Question 1

The accountants of Junis Plex, a textile company, used to calculate the company's taxable income manually. However, the management recently adopted a software program that requires only few inputs from the accountants which automatically calculates the taxes owed by the company. The management releases a report for all its operations managers that provides specific instructions on how to use this software. Which of the following types of reports has Junis Plex used to inform its project managers of the new software program?
A) A special analysis report
B) A semi-periodic report
C) An exception report
D) A routine report
E) A resource report

Accepted Answer

The answer of The accountants of Junis Plex, a textile...

Question 2

Which of the following is not a tool used to aid the PM in project control?
A) variance analysis
B) trend projections
C) earned value analysis
D) control charts
E) discounted cash flow analysis

Accepted Answer

Discounted cash flow analysis is a financial tool used to determine the present value of future cash flows, and it is not typically used for project control purposes. The other options listed (variance analysis, trend projections, earned value analysis, and control charts) are all common tools used by project managers for monitoring and controlling projects.

Question 3

Kimberley, a project manager in a software development company, is assigned a new project. She is given a budget of $500,000 and a span of six months to complete the project. In three months, she is able to complete 50 percent of the project. In this scenario, the earned value of the work completed is _____.
A) $350,000
B) $300,000
C) $250,000
D) $200,000
E) $150,000

Accepted Answer

The earned value (EV) is the budget allocated for the work actually completed. Since Kimberley has completed 50% of the project and the total budget is $500,000, the EV is 50% of $500,000, which is $250,000.

Question 4

In earned value analysis…
A) it is desirable to have negative variances for both schedule and spending.
B) it is desirable to have positive variances for both schedule and spending.
C) the schedule variance should be positive and the spending variance negative.
D) the schedule variance should be negative and the spending variance positive.
E) ideally both variances would equal zero.

Accepted Answer

In earned value analysis, positive variances for both schedule and spending indicate that the project is under budget and ahead of schedule, which is desirable. Negative variances would indicate the opposite, that the project is over budget and behind schedule.

Question 5

Nadia, an intern in a restoration firm, collects data on a project involving the remodeling of an monument and sends the collected information to Maria, her supervisor. Maria uses this data to estimate the project's progress. After finding that the project is behind schedule, she makes small changes to the tasks involved in the project to bring the performance into agreement with the plan. In this scenario, Maria is engaged in _____ the project.
A) monitoring
B) planning
C) scoping
D) controlling
E) analyzing

Accepted Answer

Maria is engaged in controlling the project, as she is making adjustments to bring the project's performance in line with the plan after identifying that it is behind schedule.

Question 6

Define the terms monitoring and control.

Accepted Answer

The answer of Define the terms monitoring and control....

Question 7

Renuit Mec, a footwear manufacturing company, produces 10,000 shoes per day. In an average, about 200 shoes have more than one defect. However, the company has found that its newly installed machines are producing more defective products than the older machines. In order to prevent the production of more defective products, Renuit Mec releases a report to its employees asking them to stop using the newly installed machines. In this scenario, Renuit Mec most likely released a(n) _____.
A) periodic report
B) routine report
C) special analysis report
D) resource report
E) exception report

Accepted Answer

The answer of Renuit Mec, a footwear manufacturing company, produces...

Question 8

Explain why project monitoring and control can be thought to be opposite sides of project selection and planning.

Accepted Answer

The answer of Explain why project monitoring and control can...

Question 9

To calculate the variable in its economic growth, Nunclemen Inc., a pharmaceutical company, collects data on the sales of its products based on how many doctors prescribe its medicines to their patients. However, a research study conducted by the company shows that pharmacists are a more reliable source than doctors. Nunclemen submits a report of this finding to all its stakeholders to review. Which of the following types of reports has the company used to inform its stakeholders of the results of the research study?
A) A resource report
B) A special analysis report
C) A routine report
D) An exception report
E) A semi-periodic report

Accepted Answer

The company has used a special analysis report to inform its stakeholders of the results of the research study. This is because the report presents a specific investigation and analysis of the data collected to reach a conclusion, rather than presenting routine information or summarizing data in a resource report. The report is also not an exception report, which highlights deviations from usual data or trends. The report may or may not be semi-periodic in nature, as it depends on the frequency of such special analysis reports by the company.

Question 10

David, an architect, is in charge of executing a housing project. He appoints Charles to collect, record, and report all the necessary information to David and other relevant stakeholders. In this scenario, Charles will be engaged in _____ the project.
A) scoping
B) monitoring
C) planning
D) controlling
E) scheduling

Accepted Answer

Charles is responsible for monitoring the project by collecting, recording, and reporting information to David and other stakeholders. He is not involved in scoping, planning, controlling, or scheduling the project, but rather providing updates and insights through his monitoring activities.

Question 11

What actions can you take to help avoid the common problems associated with meetings?

