QUESTION: 9

George is the project manager of the NHQ Project and has a budget of $778,000. The project is scheduled to last for one year with an equal amount of work completed each quarter. The second quarter of the project has ended and George has spent $325,000 but has only finished forty percent of the project. Management needs a variance report for the project schedule.
What value should George report in this instance?

.96
-$77,800
$-34,500
-$13,800

Answer(s): B

Explanation:

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. The earned value in this instance is forty percent of the project budget, $778,000, and the planned value is $398,000 because George is to be fifty percent done at the end of the second quarter, as the work is spread evenly across all quarters. The schedule variance is -$77,800 for the project.
Answer option A is incorrect. .96 represents the cost performance index.
Answer option C is incorrect. -$34,500 represents the project's variance at completion if the project continues as is.
Answer option D is incorrect. -$13,800 is the cost variance for the project.

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QUESTION: 10

You are the project manager of the NHQ Project. Management has set a conformance to the project schedule for your project at 0.95.
What does this term mean?

It means the largest schedule variance you can have is five percent.
It is the earned value divided by the planned value for your project.
It is the expectation of management to be 95 on schedule at 95 percent of the project.
It means you will need to earn at least 95 cents per dollar invested in the project.

Answer(s): A

Explanation:

Conformance to schedule is a required adherence for the project's schedule. In this instance, the project manager must not allow the schedule to slip more than five percent.
Answer option B is incorrect. This is the description of the schedule performance index.
Answer option D is incorrect. This is the description of the cost performance index.
Answer option C is incorrect. This is not a valid statement about the project performance.

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QUESTION: 11

Which one of the following estimate types is a form of expert judgment?

Parametric estimate
Analogous estimate
Bottom-up estimate
Definitive estimate

Answer(s): B

Explanation:

An analogous estimate is a form of expert judgment because it relies on historical information. The historical information, assuming that it is accurate, serves as the conduit to the expert that created the historical information.
Answer option C is incorrect. A bottom-up estimate creates an activity duration estimate for each work package in the WBS.
Answer option A is incorrect. Parametric estimating uses a parameter, such as 10 hours per fixture installation, as a base to predict the duration of the project.
Answer option D is incorrect. A definitive estimate, also known as a bottom- up estimate, accounts for the cost of each work package.

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QUESTION: 12

You are the project manager of the NHA Project. This project is expected to last one year with quarterly milestones throughout the year. Your project is supposed to be at the third milestone today but you're likely only 60 percent complete. Your project has a BAC of $745,000 and you've spent $440,000 of the budget-to-date.
What is your schedule performance index for this project?

80
1.02
102
0.80

Answer(s): D

Explanation:

The schedule performance index can be found by dividing the earned value by the planned value. In this project, it's $447,000 divided by the $558,750 for a value of 0.80. Schedule performance index (SPI) is the measure of schedule efficiency on a project. It is used in trend analysis to predict future performance. SPI is the ratio of earned value to planned value. The SPI is calculated based on the following formula:

SPI = Earned Value (EV) / Planned Value (PV)
If the SPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The SPI value of 1 indicates that the project is right on target.

Answer option A is incorrect. "80" is not the same value as ".80".
Answer option B is incorrect. 1.02 is the cost performance index.
Answer option C is incorrect. 102 is not a valid calculation for this question.

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