A project team installs 2,500 light fixtures in a new office building, and each light fixture takes one hour to install. The project manager can predict that it will take 2,500 hours to complete the work. However, which of the following statements most accurately describes this parametric estimate assumption?
Correct Answer:
A
When project team workers complete repetitive tasks, efficiency through learning will diminish the overall duration of the project tasks. 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 options B, D, and C are incorrect. These are not the valid statements.
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 BA
C. Planned value is the percentage of where the project should be at this time multiplied by the BA
C. 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.
You are working as a project manager for BlueWell Inc. Which of the following tools and techniques of the Define Activity process will help you in identifying the typical schedule milestones?
Correct Answer:
D
Templates are used to identify the typical schedule milestones in the Define Activity process. The tools and techniques used in defining the activity process are as follows: Decomposition: It is used to further divide the project work package into a more smaller and convenient form called activities. Rolling Wave Planning: It is a form of progressive elaboration planning where the work to be accomplished in the near term is planned in detail and future work is planned at a higher level of WBS. Templates: It is an activity list or
a part of the activity list taken from the previous project and used in a new project. Expert Judgement: The skilled members in a project team or other experts who develop project scope statements can help provide knowledge in defining activities.
Harry works as a project manager for BlueWell Inc. A risk that has been identified and analyzed in the project planning processes is now coming into fruition. Who among the following is responsible for implementing the risk responses or contingency plan?
Correct Answer:
A
The risk owner is the individual on the project team that is closest to the risk event. The risk owner can be an individual or an organization responsible for implementing risk responses or contingency plan. The risk owner should be empowered with the ability to respond to the risk as it was planned.
Answer option B is incorrect. Harry is the project manager and likely would not be the risk owner as well.
Answer option C is incorrect. The project sponsor authorizes the project but does not participate in execution of the project.
Answer option D is incorrect. While a subject matter expert may be the risk owner on some occasions, he would not be the risk owner on every occasion.
Amy works as a project manager for BlueWell Inc. Her organization wants her to create a new warehouse. Which of the following documents will she create to define the business needs, the project justification, and the current requirements?
Correct Answer:
C
The project charter defines the business needs, the project justification, and the current requirements for the new warehouse that an organization wants to create. The project charter is the document that formally authorizes a project. The project charter provides the project manager with the authority to apply organizational resources to project activities. According to PMBOK Guide, the project charter should address the following information: Requirements that satisfy customer, sponsor, and other stakeholder needs, wants and expectations Business needs, high-level project description, or product requirements that the project is undertaken to address Project purpose or justification Assigned Project Manager and authority level Summary milestone schedule Stakeholder influences
Functional organizations and their participation Organizational, environmental and external assumptions Organizational, environmental and external constraints Business case justifying the project, including return on investment Summary budget If required, it also authorizes the next project phase, and updates the charter. The project manager should always be assigned prior to the start of planning, and preferably while the project charter is being developed.
Answer option A is incorrect. The decomposition of the project scope results in the project's Work Breakdown Structure (WBS). The work packages of the WBS will help the project manager and team create accurate time and cost estimates.
Answer option B is incorrect. The feasibility study is usually created before the project scope, though not always. This document defines the likelihood of the project being able to reach its objectives.
Answer option D is incorrect. The project scope defines all that the project should complete.
