Probability and Statistics > QUESTIONS & ANSWERS > WGU - C722, Top Exam Questions and answers, 100% Accurate, rated A+ (All)

WGU - C722, Top Exam Questions and answers, 100% Accurate, rated A+

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WGU - C722, Top Exam Questions and answers, 100% Accurate, rated A+ Three essential drivers that must be achieved to generate positive characteristics in project teams - ✔✔- Cohesiveness, Trus... t, Motivation The five stages Dr. Bruce Tuckman (1965) introduced of group development - ✔✔-Forming, Storming, Norming, Performing, Adjorning Forming - ✔✔-In this stage, team members may be meeting for the first time. Often, no one really knows much about anyone else on the team. It may be premature to refer to this group of individuals as a team. It is a time of introduction and forming relationships and understanding from exchange of information. Storming - ✔✔-Team members are beginning to know about each other, but they do not yet understand how to work together. Members may "jockey for position" within the team. The dynamics of working together beyond any written statement of "roles and responsibilities" are being established. Personalities surface, showing the strengths, weaknesses, and personal needs of each individual on the team. Integration into a team may come with some struggle and conflict. Norming - ✔✔-Team members have "figured out" how they will interact with each other. Working relationships are beginning to form. Trust and understanding is beginning to form between team members. They are beginning to feel comfortable working together and openly and willingly sharing information. Performing - ✔✔-Team members are fully comfortable working together. Trust has been developed. Working relationships have jelled. Work is being conducted and project progress is occurring. Adjourning - ✔✔-This only occurs when all the team's work has been completed and the team is no longer required. This may occur at any time in the project life cycle. Co-located Teams - ✔✔-involves team members physically working at the same location or holding project meetings together in a common setup. Virtual Teams - ✔✔-are teams whose members interact primarily through electronic communications. Members of a virtual team may be within the same building or across continents. Two common situations occur that may prompt a change to the baseline scope - ✔✔-The scope may be expanded to include additional functionality or the scope may be diminished due to changes in the project environment such as reduced funding or requirements or changing time/due date. Scope creep - ✔✔-occurs when the project team integrates enhancements to the scope without proper evaluation and approval. work performance data - ✔✔-will identify the work activities that are completed, partially completed, or not started. risk register - ✔✔-is a list of potential risks, how the risks will be monitored, and what action will be taken should the risk event occur. corrective action - ✔✔-is a document issued to identify quality failures and how they will be corrected. The deliverable itself may need to be reworked and the project plan may need to be revised to ensure that future deliverables do not include the same error. The Four Categories of Change - ✔✔-Contingency plans, improvement changes, external events, scope change The change management system - ✔✔-is in place to formally identify, evaluate, decide, and communicate project changes. Recording - ✔✔-is the process of documenting and archiving project-related information. Reporting - ✔✔-is a key nonverbal communications methodology used to inform and to document project information. Weekly status reports that are often working documents for the team to communicate: - ✔✔- Accomplishments, Issues, Schedules, Resource utilization Monthly status reports for senior stakeholders that would include: - ✔✔-Project overview bragging about progress, Issues including red light (critical) problems needing immediate resolution, yellow light items that are warning flags, and resolved issues, Current accomplishments, Future plans for the next month, Resource utilization and plans Monthly Financial Report - ✔✔-showing progress against the budget quantifying monies spent and planned to be spent and identifying issues with recommendations for resolution Change management reporting - ✔✔-showing changes identified, requiring approval, and resolution. Project controls - ✔✔-are the data gathering, management, and analytical processes used to predict, understand, and constructively influence the time and cost outcomes of a project or program. Three Aspects of Project Quality - ✔✔-quality management, quality assurance, and quality control. Quality management - ✔✔-is the process of identifying the customer's requirements and how they will be measured. Quality assurance - ✔✔-is the process of validating that the requirements and measurements are appropriate