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WGU C783 PROJECT MANAGEMENT EXAM ACTUAL EXAM ALL 250 QUESTIONS AND CORRECT DETAILED SOLUTIONS
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WGU C783 PROJECT MANAGEMENT EXAM ACTUAL EXAM ALL 250 QUESTIONS AND CORRECT DETAILED SOLUTIONS
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Page 1 of 62WGU C783 PROJECT MANAGEMENT EXAM
ACTUAL EXAM ALL 250 QUESTIONS AND
CORRECT DETAILED SOLUTIONS
WGU C783 PROJECT MANAGEMENT A
A Guide to Project Management Body of Knowledge (PMBOK Guide) - ANSWER-The project
management standard developed by the Project Management Institute.
QUESTION: Benefit measurement methods - ANSWER-A type of decision model that
compares the benefits obtained from a variety of new project requests by evaluating them using
the same criteria and comparing the results.
QUESTION: Co-located - ANSWER-When team members work together at the same physical
location
QUESTION: Constrained optimization models - ANSWER-Decision models that use complex
principles of statistics and other mathematical concepts to assess a proposed project.
QUESTION: Cost-benefit analysis - ANSWER-A commonly used benefit measurement method
that calculates the cost of producing the product, service, or result of the project and compares
this to the financial gain the project is expected to generate.
Success!
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QUESTION: Decision model - ANSWER-A formal method of project selection that helps
managers make the best use of limited budgets and human resources. Includes benefit
measurement methods and constrained optimization models.
QUESTION: Discounted cash flow (DCF) - ANSWER-Compares the value of the future cash
flows of the project to today's dollars.
QUESTION: Economic model - ANSWER-A type of benefit measurement method. It is a series
of financial calculations that provide data on the overall financials of the project and is generally
used as a project selection technique.
QUESTION: Expert judgment - ANSWER-A technique used in project selection, determining
estimates, and determining other related project information that relies on the knowledge of those
with expertise on the requested subject matter. Expert judgment can come from, stakeholders,
other departments, consultants, team members, vendors, or industry groups.
QUESTION: Feasibility study - ANSWER-Undertaken to determine whether the project is a
viable project, the probability of project success, and the viability of the product of the project
QUESTION: Functional organization - ANSWER-A form of organizational structure. Functional
organizations are traditional organizations with hierarchical reporting structures.
Success!
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QUESTION: Internal rate of return (IRR) - ANSWER-The discount rate when the present value
of the cash inflows equals the original investment. Projects with higher IRR values are generally
considered better than projects with lower IRR values. Assumes that cash inflows are reinvested
at the IRR value.
QUESTION: Matrix organization - ANSWER-An organizational structure where employees
report to one functional manager and at least on project manager. Functional managers assign
employees to projects and carry out administrative duties, while project managers assign tasks
associated with the project to team members and execute the project.
QUESTION: Net present value - ANSWER-Evaluation of the cash inflows using the discounted
cash flow technique, which is applied to each period the inflows are expected. NPV subtracts the
initial project investment from the total cash flow in today's dollars. It is similar to discounted
cash flows.
QUESTION: Operations - ANSWER-Operations typically involve ongoing functions that
support the production of goods or services. They don't have a beginning or an end.
QUESTION: Payback period - ANSWER-The length of time it takes a company to recover the
initial cost of producing the product or service of the project.
QUESTION: Program - ANSWER-A grouping of related projects that are managed together to
capitalize on benefits that couldn't be achieved if the projects were managed separately.
Success!
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QUESTION: Project - ANSWER-Temporary in nature, with a definite start and end date; creates
a unique product, service, or result. It is completed when the goals and objectives of the project
have been met and signed off on by the stakeholders.
QUESTION: Project management - ANSWER-Applying skills, knowledge, and project
management tools and techniques to fulfill the project requirements.
QUESTION: Project Management Institute (PMI) - ANSWER-The world's leading professional
project management association.
QUESTION: Project management knowledge areas - ANSWER-The nine project management
groupings, or Knowledge Areas, that bring together common or related processes. They are
Integration, Scope, Time, Cost, Quality, Human Resource, Communications, Risk &
Procurement.
QUESTION: Project management office (PMO) - ANSWER-Established by organizations to
create and maintain procedures and standards for project management methodologies to be used
throughout the organization.
QUESTION: Project manager - ANSWER-The person responsible for applying the skills,
knowledge, and project management tools and techniques to the project activities to successfully
complete the project objectives.
Success!
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