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Free PMI PMI-SP Exam Braindumps (page: 13)

Page 13 of 82
PDF with 326 Questions

John works as a Project Manager for Blue Well Inc. He is measuring cost efficiency of his project. The key values are provided in the table below:



What is the cost performance index (CPI) of the project at the current point of time?

  1. 0.96
  2. 1.082
  3. 0.833
  4. 1.0625

Answer(s): C

Explanation:

According to the question, you are required to calculate the cost performance index (CPI) of the project. Cost performance index (CPI) is used to calculate performance efficiencies. It is used in trend analysis to predict future performance. CPI is the ratio of earned value to actual cost. The CPI is calculated based on the following formula: CPI = Earned Value (EV) / Actual Cost (AC) If the CPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The CPI value of 1 indicates that the project is right on target.
Here, CPI is as follows:

CPI = EV / AV
=
= 0.833

As the CPI (0.833) is less than 1, it shows that the schedule performance is below expectation.
What is BCWP (or EV)?
Budgeted cost of work performed (BCWP) or Earned Value (EV) is the value of completed work. It is the budgeted amount for the work actually completed on the schedule activity during a given time period.

What is BCWS (or PV)?
Budgeted Cost of Work Scheduled (BCWS) or Planned Value (PV) is the authorized budget assigned to the scheduled work to be accomplished for a schedule activity or Work Breakdown Structure (WBS) component.

What is ACWP (or AC)?
Actual cost of work performed (ACWP) or Actual Cost (AC) is the total costs actually incurred and recorded in accomplishing work performed during a given time period for a schedule activity. It is the cost of the work to date, including direct and indirect costs. AC is money that has actually been expended to date.



Ben is the project manager of the NHF Project for his organization. Some delays early in the project have caused the project schedule to slip by nearly 15 percent. Management would like Ben to find a method to recoup the schedule slippage and to get the project back on track. Management is risk- adverse with this project.
Which of the following methods should Ben avoid to recoup the project time?

  1. Crashing
  2. Fast tracking
  3. Critical chain methodology
  4. Adding lead time

Answer(s): B

Explanation:

Of all the choices, Ben should avoid fast tracking, as it allows complete phases of the project to overlap, and this increases project risks. Management wants to avoid risks, so fast tracking would not be helpful. Fast tracking is a technique for compressing project schedule. In fast tracking, phases are overlapped that would normally be done in sequence. It is shortening the project schedule without reducing the project scope.
Answer option A is incorrect. Crashing adds people and costs but is relatively safe in regard to risks.

Answer option C is incorrect. Critical chain is not a schedule compression technique and would not necessarily help the project get back on schedule.
Answer option D is incorrect. Lead time, similar to fast tracking, can increase project risks; however, fast tracking is more risky than lead time. Lead time allows individual activities to overlap, while fast tracking allows entire project phases to overlap.



Laura is the project manager for her organization and management has requested her to create a report on her project's performance. Laura needs to analyze her current project performance and then compare it against what, in order to create a performance report?

  1. Cost variances and Cost Performance Index
  2. Scope baseline
  3. Performance measurement baseline
  4. Schedule variances, planned value, and the Schedule Performance Index

Answer(s): C

Explanation:

The performance measurement baseline, which can be comprised of cost, scope, and schedule, is the foundation for creating a performance report.
Answer option B is incorrect. The scope baseline will only reflect the performance of the scope, whereas performance reports typically need scope, time, and cost as its foundation.
Answer option A is incorrect. Cost variances and the cost performance index are cost values that must be considered along with the scope performance and schedule performance.
Answer option D is incorrect. Only reporting performance on the schedule is not enough for a performance report. Laura should also report on scope and cost at a minimum.



Which of the following documents captures and defines the work activities, deliverables, and a timeline that a vendor will execute against in performance of work for a customer?

  1. Project charter
  2. Scope of statement
  3. SOW
  4. 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 B is incorrect. Scope of statement gives the narrative description of the project scope.
Answer option A 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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