Question 1

Given the following information about a project:
EV = $1,000,000
PV = $2,000,000
AC = $3,000,000
BAC = $4,000,000
What can we legitimately say about this project if this is the only information we have?

Accepted Answer

A) 25% of the total work planned has been completed is correct because EV/PV = $1,000,000/$4,000,000 = 0.25 or 25%. E) The CPI (Cost Performance Index) is calculated as EV/AC = $1,000,000/$3,000,000 = 0.33 or .33, indicating the project is under budget for the work performed.

Question 2

Given the following information about a project portfolio, what would be the most likely outcome associated with taking 10% of the resources from project A and giving them to project B? Assume the axis of the graph is the point where both CPI and SPI are equal to 1.

Accepted Answer

D

Question 3

Given the following information about a project:
EV = $20,000
PV = $15,000
AC = $25,000
BAC = $40,000
Estimated Duration = 6 months
Assuming this is the only information available, which of these can we legitimately conclude about the project?

Accepted Answer

A

Question 4

Given the following information at week 12 of a 54-week project:
PV = 1,200 hours
EV = 1,400 hours
AC = 1,000 hours
Schedule variance percent SV%) and cost variance percent CV%), respectively, would be:

Accepted Answer

The answer of Given the following information at week 12...

Question 5

Given the following information at week 19 of a 57-week project:
PV = 1,200 hours
EV = 1,400 hours
AC = 1,000 hours
Schedule variance percent SV%) and cost variance percent CV%), respectively, would be:

Accepted Answer

The answer of Given the following information at week 19...

Question 6

Which of the following is/are sources of influence that can cause actual project performance to differ from planned performance?

Accepted Answer

Pareto's Law (80/20 rule) can influence project performance by highlighting that a small number of causes often lead to a large portion of the effects, which can impact project planning and execution. Murphy's Law suggests that anything that can go wrong will go wrong, which can also affect project performance by introducing unexpected challenges.

Question 7

What is the difference between planned value PV) and earned value EV)?

Accepted Answer

Planned Value (PV) refers to the total cost of the work planned/scheduled as of a specific date, while Earned Value (EV) represents the value of work actually performed up to that date, based on the project's budget.

Question 8

Which of the following offers the best advice for an organization that wishes to implement a project monitoring system for large scale, multi-year projects?

Accepted Answer

Implementing a project monitoring system with a pilot project allows an organization to test the system on a smaller scale, identify any issues, and make necessary adjustments before a full-scale rollout. This approach helps in ensuring the system's effectiveness and efficiency when applied to larger, multi-year projects.

Question 9

A project task is scheduled to begin on Monday and is estimated to require five days of full-time work for the assigned team member, Chauncey. He has delayed beginning any work on the task until Thursday afternoon and believes he can finish by the end of the day Friday. Which of the following phenomena best describes what has influenced Chauncey's behavior?

Accepted Answer

Student Syndrome refers to the phenomenon where individuals delay starting a task until the last possible moment, believing they can complete it right before the deadline. This is exactly what Chauncey is doing by waiting until Thursday afternoon to begin a task scheduled for five days.

Question 10

A project team has worked for six months on a solar power project that will involve an entirely new technology. Early in the project, they chose a very specific approach from among several available, and they have continued pursuing this approach in spite of repeated failures. The project sponsor has warned them the project will be cancelled if they do not achieve success within one month. The team decides to stick with the current approach and work harder rather than experimenting with an alternative technology option. Which phenomenon best describes what has influenced the team's decision?

Accepted Answer

The team's decision to stick with the current approach despite repeated failures and warnings of cancellation is best described by Escalation of Commitment. This phenomenon occurs when individuals or teams continue to invest time, money, or effort into a failing course of action due to the substantial resources already committed.

Question 11

Which of the following project monitoring tools would be most appropriate to use for a large, highly complex project such as the design and construction of a space station?

Accepted Answer

Earned value management (EVM) is the most appropriate tool for monitoring large, highly complex projects like the design and construction of a space station. EVM integrates project scope, cost, and schedule measures to provide an accurate picture of project performance and progress. This method is particularly useful for complex projects because it can help manage the intricate details and numerous activities involved, ensuring that the project stays on track both in terms of time and budget.

