality mangementprocess of identifying the requirements and how they will be measured Quality assuranceprocess of validating that the requirements and measurements are appropriate for the project environment (can quality requirements be measured) Quality controlprocess of monitoring and changing project execution to ensure that activities are being executed as planned and will result in meeting the requirements (does quality requirement fit parameters) CPIEV/AC; want over 100% EVDollar value of all work completed to date Planned valuedollar value of all work scheduled to have been completed to date

Actual CostTotal dollar value of costs incurred to date Budget at completionapproved total baseline budge approved Net present valueto calculate whether revenue tomorrow is greater than costs today Internal rate of returnTo calculate future cash flows using time and interest rate; discount amount when present value of cash intake equal the original investments Time value of moneyTo calculate money's worth today compared to in the future Comparative checklistsCompetitive necessity, operating necessity, sacred cow, scoring models (extension of checklist)