You are the project manager for your company. You are currently working with your project team to begin sequencing the activity list. You will need organizational process assets and four other documents as inputs to this process. Which of the following is NOT one of the four documents you will need for activity sequencing?
Correct Answer:
C
The project schedule network diagram is an output of the sequence activity process, not an input. This process uses five inputs: the activity list, the activity attributes, milestone list, the project scope statement, and the organizational process assets. The project schedule
network diagram is an output of the sequence activity process. It represents a schematic display of the project's schedule activities and the logical relationship among them. This diagram can be produced manually or by using the project management software. It consists of complete project details, or one or more summary activities.
Answer options D, B and A are incorrect. These are inputs to the process.
You are the project manager for your organization. You have been recording the actual results of activity duration for your project. Many of the results are late and this is causing your project to be late on reaching its milestones. What tool and technique can you use as a part of controlling the schedule to help you review various scenarios to bring the schedule into alignment with the plan?
Correct Answer:
A
Of all the choices, the what-if scenario analysis allows you to determine the best approach to bring the schedule back into alignment with the project plan. What-if scenario analysis explains the analysis of the question "What if the situation represented by scenario 'X' happens?". This What-If Scenario Analysis shortly named as WIS
A. A schedule network analysis is performed using the schedule to compute the different scenarios, such as extending specific engineering durations, or delaying a major component delivery. Businesses use what-if scenarios to determine the effect different costs or investments have on profit and other financial indicators.
Answer option D is incorrect. Resource leveling can cause your project's duration to increase.
Answer option C is incorrect. Schedule analysis is the review of the schedule, but does not examine other possibilities for completing the project work.
Answer option B is incorrect. Root cause analysis could help you determine the reasons why the project is running late, but it is not the best choice for this question as it is not a control schedule process tool and technique.
You are the project manager of the NHQ project. This project is scheduled to last for six months and will require $345,000 to complete. If the project completes earlier than scheduled, your organization will receive a bonus of $5,000 per day for the early completion. Management has asked you to develop an aggressive schedule to realize as much of the bonus as possible, but you must be careful not to increase project risk beyond an acceptable level of risk exposure. Which of the following approaches is most likely to increase project risk?
Correct Answer:
D
Fast tracking allows entire phases of the project to overlap and this action does increase risks. This is an approach that you would want to avoid in your project.
Answer option B is incorrect. Crashing adds labor to the project and typically drives project costs.
Answer option A is incorrect. The critical chain method considers the availability of project resources as part of its network diagramming technique.
Answer option C is incorrect. Lead time allows project activities to overlap and may introduce project risks, but not to the extent of using fast tracking.
You work as the project manager for BlueWell Inc. Mark, a project team member, has some doubts related to the outputs of the control schedule process. Which of the following is an output of the control schedule process?
Correct Answer:
C
Only change request is a valid answer. The five outputs of the control schedule process are work performance measurements, organizational process assets updates, change requests, the project management plan updates, and project document updates. Change requests are requests to expand or reduce the project scope, modify policies, processes, plans, or procedures, modify costs or budgets or revise schedules. These requests for a change can be direct or indirect, externally or internally initiated, and legally or contractually imposed or optional. A Project Manager needs to ensure that only formally documented requested changes are processed and only approved change requests are implemented. Answer option D is incorrect. Activity resource requirement is not an output of the control schedule process.
Answer option A is incorrect. The project schedule is not an output of the control schedule process.
Answer option B is incorrect. Lessons learned is not an output of the control schedule process.
You are the project manager of the JKM Project for your organization. Your project is supposed to be 60 percent complete but you are only 45 percent complete. The project has an assigned budget of $765,000 but you have already spent $365,000 to reach this point in the project due to some errors and rework. Management is pressing you on when you'll complete the project and how much the project will likely cost based on the current performance. You need to tell management what the project's current cost performance index (CPI) is. What value should you report to management based on your project's performance?
Correct Answer:
B
Management wants to know the cost performance index (CPI). You can find the CPI by first finding the earned value (EV) and then dividing it by the actual costs (AC) spent to date on the project. You find EV by multiplying percent complete by the project's budget; in this instance that's $344,250. The actual costs are reported as $365,000. The formula for the CPI on this project is $344,250 / $365,000 for a value of .94. What is CPI? Cost performance index (CPI) is used to calculate performance efficiencies. It is used in trend analysis to predict future performance. CPI is the ratio of earned value to actual cost. The CPI is calculated based on the following formula: CPI = Earned Value (EV) / Actual Cost (AC) If the CPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The CPI value of 1 indicates that the project is right on target. What is BCWP (or EV)? Budgeted cost of work performed (BCWP) or Earned Value (EV) is the value of completed work. It is the budgeted amount for the work actually completed on the schedule activity during a given time period.
Answer options C, A, and D are incorrect. These do not reflect an accurate value for the project's cost performance index. The project is performing moderately well on cost as the closer the CPI is to 1 the better the project's performance.
