Question 1

What is the difference between a baseline Gantt chart and a Tracking Gantt chart?

Accepted Answer

The answer of What is the difference between a baseline...

Question 2

All scope changes that result in increased costs should be avoided.

Accepted Answer

Although scope changes are usually viewed negatively, there are situations when scope changes result in positive rewards.Scope changes can represent significant opportunities.In product development environments, adding a small feature to a product can result in a huge competitive advantage.A small change in the production process may get the product to market one month early or reduce product cost.

Question 3

The best method for assigning costs to the baseline under this rule is to establish frequent checkpoints over the duration of the work package and assign completion percentages in dollar terms.

Accepted Answer

The best method for assigning costs to the baseline under this rule is to establish frequent checkpoints over the duration of the work package and assign completion percentages in dollar terms.

Question 4

Overhead costs and profit are typically included in the project baseline.

Accepted Answer

Overhead costs and profit are typically added later by accounting processes.

Question 5

An undesirable schedule variance indicates that the project is running behind schedule.

Accepted Answer

A negative schedule variance suggests problems or changes that have taken place.

Question 6

The rule of using subjective estimated percent complete in combination with hard, tangible monitoring points works well on long-duration activities that can be broken into short discrete work packages.

Accepted Answer

This is regarding percent complete with weighted monitoring gates.This more recent rule uses subjective estimated percent complete in combination with hard, tangible monitoring points.This method works well on long-duration activities that can be broken into short, discrete work packages of no more than one or two report periods.

Question 7

Baseline costs typically include labor, equipment, materials and direct overhead cost.

Accepted Answer

The baseline (PV) is the sum of the cost accounts, and each cost account is the sum of the work packages in the cost account.Three direct costs are typically included in baselines-labor, equipment, and materials.

Question 8

Earned value is calculated by taking the percent complete times the original budget.

Accepted Answer

Earned value for a task is simply the percent complete times its original budget.Stated differently, EV is the percent of the original budget that has been earned by actual work completed.

Question 9

The key to managing scope creep is change management.

Accepted Answer

The key to managing scope creep is change management.

Question 10

The best defense against scope creep is accepting only major changes.

Accepted Answer

The best defense against scope creep is a well-defined scope statement.

Question 11

In calculating schedule variance and cost variance, a negative variance indicates a desirable condition, and a positive variance suggests problems.

Accepted Answer

A positive variance indicates a desirable condition, while a negative variance suggests problems or changes that have taken place.

Question 12

Cost variance tells us the different estimates among vendors needed to complete the project over the life of the project.

Accepted Answer

Cost variance tells us if the work accomplished costs more or less than was planned at any point over the life of the project.

Question 13

One method of estimating the costs to complete a project is to divide the work remaining by the CPI.

Accepted Answer

EAC = Work remaining/CPI.

Question 14

A CPI index of 0.97 indicates that the project has spent less money than budgeted.

Accepted Answer

A CPI index of less than 1 indicates that the project has spent more money than budgeted, while a CPI index of greater than 1 indicates that the project has spent less money than budgeted. Therefore, a CPI index of 0.97 indicates that the project has spent more money than budgeted.

Question 15

The major reasons for creating a baseline are to monitor and report progress and to estimate cash flow.

Accepted Answer

The major reasons for creating a baseline are to monitor and report progress and to estimate cash flow.

Question 16

Conducting an earned value analysis requires three data elements.Identify the acronyms for each and describe what they are.

Accepted Answer

The answer of Conducting an earned value analysis requires three...

Question 17

Identify and briefly describe the three percent complete rules for placing costs in baselines.

Accepted Answer

The answer of Identify and briefly describe the three percent...

Question 18

The original earned value cost/schedule system was pioneered by the U.S.Department of Defense in the 1960s.

Accepted Answer

The original earned value cost/schedule system was pioneered by the U.S.Department of Defense (DOD) in the 1960s.

Question 19

Identify the steps in creating a control process that measure and evaluate project performance.

Accepted Answer

The answer of Identify the steps in creating a control...

Question 20

Scope Creep refers to any significant changes made in the project once it is underway.

Accepted Answer

Large changes in scope are easily identified.It is the "minor refinements" that eventually build to be major scope changes that can cause problems.These small refinements are known in the field as scope creep.

Quiz 13: Progress and Performance Measurement and Evaluation

What is the difference between a baseline Gantt chart and a Tracking Gantt chart?

All scope changes that result in increased costs should be avoided.

The best method for assigning costs to the baseline under this rule is to establish frequent checkpoints over the duration of the work package and assign completion percentages in dollar terms.

Overhead costs and profit are typically included in the project baseline.

An undesirable schedule variance indicates that the project is running behind schedule.

The rule of using subjective estimated percent complete in combination with hard, tangible monitoring points works well on long-duration activities that can be broken into short discrete work packages.

Baseline costs typically include labor, equipment, materials and direct overhead cost.

Earned value is calculated by taking the percent complete times the original budget.

The key to managing scope creep is change management.

The best defense against scope creep is accepting only major changes.

In calculating schedule variance and cost variance, a negative variance indicates a desirable condition, and a positive variance suggests problems.

Cost variance tells us the different estimates among vendors needed to complete the project over the life of the project.

One method of estimating the costs to complete a project is to divide the work remaining by the CPI.

A CPI index of 0.97 indicates that the project has spent less money than budgeted.

The major reasons for creating a baseline are to monitor and report progress and to estimate cash flow.

Conducting an earned value analysis requires three data elements.Identify the acronyms for each and describe what they are.

Identify and briefly describe the three percent complete rules for placing costs in baselines.

The original earned value cost/schedule system was pioneered by the U.S.Department of Defense in the 1960s.

Identify the steps in creating a control process that measure and evaluate project performance.

Scope Creep refers to any significant changes made in the project once it is underway.