for the project environment. Quality control - ✔✔-is the process of monitoring and changing project execution to ensure that activities are being executed as planned and will result in meeting the customer requirements. It is the monitoring and controlling process that occurs during project execution. Standards - ✔✔-are requirements that are generally accepted by a group of firms that produce similar products or services. Requirements - ✔✔-are what the customer needs to achieve from the completed project. Quality audits - ✔✔-are rigorous reviews of the project performance. These reviews are often completed by groups of experts outside of the project team such as a company's quality assurance (QA) department or an outside consultant. positive outcomes of the audit - ✔✔-Identifying issues before we go into production Identifying best practices that can be adopted by future project teams Identifying lessons learned that can improve performance on other projects Identifying problems that can be corrected before additional costs are incurred Checklists - ✔✔-are one way of monitoring that activities/tasks have been addressed and one method of assuring that all needed documents are written. project charters - ✔✔-contain enough information to understand who the project sponsor and project manager are, the purpose the project, a general idea of the scope, budget, and schedule. Statement of Work (SOW) - ✔✔-defines the project's outcomes in terms of objectives, specific deliverables, acceptance criteria, technical requirements, milestones, constraints, and assumptions. Work Breakdown Structure (WBS) - ✔✔-is a methodical deconstruction of deliverables into activities and then tasks to be performed. It details each activity that must be completed. living documents - ✔✔-are all planning documents project scope - ✔✔-describes how the project outcomes will be created. Documents the customer's expectations with regard to when the project will be completed (the time/schedule constraint) and how much the completed project will cost (the budget or cost constraint). Evolution of the Scope Statement - ✔✔-Initial Scope (defining phase), Approved Scope Statement (planning phase), scope management (executing phase), scope verification (closing phase) product scope - ✔✔-is used to describe the portion of the scope statement that defines the features and functions of the project outcome or deliverables. project scope statement - ✔✔-represents a mutual understanding between the customer and the project team. project requirement - ✔✔-is a characteristic, function, or capability that must be present in the project final outcome. Project deliverables - ✔✔-are the features and functions of the project outcome that form the product scope. Resource Responsibility Matrix - ✔✔-the resources needed are identified and the roles and responsibilities are detailed histogram - ✔✔-is a graph of a frequency distribution in which rectangles with bases on the horizontal axis are given widths equal to the class intervals and heights equal to the corresponding frequencies. Knowledge, Skills, and Abilities (KSAs) - ✔✔-skills required by the project team resource leveling - ✔✔-The act of leveling the amount of resources needed to be constant over a period of time deliverable - ✔✔-is a specific product or functionality that the project will provide. Activities are connected to two types of deliverables: - ✔✔-Project management - communications, planning, execution, etc. Project specific to the desired end result of this project 8/80 rule - ✔✔-do not assign anything that takes less than eight hours so we allow resources sufficient work to occupy them and we don't micromanage Project management deliverables - ✔✔-the concrete items we need to manage this project. They are usually generic to a business or methodology adopted by a PM for use to manage the team and create sound communications. Project specific deliverables - ✔✔-project specific deliverables are required tasks Risk Appetite - ✔✔-is the degree of uncertainty an entity is willing to take on in anticipation of a reward. Risk Tolerance - ✔✔-is the degree, amount, or volume of risk that an organization or individual will withstand. Risk Threshold - ✔✔-refers to measurements along the level of uncertainty or the level of impact at which a stakeholder may have a specific interest. Below that risk threshold, the organization will accept the risk. Above that risk threshold, the organization will not tolerate the risk (PMBOK, 2015). Risk Planning - ✔✔-is the process of reviewing every aspect of the project to identify what risks may occur. Risk Breakdown Structure (RBS) - ✔✔-which follows the WBS and insures that each activity and task in the WBS is reviewed for risk and opportunity and documented as identified. Risk Management Options - ✔✔-Avoid, mitigate, transfer and accept. Risk Avoidance - ✔✔-During our planning, the team identifies the risk and sets a path