Accepted Answer

The answer of What actions can you take to help...

Question 12

Mauvin Maz, a fashion boutique, found that its newly acquired batch of raw materials did not meet the company's quality standards and was affecting the quality of its final products. In order to prevent any financial loss due to this problem, the top managers of Mauvin Maz decided to release a report to the workers asking them to stop using the newly acquired raw materials until a formal quality check is conducted. In this scenario, Mauvin Maz most likely released a(n) _____.
A) special analysis report
B) periodic report
C) exception report
D) routine report
E) resource report

Accepted Answer

Mauvin Maz most likely released an exception report in response to the discovery of the low quality raw materials. Exception reports are typically used to highlight deviations from standard procedures or unexpected events that require immediate attention. In this case, the low quality raw materials posed a potential financial risk, which prompted the managers to issue an exception report asking workers to halt the use of the new materials until further quality checks could be conducted.

Question 13

List the benefits of reports beyond the purpose of control.

Accepted Answer

The answer of List the benefits of reports beyond the...

Question 14

List and briefly describe the three distinct types of reports.

Accepted Answer

The answer of List and briefly describe the three distinct...

Question 15

The most common source of changes to a project based on the natural tendency of the client and project team members to improve the project's output is called…
A) scope creep
B) projectitis
C) multitasking
D) dynamic scoping
E) unfreezing

Accepted Answer

Scope creep refers to the gradual and uncontrolled expansion of a project's scope, often as a result of client or team member feedback and suggestions for improvement. This can lead to changes in project timeline, budget, and deliverables.

Question 16

Walter, a luthier, is assigned with the task of building 20 guitars in six months. He is given a budget of $1,500,000 to buy the necessary raw materials required for building 20 guitars of same quality. In a period of four months, Walter is able to complete 75 percent of the work and spends $1,250,000 in the process. The project that Walter is working on has a spending variance of _____.
A) $350,000
B) $150,000
C) $430,000
D) $125,000
E) $500,000

Accepted Answer

The answer of Walter, a luthier, is assigned with the...

Question 17

The first step in setting up a monitoring system is to:
A) identify personnel
B) identify all project milestones
C) identify key factors to be controlled
D) identify reports required
E) develop a change request form

Accepted Answer

The first step in setting up a monitoring system is to identify the key factors that need to be controlled. Only then can one move on to identifying the reports required, personnel, milestones, and change request form.

Question 18

Robert, a baker, receives an order for preparing 10 cakes in one day. He is given a budget of $5,000. In six hours, he bakes two-thirds of the order and spends $3,600. Calculate the schedule performance index from the given scenario.
A) 0.55
B) 0.33
C) 0.25
D) 0.66
E) 0.75

Accepted Answer

SPI = (EV/PV) = (BCWP/BCWS) = (3600/5000) = 0.66

Question 19

Paulina, a fashion designer, has a new project that requires her to make five dresses in seven days. A sum of $2,000 is allotted to her to fund the entire project. In three days, she completes one-third of the work and spends $1,200. Calculate the cost performance index from the given scenario.
A) 0.55
B) 0.75
C) 0.33
D) 0.66
E) 0.25

Accepted Answer

Cost Performance Index (CPI) = Earned Value (EV) / Actual Cost (AC)EV = (Work Completed / Total Work) * BudgetWork Completed = 1/3 * 5 = 1.67 dressesEV = (1.67 / 5) * 2000 = $666.67CPI = 666.67 / 1200 = 0.55

Question 20

What is the best way to estimate percent completion of activities for finding earned value?

Accepted Answer

The answer of What is the best way to estimate...

Quiz 7: Monitoring and Controlling the Project

Which of the following is not a tool used to aid the PM in project control?

In earned value analysis…

Define the terms monitoring and control.

Explain why project monitoring and control can be thought to be opposite sides of project selection and planning.

David, an architect, is in charge of executing a housing project. He appoints Charles to collect, record, and report all the necessary information to David and other relevant stakeholders. In this scenario, Charles will be engaged in _____ the project.

What actions can you take to help avoid the common problems associated with meetings?

List the benefits of reports beyond the purpose of control.

List and briefly describe the three distinct types of reports.

The most common source of changes to a project based on the natural tendency of the client and project team members to improve the project's output is called…

The first step in setting up a monitoring system is to:

Robert, a baker, receives an order for preparing 10 cakes in one day. He is given a budget of $5,000. In six hours, he bakes two-thirds of the order and spends $3,600. Calculate the schedule performance index from the given scenario.

Paulina, a fashion designer, has a new project that requires her to make five dresses in seven days. A sum of $2,000 is allotted to her to fund the entire project. In three days, she completes one-third of the work and spends $1,200. Calculate the cost performance index from the given scenario.

What is the best way to estimate percent completion of activities for finding earned value?