You work as a project manager for BlueWell Inc. Management has asked you not to communicate performance unless the CPI is less than 0.96 or the SPI dips below 0.98. What type of report would you create for management, if these instances develop in your project?
Correct Answer:
B
The best answer is simply an exception report. An exception report refers and documents the major mistakes, mishaps, and goofs. In other words, it itemizes the important and critically significant piece of documentation that is vital to the proper and effective functioning of a project. It does not document what has gone right, but rather documents what has gone wrong.
Answer option C is incorrect. A performance management report is not a valid project management report.
Answer option A is incorrect. The question is asked about cost and schedule so this answer would not be appropriate for both the cost and the schedule.
Answer option D is incorrect. The question is asked about cost and schedule so this answer would not be appropriate for both the cost and the schedule.
You are the project manager for your company. You are working with the management regarding the exact end date of your project. Management needs to know what day of the week your project will complete. Assuming that your project will not require any work to be completed over the upcoming weekends and that the remaining project work will commence on a Tuesday, what day of the week will the project end if there are 67 days of project work left to complete?
Correct Answer:
A
The project will end on a Wednesday. If the project work commences on a Tuesday, there will be four days to complete in that week. That will bring the project work down to 63 days of remaining work. Each work week counts as five days of work. 63 divided by 5 is 12 work weeks with three days remaining. The 63rd remaining day will complete on a Wednesday. Answer options C, D, and B are incorrect. These are not the valid answers.
You are the project manager of the NQQ project. You are working with your project team to create the activity duration estimates for the project. For each reported activity duration, your project team offers you an addition of five percent extra time for risks, errors, or aggressive estimating. What does Parkinson's Law state about this scenario?
Correct Answer:
A
Parkinson's Law states that the work will expand to fulfill the time allotted to it. When you allow five percent additional time per activity the work will expand to consume the additional time that has been allotted to the project task. In other words, activities will not be completed early even if there are no errors or risks.
Answer options B, D, and C are incorrect. These are not the valid definitions of Parkinson's Law.
Management is concerned about your project. They want to know how the project is performing specifically the schedule performance index. What formula do you use to find the schedule performance index?
Correct Answer:
D
The schedule performance index is earned value divided by planned value. The close the result is to 1, the better the project is performing.
Answer option B is incorrect. This is the cost variance formula.
Answer option C is incorrect. This is the formula to find schedule variance. Answer option A is incorrect. This is not a valid formula.
Amy is working on a project which is forty percent complete though it was scheduled to be fifty percent complete as of today. Management has asked Amy to report on the schedule variance for her project. If Amy's project has a BAC of $750,000 and she has spent $485,000 to date, what is the schedule variance value?
Correct Answer:
A
The schedule variance is found by subtracting the planned value from the earned value. The earned value is the percentage of the project completeness multiplied by the BAC. Planned value is the percetage of where the project should be at this time multiplied by the BAC. Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula:
SV = Earned Value (EV) - Planned Value (PV)
If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target. In this example,
EV = 40% of BAC
= 300,000, and PV = 50% of BAC
= 375,000
SV = 300,000 - 375,000
= -75,000
Answer options C, B, and D are incorrect. These are not the correct values for the schedule variance.
