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 schedule variance for this project that Fred needs to report to the management?
Answer(s): B
There is positive variance of $122,845 on Fred's project. Variances can be either positive or negative. 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 C is incorrect. This is the project's variance at completion. Answer option D is incorrect. This is the cost variance for the project. Answer option A is incorrect. This is not a valid answer for the project.
Tom works as the project manager for Blue Well Inc. He is working with his project to ensure timely and appropriate generation, retrieval, distribution, collection, storage, and ultimate disposition of project information. What is the process in which Tom is working?
Answer(s): C
Tom is working with the project communication management process, as it is required to ensure the timely disposition of project information. Project Communications Management is one of the nine Knowledge Areas. It employs the processes required to ensure timely and appropriate generation, collection, distribution, storage, retrieval, and ultimate disposition of project information. The following processes are part of Project Communications Management:Identify StakeholdersPlan CommunicationsDistribute informationManage Stakeholder ExpectationsReport PerformanceThe Project Communications Management processes provide the critical links among people and information that are necessary for successfulcommunications. These processes interact with each other and with the processes in the other Knowledge Areas as well.Answer option B is incorrect. Managing stakeholder expectation is the process of working and communicating with the stakeholders to meettheir requirements.Answer option A is incorrect. Work performance measurement uses the information to create project activity metrics to evaluate actualprogress compared to planned progress.Answer option D is incorrect. Stakeholder analysis is the process of gathering and analyzing quantitative and qualitative information to determine the interest of the stakeholders.You are the project manager for your organization. Management has asked you to document the holidays, weekends, and other corporate working hours, which will supersede the project timings for your schedule. Which calendar will communicate to the project stakeholders, when the project work will take place within the organization?
You are the project manager for your organization. Management has asked you to document the holidays, weekends, and other corporate working hours, which will supersede the project timings for your schedule. Which calendar will communicate to the project stakeholders, when the project work will take place within the organization?
Answer(s): A
The project calendar defines the working hours for the project, including any days that project work will not happen due to the organizational calendar.Answer option D is incorrect. The company calendar is not the correct choice for this question. Answer option C is incorrect. The organizational calendar is not the correct choice for this question. Answer option B is incorrect. The resource calendar defines whether resources the project needs will be available. The resources include people, facilities, equipment, and other things that project needs to be completed.
Management is concerned about your project. They want to know how the project is performing specifically the schedule performance index. What formula do you use to find the schedule performance index?
Answer(s): D
The schedule performance index is earned value divided by planned value. The close the result is to 1, the better the project is performing.Answer option B is incorrect. This is the cost variance formula. Answer option C is incorrect. This is the formula to find schedule variance. Answer option A is incorrect. This is not a valid formula.
You work as a project manager for BlueWell Inc. You want to increase the overall duration of the project. If the management elects to use resource leveling, then what will happen to the project duration?
Resource leveling usually increases the overall duration of the project because management restricts the amount of labor which can be utilized in a given time period. Resource leveling heuristics is a prioritization method that allocates inadequate resources to critical path activities first. It is a schedule network analysis technique useful to a schedule that has already been analyzed by the critical path method. It is used when shared or criticalessential resources are only available at certain times, in limited quantities, or to keep resource usage at a constant level. It is a technique that resolves resource conflicts by delaying tasks within their slack allowances. Resource leveling is the process in which project teams comeacross problems when developing their project schedules. If a company has multiple projects running simultaneously that require the same resources, then problems can arise. It can often cause the critical path method to change. Answer option C is incorrect. New resources are not added as part of resource leveling. Answer option D is incorrect. Labor remains the same in resource leveling, but their availability decreases.Answer option B is incorrect. New resources are not added as part of resource leveling.
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