WGU C176 Business of IT - Project Management Latest 2022/2023 Rated A+
Project ✔✔A temporary endeavor that has definite beginning and end dates, and it results in a unique product, service, or result. It is considered a success when the goals it sets out to accomplish are fulfilled the the stakeholders are satisfied with the results.
project criteria ✔✔unique, temporary, reason or purpose, stakeholder satisfaction
Program ✔✔a group of related projects that are managed together using coordinated processes and techniques.
Portfolio ✔✔Collection of programs, subportfolios, and projects that support strategic business goals or objectives.
Operations ✔✔Ongoing functions that support the production of goods or services.
PMBOK Guide ✔✔Project management standards are documented here, published by the Project Management Institute (PMI) 1 / 4
Functional Organization ✔✔A hierarchical organization where each employee has one clear superior, and staff are grouped by areas of specialization and managed by a person with expertise in that area.
Matrix organization ✔✔Typically organized along departmental lines, like a functional organization, but resources assigned to a project are accountable to the project manager (s) they are reporting to.
strong, weak, balanced ✔✔the three types of matrix organizations
strong ✔✔matrix organization type which emphasizes project work over functional duties. The project manager has the majority of power.
weak ✔✔matrix organization type which emphasizes functional work over project work.Functional managers have the majority of power.
balanced ✔✔matrix organization type which shares equal emphasis between projects and functional work. Both the project manager and the functional manager share power. 2 / 4
Projectized Organization ✔✔An organizational structure whose focus is projects, rather than functional work units. Project managers have the majority of power.
preparing and validating the business case ✔✔The first step in validating a project
benefit measurement methods ✔✔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.
constrained optimization models ✔✔Decision models that use complex principles of statistics and other mathematical concepts to assess a proposed project.
cost benefit analysis ✔✔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.
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decision model ✔✔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.
discounted cash flow ✔✔Compares the value of the future cash flows of the project to today's dollars.
economic model ✔✔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.
feasibility study ✔✔Undertaken to determine whether the project is a viable project, the probability of project success, and the viability of the product of the project.
internal rate of return ✔✔discount rate when the present value of the cash inflows equals the original investment.
net present value ✔✔evaluation of the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected.
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