You work as a project manager for BlueWell Inc. There have been changes to the project scope in your project. These changes will cause the project schedule to change as well, so you will need to update the schedule and the schedule baseline. The schedule baseline is a component of what?
Correct Answer:
D
The schedule baseline is a required component of the project management plan. Project management plan is a formal, agreed document that defines how the project is executed, monitored and controlled. It may be summary or detailed and may be composed of one or more subsidiary management plans and other planning documents. The objective of a project management plan is to define the approach to be used by the project team to deliver the intended project management scope of the project. The project manager creates the project management plan with the inputs from the project team and key stakeholders. The plan should be agreed and approved by at least the project team and its key stakeholders.
Answer option C is incorrect. The schedule baseline is not a project objective.
Answer option A is incorrect. The project calendar defines when the project will take place. Answer option B is incorrect. Project constraints are restrictions imposed on the project, such as time, cost, and scope.
Jenny works as a Project Manager for Blue Well Inc. She is measuring the schedule efficiency of her project. The key values are provided in the table below:
MeasurementsValues
BCWP (or EV) 425 BCWS (or PV) 400 ACWP (or AC) 510
What is the schedule performance index (SPI) of the project at the current point of time?
Correct Answer:
C
According to the question, you are required to calculate the schedule performance index (SPI) of the project. Schedule performance index (SPI) is the measure of schedule efficiency on a project. It is used in trend analysis to predict future performance. SPI is the ratio of earned value to planned value. The SPI is calculated based on the following formula: SPI = Earned Value (EV) / Planned Value (PV) If the SPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The SPI value of 1 indicates that the project is right on target. Here, SPI is calculated as follows: SPI = EV / PV = 425/400 = 1.0625 As the SPI (1.0625) is greater than 1, it shows that the schedule performance is better than expected. 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. What is BCWS (or PV)? Budgeted Cost of Work Scheduled (BCWS) or Planned Value (PV) is the authorized budget assigned to the scheduled work to be accomplished for a schedule activity or Work Breakdown Structure (WBS) component. What is ACWP (or AC)? Actual cost of work performed (ACWP) or Actual Cost (AC) is the total costs actually incurred and recorded in accomplishing work performed during a given time period for a schedule activity. It is the cost of the work to date, including direct and indirect costs. AC is money that has actually been expended to date.
Amy works as a project manager for BlueWell Inc. She is working on the SDI project, which has a BAC of $2,816,000. She is currently 20 percent complete with this project, though she should be 25 percent complete with the project work. The project has consumed $495,000 of the project budget to date. Management has asked her the project's Estimate To Complete (ETC) based on the current project performance. What is the ETC for this project?
Correct Answer:
B
The estimate to complete is about knowing how much more money the project will need to complete its objectives. 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. Here it is,
CPI = EV/AC
= (0.20*2,816,000)/495,000
= 563200/495,000
= 1.1378
EAC = BAC/ CPI
= 2,816,000/1.1378
= 2,474,952 (Approx) ETC = EAC - AC
= 2,474,952 - 495,000
= 1,979,952
Answer options C and A are incorrect. These are not the valid answers for this question. Answer option D is incorrect. This is the estimate at completion based on the current project performance.
Paula works as a project manager for her organization. She is working with the project team to define the activity attributes. Which of the following is NOT a valid activity attribute?
Correct Answer:
C
Risk events are not associated with the activity attributes, but are recorded in the project risk register. Risk events are the distinct and particular occurrence that negatively affects a decision or a plan. Activity attributes are an output of the Define Activity process. These attributes refer to the multiple components that frame up an activity. The components for each activity during the early stages of the project are the Activity ID, WBS ID, and Activity name. At the later stages, the activity attributes include Activity codes, Predecessor activity, activity description, logical relationship, successor activity, leads and lags, imposed dates, and constraints and assumptions. Activity attributes are used for schedule development and for ordering, selecting, and sorting the planned schedule activities in a number of ways within reports.
You work as a project manager for BlueWell Inc. Your project requires the project team to paint 1,500 hotel rooms. Your project team reports that it will take them approximately 4 hours to paint each hotel room. You reason, then, that it will take 6,000 hours to paint all of the hotel rooms. What type of an estimate are you creating in this scenario?
Correct Answer:
A
This is an example of a parametric estimate. This estimate type uses a parameter, such as four hours of painting per hotel room, and multiplies this value across the total number of units, such as 1,500 rooms. A parametric estimate is an estimate that uses a parameter to predict the costs of the project, such as cost per network drop or cost per software license. Parametric estimating technique utilizes the statistical relationship that exists between a series of historical data and a particular delineated list of other variables.
Answer option C is incorrect. An analogous estimate type uses a similar project's duration as a basis for the current project's estimate duration.
Answer option B is incorrect. A definitive estimate type accounts for the duration or costs of each work package in the WBS.
Answer option D is incorrect. A bottom-up estimate, also known as a definitive estimate, accounts for the duration or costs of each work package in the WBS.
