Project Management- C722

Project Management- C722

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WGU - C722

281 terms LearningChuPreview Test Prep - WGU - Principles of Man...105 terms C_BondePreview Project 64 terms sce Practice questions for this set Learn1 / 7Study using Learn An estimate that uses pessimistic, optimistic, and most-likely estimates Pg 109 portfolioa group of related programs that support a long-term company goal or objective Pg 13 programa group of related projects Pg 13 projectan activity or group of activities to generate a new, unique product, service, or results to support that program Pg 13 Choose an answer 1Single-Point Estimates2One-point Estimate 3Bottom-up Estimating4Three-Point Estimates Don't know?

chartera 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 Pg 13 Specific, measurable, attainable, relevant, timely Criteria of specific objectives that are unique to a project are referred to as SMART which stands for what Pg 15 triple constraintcost (budget), schedule (time), and scope (deliverables) Pg 17 stakeholder analysisanalysis to define the relevant stakeholders, their interests, and their communication needs Pg 19 Change Control Board (CCB)a group of people who track changes in a project and can be used as a governance tool Pg 19 Work Breakdown Structures (WBS)a key tool so that people understand what is expected of them and how they will be held accountable Pg 21 Project Management Institute (PMI)Founded in 1969, it's headquartered in Newton, PA, and has member chapters on every continent (except Antarctica). Publishes foundational and practice standards and is the largest in the world. Pg 22 Association for Project Management (APM)A UK-based charter organization that is the largest professional body of its kind in Europe. Formed in 1972, it's membership is primarily limited to the United Kingdom. Pg 22 International Project Management Association (IPMA) the world's first project management association, founded in 1965. The leading authority on competent project, programme, and portfolio management (PPPM) Pg 22 AXELOS, Ltda joint venture between the government of the United Kingdom and Captia PLC. It was formed to manage and grow a number of standards and associated certifications developed by the Cabinet office, including ITIL (Information Technology Infrastructure Library), PRINCE2, and Managing Successful Programs (MSP). Pg 22 Functional (Departmentalized) Organization pros/cons Pros: Lines of authority are clear; work is easily prioritized by identified departmental authority Cons: Utilizing resources across functions can be difficult; project is not managed holistically Projectized Organization pros and consPros: Clear lines of authority; project is managed holistically; gain historical data from prior projects.

Cons: Approach is expensive because of the duplication of personnel; SME

assigned may not have the most appropriate knowledge or expertise for the project

Matrix Organization pros and consPros: Central focus is the project; issues are responded to quickly.

Cons: Requires cooperation and coordination between and among functional

departments and project managers; resource balancing between projects can lead to friction.project management office (PMO)A process for determining if the level of documentation and best practices followed in project execution. Pg 26 Project Management Maturity LevelDetermined by the comprehensiveness of written procedures to accomplish tasks in each of the process areas identified by PMI. Pg 26 alignmentTerm used to describe connecting project outcomes to company goals. Pg 30 RealisticModel is appropriate to the level of resources available, the operating environment, and capabilities of the company. Pg 31 CapableThe model is able to apply the pertinent factors of the evaluation, including time, risk, cost, and internal and external environment. Pg 31 FlexibleModel should provide accurate measures across a reasonable range of changing conditions. Pg 31 Easy to useThe model is not difficult to learn and understand in a relatively short time; provides results readily understandable to the user.. Pg 31 Low CostCost to run the model is economical relative to scale (budget) of project Pg 31 ComparableThe model should be usable across a multitude of projects, and not be project specific. Pg 31 Non-numeric project selection modelsA process of selecting projects; not limited to traditional numeric performance measures; includes Competitive Necessity, Operating Necessity, Sacred Cow, and Checklist.Return on Investment (ROI)(NET PROFIT / COST OF INVESTMENT) * 100 Pg 32 Competitive Necessity ModelA process of selecting a project based upon whether implementing the project will ensure the viability of the company in the competitive market.Operating Necessity ModelA process of selecting a project based upon if it will ensure ongoing operations.Sacred CowProjects are suggested by senior leadership or a powerful constituent of the company often created to satisfy the expectations of the leader with little regard for the project's viability or contribution to strategic or operational needs. Pg 32 Checklist ModelThis method uses a series of questions to evaluate each potential project. Each project would be analyzed using the same set of questions, and then the answers to the questions would be compared to determine whether a project is accepted or rejected.

weighted factor scoringThis scoring models requires senior management to assign a weight to each criterion, which places some emphasis on selected criteria when calculating the total project score. Pg 34 time value of moneyMoney is worth more to an organization now than in the future. Pg 35 payback periodCalculates the amount of time required to earn back the cost of doing the project.Pg 36 Internal rate of return (IRR)To calculate future cash flows using time and interest rate; evaluates potential projects as if they were financial investments. Pg 37 net present value (NPV)To calculate whether revenue tomorrow is greater than costs today; A financial measure of the total future benefits of a project minus the costs of the project. Pg 38 future net cash flowsAmount a company expects to realize from a project before that project begins.Pg 38 Project Process GroupsInitiating, Planning/Executing/Monitoring and Controlling, Closing Project PhasesDefining, Planning, Executing, and Closing Work Breakdown Structurea key document that will be used for cost estimates, time estimates, risk identification, and resource assignment. Pg 45 collecting customer requirementsThe process of gathering information from the customer and stakeholders in order to define the high level project outcomes Pg 48 specificationsused to describe customer requirements that identify precise and measurable characteristics of the project outcome Pg 48 project sponsorThe person in the project organization who has authority to expend resources for projects. Pg 48 Integration Management PlanDocuments how the various processes and planning areas will be kept in sync throughout the project life cycle. Pg 49 Types of Project Management PlansIntegration, Scope, Risk, Procurement, Communications, Human Resources, Stakeholder, Quality, Cost, Time, Configuration, Change, Process Improvement, Requirements Stakeholder Management PlanExplains how stakeholders will be identified along with their level of interest in the project and influence over the project. This is closely tied to the communications plan since stakeholders will need varying levels and frequency of information. Pg 49 Configuration Management PlanDocuments how the project team and stakeholders will keep track of the versions of project documents to ensure that the most up-to-date document is in use. Pg 49