Question 12

Given the following information about a project portfolio, what would be the most likely outcome associated with taking 10% of the resources from project A and giving them to project B? Assume the vertical and horizontal axes of the graph are the points where CPI and SPI are equal to 1.

Accepted Answer

The answer of Given the following information about a project...

Question 13

Consider the following project circumstances. Assume the information is accurate.
PV = $5,000,000
EV = $9,000,000
AC = $12,000,000
BAC = $15,000,000
Estimated Duration = 24 months
Elapsed Time To Date = 15 months
The project sponsor has called the PM into her office and asked the PM to resolve the most serious problem represented by the data shown above. Which of these options would be most appropriate and important for the PM to consider first in following the sponsor's request?

Accepted Answer

The most serious problem indicated by the data is the cost overrun, as the Actual Cost (AC) is significantly higher than the Earned Value (EV). Checking for scope creep is important to ensure that the project is not incurring additional costs due to unauthorized changes in scope.

Question 14

Which of the following is important to consider when choosing metrics to monitor project performance?

Accepted Answer

Metrics should align with the project's specific goals to effectively measure performance and progress.

Question 15

What are possible values for earned value EV), planned value PV), and actual cost AC) if a project has an SPI of 0.5 and a CPI of 2.0?

Accepted Answer

SPI (Schedule Performance Index) = EV/PV = 0.5, which means EV = 0.5 * PV. CPI (Cost Performance Index) = EV/AC = 2.0, meaning EV = 2 * AC. Only option A satisfies both conditions: EV = $30,000, PV = $60,000 (EV is half of PV), and AC = $15,000 (EV is twice AC).

Question 16

Review the following schedule for a small project involving only two activities:
  
At the end of week two, progress information for Tasks A and B is as follows:
 $$\begin{array} { | l | r | r | r | } 
\hline &  { \text { PV } } & \text { AC } & \% \text { Complete } \
\hline A & \$ 2,000 & \$ 1,000 & 50 \% \
\hline \text { B } & \$ 2,000 & \$ 3,000 & 50 \% \
\hline
\end{array}$$ 
What can we conclude about the project at the end of week two?

Accepted Answer

The answer of Review the following schedule for a small...

Quiz 9: Monitoring and Controlling Project Performance

Given the following information about a project: EV = $1,000,000 PV = $2,000,000 AC = $3,000,000 BAC = $4,000,000 What can we legitimately say about this project if this is the only information we have?

Given the following information about a project portfolio, what would be the most likely outcome associated with taking 10% of the resources from project A and giving them to project B? Assume the axis of the graph is the point where both CPI and SPI are equal to 1.

Given the following information about a project: EV = $20,000 PV = $15,000 AC = $25,000 BAC = $40,000 Estimated Duration = 6 months Assuming this is the only information available, which of these can we legitimately conclude about the project?

Given the following information at week 12 of a 54-week project: PV = 1,200 hours EV = 1,400 hours AC = 1,000 hours Schedule variance percent SV%) and cost variance percent CV%) , respectively, would be:

Given the following information at week 19 of a 57-week project: PV = 1,200 hours EV = 1,400 hours AC = 1,000 hours Schedule variance percent SV%) and cost variance percent CV%) , respectively, would be:

Which of the following is/are sources of influence that can cause actual project performance to differ from planned performance?

What is the difference between planned value PV) and earned value EV) ?

Which of the following offers the best advice for an organization that wishes to implement a project monitoring system for large scale, multi-year projects?

Which of the following project monitoring tools would be most appropriate to use for a large, highly complex project such as the design and construction of a space station?

Given the following information about a project portfolio, what would be the most likely outcome associated with taking 10% of the resources from project A and giving them to project B? Assume the vertical and horizontal axes of the graph are the points where CPI and SPI are equal to 1.

Which of the following is important to consider when choosing metrics to monitor project performance?

What are possible values for earned value EV) , planned value PV) , and actual cost AC) if a project has an SPI of 0.5 and a CPI of 2.0?