QUESTION: 53

You are the project manager of the GHY Project. This project is scheduled to last for one year and has a BAC of $4,500,000. You are currently 45 percent complete with this project, though you are supposed to be at your second milestone which accounts for half of the project completion. There have been some errors in the project, which has caused you to spend $2,073,654.
What is this project's schedule variance?

-$48,654
13 percent
-$225,000
0.98

Answer(s): C

Explanation:

he schedule variance can be found by subtracting the planned value form the earned value. In this instance, it is $2,025,000 minus $2,250,000. SV = 2,025,000 - 2,250,000 = -225,000 Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula: SV = Earned Value (EV) - Planned Value (PV) If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target.
Answer option A is incorrect. This is the cost variance for the project.
Answer option B is incorrect. 13 percent is not a valid answer.
Answer option D is incorrect. This is not a valid variance for this question; variances are typically negative numbers.

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QUESTION: 54

The figure given below demonstrates the communication model for a project.
What role does the component E play in the communications model?

Static
Deterrent
Noise
Barrier

Answer(s): C

Explanation:

Noise is anything that disrupts the communication method such as static on the telephone line, distracting conversations, or misunderstandings.
Answer option A is incorrect. Static is an example of noise, but it is not part of the communication model.
Answer option D is incorrect. A barrier to communication is when communication cannot happen under the present conditions.
Answer option B is incorrect. A deterrent is not a valid part of the communication model.

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QUESTION: 55

Which of the following documents is a narrative description of products or services to be supplied by the project and has detailed requirements and pricing specified on it?

Scope of statement
Project charter
Statement of work (SOW)
WBS

Answer(s): C

Explanation:

A statement of work (SOW) is a document that captures and defines the work activities, deliverables and timeline that a vendor will execute against in performance of work for a customer. Detailed requirements and pricing are usually specified in it, along with many other terms and conditions. SOW is a narrative description of products or services to be supplied by the project. For internal projects, the project initiator or sponsor provides the statement of work based on business needs, product, or service requirements. For external projects, the statement of work can be received from the customer as part of a bid document.
Answer option A is incorrect. Scope of statement gives the narrative description of the project scope.
Answer option B is incorrect. Project charter is a document that formally authorizes a project manager to work on a project.
Answer option D is incorrect. WBS is a tool that defines a project and groups the project discrete work in a way that helps organize and define the total work scope.

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QUESTION: 56

Fred is the project manager of the NHA project. This project has a BAC of $2,456,900 and is sixty percent complete. Fred has crashed the project, which has driven the project costs to date to $1,525,140, but his project is five percent more complete than what was planned.
What is the cost variance for this project that Fred needs to report to management?

$122,845
-$51,000
-$85,000
Zero

Answer(s): B

Explanation:

The cost variance for the project is -$51,000. You can find the cost variance by using the formula earned value minus planned value. In this instance, it is: CV = EV - AC = (0.60* 2,456,900) - 1,525,140 = -51,000
Answer option C is incorrect. -$85,000 is the project's variance at completion.
Answer option A is incorrect. $122,845 is the project's schedule variance.
Answer option D is incorrect. There is a cost variance on this project of -$51,000.

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