WGU Project Management C176/D324

WGU Project Management C176/D324 Leave the first rating Students also studied Terms in this set (605) Save Project + Practice Review Category ...36 terms Jared_Riley80Preview CompTIA Project + Lesson 14 (PK0-0...17 terms Fred_Celio6Preview D324 - Business of IT-Project Mana...210 terms lashawnleary6ctr Preview Project 146 term iso4 Project Life Cycle PhasesDiscovery/Concept Initiating Planning Executing Closing Project Life Cycle Discovery/Concept Phase Primary Purpose Business case is created and the project is justified Project Life Cycle Initiating Phase Primary Purpose Preliminary Scope Statement and Project charter are created Project Life Cycle Planning Phase Primary Purpose Preparing the work for the project Project Life Cycle Executing Phase Primary Purpose Work is performed, monitored, and tracked Project Life Cycle Closing Phase Primary Purpose Project close-out occurs, contracts are closed and team member are released amongst other things What are the needs and demands that bring about a project?Market demand Organizational need Customer requests Technological advance Legal requirements Ecological impacts Social need What is the purpose of a Business Case?Documents the business needs or justification for the project and will often include high-level details about estimated budgets and timelines for completing the project

What are the two steps involved in validating a project? Writing and reviewing the business case Analyzing the stakeholders What are the commonly used business case justifications and project selection methods used?Cost-benefit analysis Scoring model Payback period Discounted cash flow Net present value ROI Internal Rate of return (IRR) Current state vs future state Skills needed beyond technical knowledge Business CaseA written document or report that helps executive management and key stakeholders to determine the benefits and rewards of the project Closing PhaseValidates deliverables and documents the formal acceptance of the project work.A handoff occurs to the organization for ongoing maintenance and support once completed.Constrained Optimization ModelsA second type of decision-making model, typically used when comparing highly complex projects and requires a detailed understanding of statistics and other mathematical concepts Cost of capitalRate of return the organization might earn if they choose to invest in something other than the project Cost-benefit analysisCompares the cost to produce the product or service to the financial gain the organization stands to make as a result of exceeding the project Discounted Cash flowCompares the value of the future worth of the project's expected cash flows to today's dollars.Discounted Cash Flow FormulaPV = FV / ( 1 + i ) ^ n Decision ModelA formal method of project selection that helps selection committees to decide among competing projects Decision Model Primary CategoriesBenefit measurement analysis Constrained Optimization Models Expert JudgmentRelies on the expertise of stakeholders, SME, or those who have previous experience to help reach a decision regarding project selection.Feasibility StudyA way to determine if the project is worth undertaking and whether the project will be profitable for the organization InitiatingIncludes all the activities that lead up to the final authorization to begin the project

Internal Rate of Return (IRR)The discount rate when the present value of each cash inflows equal the original investment IterativeRepeating a series of steps over and over until the desired outcome is obtained.Net Present Value (NPV)A cash flow technique that takes into account the differences in the value of money over time by calculating revenues or cash flows the organization expects to receive over the life of the project in today's dollars OperationsTypically involves ongoing functions that support the production of goods or services Payback PeriodCash flow technique that identifies the length of time it takes for the organization to recover the costs of producing the project PlanningIt contains many processes that all generally lead to the creation of plans or documents that are used throughout the project to ensure the goals of the project are being met PortfolioCollections of programs, sub-portfolios, and projects that support strategic business goals or objectives Predetermined clientsTypically partner companies that have been certified by a large organization to work with their product or service Prequalified vendor listA list of vendors that have already been vetted by the organization, includes the vendor, the goods and materials, and services they offer, and the pricing for each Project selection methodsUsed to determine which proposed projects should receive approval and move forward, typically lead by senior management or selection board or committee ProgramA collection or group of related projects that are managed together using coordinated processes and techniques ProjectA temporary endeavor that produces unique products or services or results.Project managementThe application of tools and techniques to organize the project activities to successfully meet the project goals Project ManagerResponsible for the project's core integration and leads the team, and oversees all the work required to complete the project goals to the satisfaction of the stakeholders Return on Investment (ROI)Measures the profitability of an investment and is often used to compare one investment to another ROI EquationsROI = (Current Value or Gain from the investment - Cost of investment) / Cost of investment

Scoring modelA predefined list of criteria against which each alternative solution or project is rated StakeholderAnyone that has a vested interest in the project, can include from an individual to a company or organization, the project manager, and the project sponsor Artifacts and Historical InformationPreexisting contracts, prequalified vendors, and project documents such as the scope statement, schedule, risk, log, and lessons learned Project Management DutiesManage the project team Communicating with Stakeholders and team members Managing Scope Managing Risks Managing Project Budget Managing the schedule Managing Quality Assurance Project Artifacts Managing Scope meansCreating a document that describes the project's goals, deliverables, and requirements.Monitoring and updating using a change-control process and help from the stakeholders and team members Managing the Schedule meansEnsuring project deliverables are finished on time Managing Project Artifacts meansResponsible for creating, maintaining, and archiving documents, templates, agendas, diagrams, and Project charters of the project Can also include prequalified vendor lists, predetermined clients and preexisting contracts Business Analyst ResponsibilitiesResponsible for gathering and documenting requirements for the project given by the stakeholders Involved with the intake process Assists with the business case PMBOKProject Management Body of Knowledge Purpose of Project Life Cycle PhasesProject management uses these phases to apply knowledge, skills, tools, and techniques to the project activities to meet project requirements