Which process involves aggregating the estimated costs of the individual schedule activities or work packages?
Answer(s): D
Process: 7.3 Determine BudgetDefinition: The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.Key Benefit: The key benefit of this process is that it determines the cost baseline against which project performance can be monitored and controlled.Inputs1. Cost management plan2. Scope baseline3. Activity cost estimates4. Basis of estimates5. Project schedule6. Resource calendars7. Risk register8. Agreements9. Organizational process assetsTools & Techniques1. Cost aggregation2. Reserve analysis3. Expert judgment4. Historical relationships5. Funding limit reconciliationOutputs1. Cost baseline2. Project funding requirements3. Project documents updates
Plan Risk Management is the process of defining how to:
Answer(s): B
Process: 11.1 Plan Risk ManagementDefinition: The process of defining how to conduct risk management activities for a project.Key Benefit: The key benefit of this process is it ensures that the degree, type, and visibility of risk management are commensurate with both the risks and the importance of the project to the organization. The risk management plan is vital to communicate with and obtain agreement and support from all stakeholders to ensure the risk management process is supported and performed effectively over the project life cycle.Inputs1. Project management plan 2. Project charter3. Stakeholder register4. Enterprise environmental factors5. Organizational process assetsTools & Techniques1. Analytical techniques2. Expert judgment3. MeetingsOutputs1. Risk management plan
If the most likely duration of an activity is five weeks, the best-case duration is two weeks, and the worst-case duration is 14 weeks, how many weeks is the expected duration of the activity?
Answer(s): C
E = (a + 4m + b) / 6(2+ (4*5) +14)=36 /6 =6
The CPI is .92, and the EV is US$172,500.What is the actual cost of the project?
CPI = budgeted cost of work performed (BCWP) / actual cost of work performed (ACWP) US$172,500 / US$187,500 = 0.92
Which type of analysis is used to examine project results through time to determine if performance is improving or deteriorating?
6.7.2.1 Performance ReviewsPerformance reviews measure, compare, and analyze schedule performance such as actual start and finish dates, percent complete, and remaining duration for work in progress. Various techniques may be used, among them:Trend analysis. Trend analysis examines project performance over time to determine whether performance is improving or deteriorating. Graphical analysis techniques are valuable for understanding performance to date and for comparison to future performance goals in the form of completion dates.Critical path method (Section 6.6.2.2). Comparing the progress along the critical path can help determine schedule status. The variance on the critical path will have a direct impact on the project end date. Evaluating the progress of activities on near critical paths can identify schedule risk.Critical chain method (Section 6.6.2.3). Comparing the amount of buffer remaining to the amount of buffer needed to protect the delivery date can help determine schedule status. The difference between the buffer needed and the buffer remaining can determine whether corrective action is appropriate.Earned value management (Section 7.4.2.1). Schedule performance measurements such as schedule variance (SV) and schedule performance index (SPI), are used to assess the magnitude of variation to the original schedule baseline. The total float and early finish variances are also essential planning components to evaluate project time performance. Important aspects of schedule control include determining the cause and degree of variance relative to the schedule baseline (Section 6.6.3.1), estimating the implications of those variances for future work to completion, and deciding whether corrective or preventive action is required. For example, a major delay on any activity not on the critical path may have little effect on the overall project schedule, while a much shorter delay on a critical or near-critical activity may require immediate action. For projects not using earned value management, similar variance analysis can be performed by comparing planned activity start or finish dates against actual start or finish dates to identify variances between the schedule baseline and actual project performance. Further analysis can be performed to determine the cause and degree of variance relative to the schedule baseline and any corrective or preventative actions needed.
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