WGU C722 Project Management - Study Guide, Top Exam Questions and answers, rated A+

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WGU C722 Project Management - Study Guide, Top Exam Questions and answers, rated A+ Projects - ✔✔-A temporary activity that creates a unique result. Initiatives with specific goals and star ... t and end dates. Develops a new product or service, reduce costs, add technology, etc. Operations - ✔✔-Day-to-day activities in an organization. Continuous & ongoing. Product - ✔✔-Something created by a project. Business Scenario - ✔✔-An imagined or projected sequence of events that is representative of a significant business need or problem & enables vendors to understand the value to the customer organization of a developed solution. Business Scenarios have this information: - Past events that are relevant - Current key information - Expected or desired outcomes Business Strategy - ✔✔-The activities, methods, tactics, etc. that will be employed to meet the business's goals. Determined by senior management in the organization to improve the value of the company to its stakeholders. Subject Matter Experts - ✔✔-SMOs. A person who is an authority in a particular area or project. Program - ✔✔-A group of related projects. Portfolio - ✔✔-A group of initiatives (projects and programs) that a company engages in to improve its operations. Charter - ✔✔-The definition of a project according to stakeholders. Defines how customer will determine if project met expectations. Includes a beginning, work steps, and clear and defined end. Business Case - ✔✔-The justification for a project - Explains the business need. Project Life Cycle Phases - ✔✔-Defining, Planning Executing, Closing Defining - ✔✔-Where detailed planning occurs. Level of detail aligns with complexity of project. Use Work Breakdown Structure to identify outcomes needed. Can require significant time for large projects. Typically ends when baselines for scope, budget, and schedule are approved by customer and/or sponsor and project team. Executing - ✔✔-Where most of the work is done. Deliverables are completed. Progress is monitored and actions taken as needed to stay on track. May return to planning phase as needed if objectives can't be met, to modify budget, schedule, or scope. Critical to be careful of scope creep—don't add functionality without considering impact. This phase is complete when all work activities and deliverables are ready to be delivered to customer/sponsor. Closing - ✔✔-When project outcomes are delivered to the customer and/or sponsor. Project Manager ties up loose ends: - Reassign project resources back to company - Document project results and lessons learned - Close out procurement activities - Verify completed project is transitioned to customer SMART Goals - ✔✔-Specific Measurable Achievable Relevant Time Based Project Management - ✔✔-The act of running a project and encompasses the use of general management or specific project management knowledge, skills, tools, and techniques to ensure that the project meets its goals. Aspects of project management - ✔✔-Stakeholder Relations Managing Interdependent Tasks Managing Volatility Communications Schedule Development Work Breakdown PERT charts Risk Management Project Sponsor - ✔✔-The individual (often manager or executive) with overall accountability for a project. Primarily concerned with ensuring project delivers agreed upon benefits. Project Manager - ✔✔-The people who guide projects. Need 10 competencies: Integration management - includes processes/activities needed to identify, define, and coordinate various processes and project management activities. Scope management - includes the processes that ensure that all the work required is identified to complete the project successfully. Time management - includes the processes required to manage the timely completion of the project. Cost management - includes the processes involved in planning, estimating, budgeting, managing, and controlling costs so that the project can be completed within the approved budget. Quality management - includes processes/activities that determine quality policies, objectives, and responsibilities. Human resource management - includes the processes that organize, manage, and lead the project team. Communication management - includes processes to ensure timely and appropriate planning, creation, distribution, management, control, and monitoring of project information. Risk management - includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. Procurement management - includes the processes necessary to acquire products, services, or results needed from outside the project team. Stakeholder management - includes the processes required to identify all people or organizations impacted by the project, analyzing stakeholder expectations, and developing appropriate strategies for effectively engaging stakeholders in project decisions and execution. Triple Constraints - ✔✔-Cost Time Scope Working PM vs Dedicated PM - ✔✔-Working project managers - PM also responsible for operational delivery project. Dedicated project managers - PMs who have a distinctly separate role in organization and can be the functional manager for project for duration of project. Problems with working project managers Usually wearing multiple hats Lack of time, may also have lack of PM skills and training People from other disciplines may not report directly to you but you are responsible for their work in project. Communication Plan - ✔✔-Communication with project stakeholders, including: Management at all levels and users of the system Everyone hoping develop deliverables - workers, suppliers, etc Stockholders of business Other project partners Identify for each stakeholder: Reporting needs - what to include in status report (budget, schedule issues, etc.) Format - spreadsheet, table, one page summary Preferred medium (email, phone, presentation) When - Who is responsible Status Meetings - ✔✔-Purpose - Communicate current summary pf project schedule, budget, and functional progress. Identify ""Red Light"" that will impact project success and what decisions/resources are needed. Identify ""Yellow Light"" issues that may be arising, recommendations for avoiding Accomplishments for current period Upcoming plans for immediate work period Record usage and near term requirements Important that meetings are regular and timely. Stakeholder - ✔✔-An individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. Stakeholder Analysis - ✔✔-Understand who the stakeholders are, their responsibilities, and their communication needs. Develop a matrix to guide communications. Change requests (CR) - ✔✔-Changes in scope, schedule, or funding that need approval. Change control board (CCB) - ✔✔-Those with authority to approve changes. Ensures change doesn't negatively impact the project's triple constraint of time, cost, and scope. Can be a small group of individuals from within a project team. Project Reports - ✔✔-Communicate the current status of the project, risks team is facing, and direction to the team for the immediate work period. Project the future performance of the project as known at this point. Clear and concise regarding who is doing what and what the deadlines are. Collaboration Tools - ✔✔-Software products to help manage the creating and communication of the plan and tasks to be performed. MS project is one example. Virtual teams often work in shared threaded discussions (better than IM) Google Drive also useful. Work Breakdown Structure - ✔✔-A tool to ensure people understand what is expected of them and how they will be held accountable. Breaks work down into measurable components. Conflict Management - ✔✔-80% of all problems come from poor communication Establish Expectations for team members - what to do, how to communicate, how to resolve issues Address Conflict Immediately - Make it safe. Listen and hear issues and stay professional. Don't take sides. Stay Focused on Project and Goals - don't take on more than project was designed for Remember you're dealing with people - They have own motivation. Know their WIFM and how it aligns with the project. Conflict is an opportunity to learn and grow. PMI - ✔✔-Project Management Institute Largest project management organization in the world - 400,000 members. Publishes foundational and practice standards. Foundational standards give frameworks and process for program, project, portfolio management Practice standards focus on topics like risk management [Show More]

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