Question 1

Budget At Completion (BAC) is the total planned cost of a project.

Accepted Answer

BAC is the total planned cost of a project, which includes all the estimated costs of all the project tasks and work packages. This cost is used as a baseline for measuring the actual cost of the project as it progresses.

Question 2

A cost variance (CV) can be positive or negative, but never zero.

Accepted Answer

A cost variance (CV) can be zero if the actual cost equals the budgeted cost.

Question 3

The purpose of a project review is to not only show evidence that the project work is being completed, but also that the work is being completed according to various standards or agreed upon requirements.

Accepted Answer

This statement is true. The purpose of a project review is to ensure that the project work is being completed according to certain standards or requirements, in addition to providing evidence of progress.

Question 4

Earned value provides a performance measurement that tells us how much of the budget we really should have spent for the work completed so far.

Accepted Answer

Earned value is a method used in project management to track progress and measure project performance. It compares the work completed so far to the budget and schedule to determine whether the project is on track or over/under budget. Therefore, it provides an estimation of how much of the budget we really should have spent for the work completed so far.

Question 5

One attribute of a good project metric is that it should be subjective so that a stakeholder can understand the project manager's personal opinion or insight as to how the project is progressing.

Accepted Answer

A good project metric should be objective, not subjective. A subjective metric can be influenced by personal biases and may not accurately reflect the project's progress. It is important to use measurable and quantifiable metrics that can be readily understood by all stakeholders.

Question 6

Given the advances that have been made in telecommunications and IT technology in general, there is little value or necessity today for Face-to-Face (F2F) meetings.

Accepted Answer

While advances in telecommunications and IT technology have certainly made remote communication more convenient and accessible, there is still value in face-to-face meetings. These types of meetings can foster stronger relationships, provide clearer communication, and allow for nonverbal cues and body language that can be important in certain situations. Additionally, some industries and businesses may still require in-person meetings for aspects such as hands-on training or product demonstrations. Overall, while remote communication has its benefits, face-to-face meetings are still valuable and necessary in many situations.

Question 7

The Estimate At Completion (EAC) is a project metric that can be used to estimate the most likely total or final cost of the project based on the project's performance and any risks that should be considered.

Accepted Answer

The statement is correct as the Estimate At Completion (EAC) is a project management metric that helps in predicting the projected cost of the project based on its performance and anticipated risk considerations.

Question 8

A good project metric should be understandable, quantifiable, cost effective, proven, and be effective.

Accepted Answer

A good project metric should satisfy certain criteria such as being understandable, quantifiable, cost effective, proven, and effective in order to be a useful tool for evaluating and measuring project success.

Question 9

If a stakeholder has been judged to adversarial and having a vested interest in the failure of your project, it would probably be wise to keep him/her out of the communication loop.

Accepted Answer

Keeping a stakeholder out of the communication loop can exacerbate the situation by increasing mistrust and opposition. It's generally better to engage with all stakeholders, even adversarial ones, to understand their concerns and potentially mitigate opposition.

Question 10

Which of the following is not likely a characteristic of a good project metric?:
A) Understandable
B) Quantifiable
C) Cost Effective
D) Subjective
E) High Impact

Accepted Answer

Good project metrics should be objective and measurable, not subjective.

Question 11

The project communications plan may be informal depending on the needs of the project stakeholders and the size of the project.

Accepted Answer

The project communications plan can be formal or informal depending on various factors such as stakeholders' needs, project size, and complexity. Therefore, option A is the correct answer.

Question 12

The project manager must have a clear picture of how the actual progress or work compares to the baseline plan in order to make well-informed decisions, take appropriate actions, or to make adjustments to the project plan.

Accepted Answer

This statement is true. The project manager needs to have a clear understanding of how the work is progressing compared to the baseline plan in order to make informed decisions and take appropriate actions to keep the project on track. Without an accurate assessment of progress, the project manager runs the risk of making decisions or taking actions that could negatively impact the project.

Question 13

All of the project stakeholders should receive exactly the same information regarding the project's progress in order to eliminate any miscommunication.

Accepted Answer

Different stakeholders may have different levels of involvement and interest in the project, and therefore may require different levels of information. Providing them with the same information can be inefficient and may not address their specific concerns or needs. It's important to tailor communication to the needs of each stakeholder.

Question 14

The schedule variance (SV) shows the difference between the current progress of the project and its original or planned value.

Accepted Answer

This is a correct definition of schedule variance (SV).

Question 15

The Schedule Performance Index (SPI) for our project is greater than one (1) and so we would anticipate that all other things being equal, our project will finish ahead of schedule.

Accepted Answer

A Schedule Performance Index (SPI) greater than one (1) indicates that the project is performing ahead of schedule, which means that it is likely to finish earlier than anticipated, assuming that the current level of performance is maintained.

Question 16

Generally, the more metrics one adopts, the greater the project control.

Accepted Answer

The answer of Generally, the more metrics one adopts, the...

Question 17

A project metric should be obtained from observable, quantifiable data that allows the team and other stakeholders to gauge the efficiency and effectiveness of the work being done.

Accepted Answer

A project metric is a measurable value that helps teams assess their progress over time. It is important that the data used to obtain the metric is observable and quantifiable to ensure accuracy and objectivity. This allows the team and stakeholders to have a clear understanding of the efficiency and effectiveness of their work.

Question 18

Planned value (PV) is the planned or budgeted cost of work scheduled for an activity or component of the WBS.

Accepted Answer

Planned value (PV) is indeed the planned or budgeted cost of work scheduled for an activity or component of the WBS.

Question 19

The Expected Time Complete (ETC) provides an estimate for completing the scheduled work that remains.

Accepted Answer

The Expected Time Complete (ETC) is a standard term in project management that provides an estimated time of completion for the remaining work scheduled. This estimate helps project managers to identify and allocate resources for the smooth and timely completion of the project. Therefore, the statement is true.

Question 20

As a project manager, you would be pleased see a Cost Performance Index CPI less than one (1) for your project.

Accepted Answer

A CPI less than one indicates that the actual cost of the project is over budget, which is not desirable for a project manager. A CPI greater than one indicates that the actual cost is under budget. Therefore, project managers would be pleased to see a CPI greater than one.

Quiz 8: Managing Project Stakeholders and Communication