Holly is the project manager for her organization. In her project, she has worked with the project team to define when the project team will be utilized in the project, the duration of the project activities, and the sequence in which the project work must be completed. During several phases of her project, the project team will need to work more than fifty hours per week. The project team members have agreed this is necessary and they're willing to do the work to complete the project. Management, however, has not approved Holly's schedule based on the overtime the scheduling will require. They have set a limit on the project schedule of 45 hours per week. What is this limit technically called? Each correct answer represents a complete solution. Choose all that apply.
Correct Answer:
AD
Resource leveling is a rule of limiting the total number of hours a project team may work during a given time period in the project. If management restricts the project work to 45 per week, as in this example, Holly's schedule will likely increase because the project team can't complete as much work in one given time period.While this may be seen as a constraint, because it limits Holly's options, it's technically called a resource leveling heuristic.
Answer option B is incorrect. It is an assumption that's believed to be true, but it hasn't been proven to be true.
Answer option C is incorrect. Execution variance analysis describes the difference between what was planned and what was executed. A better term for this experience would simply be a scope variance, scope change, or defect.
Jack works as a project manager for the NHQ project. His project has a budget of $2,208,456 and is scheduled to last for three years. His project is currently forty percent complete though it should be forty-five percent complete. In order to reach this point of the project, he has spent $725,000. Management needs a performance report regarding the NHQ project. Management is concerned that this project will be over budget upon completion. Management would like to create a report telling them how much more the project will need to complete. What value should Jack tell the management?
Correct Answer:
A
The project will need $1,087,497.74 more to complete. This formula, the estimate to complete, is estimate at completion minus the actual costs. Here,
CPI = EV/AC
= (0.40*2,208,456)/725,000
= 1.21846, and ETC = EAC - AC
= (BAC/CPI) - AC
= (2,208,456/1.21846) - 725,000
= 1,812,497.74 - 725,000
= 1,087,497.74
The estimate to complete (ETC) is the expected cost needed to complete all the remaining work for a scheduled activity, a group of activities, or the project. ETC helps project managers predict what the final cost of the project will be upon completion. The formula for the ETC is EAC- AC. The EAC is BAC/CPI.
What forecasting method would your project use if your project customer requires an autoregressive moving average for performance forecasting?
Correct Answer:
D
The autoregressive moving average is an example of a causal/econometric method for the forecasting project performance. The casual/econometric forecasting method uses the assumption that it is possible to identify the underlying factors, which might influence the
variable being forecasted. For example, sales of umbrellas might be associated with weather conditions. If the causes are understood, projections of the influencing variables can be made and used in the forecast. Some examples of casual/econometric forecasting method are as follows: Regression analysis using linear regression or non-linear regression Autoregressive moving average (ARMA) Autoregressive integrated moving average (ARIMA) Econometrics
Answer option B is incorrect. The time series method relies on the earned value, moving average, extrapolation, and growth curve.
Answer option A is incorrect. The judgmental methods use intuition, the Delphi method, and forecast by analogy.
Answer option C is incorrect. The ensemble forecasting is not part of the causal/econometric method for forecasting.
Which of the following are the inputs to the Develop Project Charter process? Each correct answer represents a complete solution. Choose all that apply.
Correct Answer:
BCD
The Develop Project Charter process documents the formal authorization of a project or a phase. It also documents initial requirements that satisfy the stakeholder's needs and expectations. It is used to validate the decisions made during the previous iteration of the Develop Project Charter process. The various inputs of this process are as follows: Project statement of work
Business case Contract
Enterprise environmental factors Organizational process assets
The output of the Develop project Charter process is as follows: Project charter
Answer option A is incorrect. Procurement document is the input of the Identify Stakeholders process.
You are the project manager of the NHQ project. You are working with your project team to create the project schedule and the project network diagram. In order to start the sequencing of the project activities, you will need a document to identify the result of project phases, key project deliverables, and significant, timeless events in the project. Which of the following documents will you need to help sequence the project work?
Correct Answer:
D
The milestone list is needed as an input to the sequence activities process. Milestones are timeless events in the project schedule that are generally created as a result of phase completion. What is a milestone list? A milestone list provides a sequence of indicators about project progress to date and achievements or goals, which are to be achieved. The milestone list is used in project management as an indication of progress through the achievement of a major project accomplishment. It is a project document that is not part of the project management plan. The list contains all the project milestones along with information indicating whether they are mandatory to achieve or not.
Answer option B is incorrect. While the activity list is an input to activity sequencing, it is not a document that shows timeless events or the results of activity phases.
Answer option A is incorrect. Activity attributes describe the work, nature of the activity, and required resources for the activity.
Answer option C is incorrect. The project scope statement is an input to the activity sequence, but it does not define the end result of activity phases.
