WGU C722 Project Management Latest Update Graded A+
Projects ✔✔A temporary activity that creates a unique result.
Initiatives with specific goals and start and end dates.
Develop a new product or service reduces cost add technology.
Example of Projects ✔✔* A car company developing a new passenger car.
- A freight company adding a computer program to optimize cargo carrying capacity.
- A construction company building a new facility for a customer.
Operations ✔✔Day-to-day activities in an organization. Continuous/ongoing.
Examples of Operations ✔✔* A car company making cars.
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- An airline flying passsengers.
- A CPA firm completing taxes for clients.
Product ✔✔Something created by a project.
Example of Product ✔✔* A flu vaccine.
- An office building.
- The movie you just watched.
- The design of the vehicle you drive.
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.
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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 Expert (SME) ✔✔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. 3 / 4
Project Life Cycle Phases ✔✔Defining, Planning Executing, Closing
Defining ✔✔Idea for project is generated and formalized. Decision on whether to implement is made. Ends when project charter is approved.
Planning ✔✔Where detailed planning occurs. Level of detail aligns with the complexity of the 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 the 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.
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