WGU C722 Project Management – Vocabulary Flashcards

A set of vocabulary flashcards covering key project management terms, concepts, and methodologies from the WGU C722 pre-assessment review.

Initiating Process Group

Processes that formally start a project by developing the project charter and identifying stakeholders.

Planning Process Group

Processes that establish the total scope, define objectives, and develop the course of action for scope, schedule, cost, risk, and resources.

Executing Process Group

Processes used to complete the work defined in the project plan to satisfy requirements.

Monitoring & Controlling Process Group

Processes that track, review, and regulate progress, manage changes, and ensure project objectives are met.

Closing Process Group

Processes performed to finalize all activities, transfer deliverables, and document lessons learned.

Triple Constraint

The interrelated limits of scope, time (schedule), and cost that determine project success and trade-offs.

Scope Creep

Unapproved or uncontrolled changes that expand the project scope beyond the original plan.

Work Breakdown Structure (WBS)

A hierarchical decomposition of project work into smaller, manageable components or work packages.

Project Management Office (PMO)

An organizational entity that standardizes project governance, manages resources, and provides methodologies and historical data.

PRINCE2

“Projects IN Controlled Environments”; a structured project management methodology emphasizing business justification and stage gating.

Functional Organization

Structure where staff are grouped by department; project work follows clear departmental authority lines.

Projectized Organization

Structure in which most resources are dedicated to project teams and the project manager has full authority.

Matrix Organization

Hybrid structure combining functional and projectized characteristics, creating dual authority; can be strong, balanced, or weak.

One-Point Estimate

Technique that provides a single-value estimate of duration or cost for an activity or project.

Three-Point Estimate

Technique that averages optimistic (O), most likely (M), and pessimistic (P) values using (O + 4M + P) ÷ 6.

Parametric Estimating

Technique that multiplies per-unit rates by the number of units to forecast cost or duration based on historical data.

Bottom-Up Estimating

Technique that aggregates detailed estimates of individual work packages or activities derived from the WBS.

Time Value of Money

Financial principle stating that a sum of money is worth more now than the same sum in the future due to its earning potential.

Net Present Value (NPV)

The difference between the present value of cash inflows and outflows; a positive NPV indicates a profitable project.

Internal Rate of Return (IRR)

The discount rate that makes a project’s NPV equal zero; higher IRR signifies a more desirable investment.

Opportunity Cost

The benefit foregone by choosing one alternative over the next best option.

Risk Avoidance

Strategy that eliminates a threat by removing its cause or changing the project plan.

Risk Mitigation

Strategy that reduces the probability or impact of a threat to acceptable levels.

Risk Transference

Strategy that shifts ownership of a threat’s impact to a third party, such as through insurance or fixed-price contracts.

Risk Acceptance

Strategy that acknowledges a threat and chooses to deal with it only if it occurs, with no proactive change.

Scope Baseline

Approved version of the project scope comprising the Project Scope Statement, WBS, and WBS Dictionary.

Project Scope Statement

Narrative description of the project scope, major deliverables, assumptions, and constraints.

WBS Dictionary

Document that provides detailed information about each WBS element, including descriptions, deliverables, and approval requirements.

Sacred Cow

Project selected solely because it is championed by a senior executive, without formal evaluation.

Checklist Model

Non-numeric project-selection method that evaluates proposals against a list of qualitative yes/no questions.

Competitive Necessity

Project undertaken to maintain or improve the organization’s competitive position.

Operating Necessity

Project required to sustain current operations or avoid operational disruption.

Change Control Process

Formal, documented procedure for evaluating, approving, and implementing changes to the project baseline.