to avoid the risk. Transfer of the risk - ✔✔-transfer risk to someone else Mitigation - ✔✔-is when the team acts in some fashion to reduce the impact or likelihood of the risk occurring. Accepting - ✔✔-the risk is a response strategy where we recognize the risk and say that it is a part of the project, normal business practice and the team will plan to accept it accordingly. Opportunity Management - ✔✔-Acceptance, Enhancing the opportunity and Sharing the opportunity risk register - ✔✔-lists all risks (external, technical, or organizational) and assigns scores for probability and severity. Probability Severity (P*S) score - ✔✔-helps us prioritize the risks appropriately. top-down estimation methods - ✔✔-hese estimates are often provided by someone at the organization who has knowledge or experience from prior projects similar to the project being considered Bottom-up estimation methods - ✔✔-require that estimates be made at the detailed work activity level of the WBS. parametric estimating - ✔✔-top-down methods are based on the relationship between the current project and historical data ratio method - ✔✔-uses experience from prior projects to estimate the overall cost of the current project. apportion method - ✔✔-is based on the ratio method but takes into consideration specific functionality or types of work that will be required. Cost management - ✔✔-is the process of measuring how close actual costs are to the budget and then making changes in project execution as needed. baseline budget - ✔✔-is the approved budget and will be used as the standard for comparison of actual costs throughout the life of the project and identifying variances. Direct costs - ✔✔-are costs that are directly attributable to completing the project work. Direct overhead costs - ✔✔-are costs from the project that are shared across the work activities. General and administrative costs (G&A) - ✔✔-are overhead costs from the project organization. padding - ✔✔-people tend to add in extra time or money "just in case." Contingency reserves - ✔✔-are costs included in the budget to cover situations that may occur. If the project requires the use of lumber, and lumber prices are known to fluctuate, then some portion of the lumber costs may be included in a contingency reserve. In a restaurant, food costs are very volatile and so the project must budget for those variances that can occur management reserve - ✔✔-is an amount added to the overall project budget to cover unknown risks. Realistic - ✔✔-Accurately reflects the way the organization does business. Appropriate for the level of resources, capabilities, and external environment of the organization. Capable - ✔✔-Uses factors that are relevant to the organization. We would not expect one model to cover all dimensions of a project, we would want to use models that cover their dimension comprehensively. Flexible - ✔✔-The model should provide accurate measures across a reasonable range of conditions. Easy to use - ✔✔-Provide results in a reasonable amount of time. Results should be easily understood by the decision makers. Low cost - ✔✔-The costs of gathering data and running the model should be low relative to the scale of the project. Comparable - ✔✔-The model should be usable across a range of projects such that the outcomes of the model can be used to compare projects. Non-numeric project selection models - ✔✔-focus on selection criteria that are not limited to traditional numeric performance measures (return on Investment [ROI], profit, revenue, etc.). competitive necessity model - ✔✔-require a project proposal, which includes justification, cost, and time estimates, as well as documented outcomes. Operating necessity - ✔✔-evaluates a project based on whether it will ensure ongoing operations with the understanding that not executing the project will result in operations being interrupted. Sacred cow projects - ✔✔-are suggested by senior leadership or a powerful constituent of the company. Numeric project selection models - ✔✔-use financial and other quantitative measures to drive decision making. Types are: internal rate of return, net present value, payback period. time value of money - ✔✔-suggests that money is worth more to an organization now than in the future. payback period - ✔✔-calculates the amount of time required to earn back the cost of doing the project. payback period formula - ✔✔-(months)=Estimated Project Cost / Monthly Return (annual)=Cost / Savings internal rate of return (IRR) - ✔✔-evaluates potential projects as if they were financial investments. It calculates the rate of return for a project. Net present value (NPV) - ✔✔-is a financial measure of the total future benefits of a project minus the costs of the project. future net cash flows - ✔✔-need to know the costs (cash outflows) and benefits (cash inflows) for the entire working life of the project out [Show More]

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