Jack works as a project manager for the NHQ project. His project has a budget of $2,208,456 and is scheduled to last for three years. His project is currently forty percent complete though it should be forty-five percent complete. In order to reach this point of the project, he has spent $725,000. Management needs a performance report regarding the NHQ project. Management is concerned that this project will be over budget upon completion. Management would like to create a report telling them how much more the project will need to complete. What value should Jack tell the management?
Answer(s): A
The project will need $1,087,497.74 more to complete. This formula, the estimate to complete, is estimate at completion minus the actual costs. Here,CPI = EV/AC= (0.40*2,208,456)/725,000= 1.21846, andETC = EAC - AC= (BAC/CPI) - AC= (2,208,456/1.21846) - 725,000= 1,812,497.74 - 725,000= 1,087,497.74The estimate to complete (ETC) is the expected cost needed to complete all the remaining work for a scheduled activity, a group of activities,or the project. ETC helps project managers predict what the final cost of the project will be upon completion. The formula for the ETC is EAC-AC. The EAC is BAC/CPI.
You are the project manager of the NHG. The following figure represents your project network diagram.Management has asked that you add some features to the project scope. Through the change control system these changes are approved and they'll affect Activity I. The duration of Activity I, which is on the critical path, will decrease by three days. What affect does this have on the critical path?
Answer(s): C
The critical path is the path in the project network diagram with the longest duration. In project management, a critical path is the sequence of project network activities which add up to the longest overall duration. This determines the shortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the planned project completion date (i.e.there is no float on the critical path). Thisproject actually has two critical paths. Path ACGIJ takes 23 days. Path ACGHJ also takes 23 days.When Activity I decreases by three days the critical will still take 23 days to complete as Path ACGHJ remains a critical path. Answer option A is incorrect. The duration of the critical path did not increase. Answer option D is incorrect. The duration of the path ACGIJ will decrease to 20 days but the critical path will remain at 23 days.Answer option B is incorrect. The critical path did not reduce to 17 days.
Marty is the project manager of the recently completed NHK Project. The project was deemed successful by the project customer and they have signed the formal acceptance documentation. Marty has written the final project report, released the project team, and completed the lessons learned documentation. What else should Marty do in the closure of the NHK Project?
The last duty of a project manager is to archive the project records as part of the organizational process assets.Answer option B is incorrect. The cost summary is included in the final project report. Answer option C is incorrect. The project variance is included in the final project report as it shows cost performance.Answer option D is incorrect. A project office is an organization within the company that oversees and supports project. Marty would not closethe project office.
Diane is the project manager of the HGF Project. A risk that has been identified and analyzed in the project planning processes is now coming into fruition. What individual should respond to the risk with the preplanned risk response?
The risk owner is the individual on the project team that is closest to the risk event. The risk owner can be an individual or an organization responsible for implementing risk responses or contingency plan. The risk owner should be empowered with the ability to respond to the risk as it was planned. Answer option A is incorrect. Diane is the project manager and likely won't be the risk owner as well.Answer option B is incorrect. The project sponsor authorizes the project but does not participate in the execution of the project.Answer option D is incorrect. While a subject matter expert may be the risk owner on some occasions, he won't be the risk owner on everyoccasion.
You are the project manager for your organization. You are working on creating the activity list so that you can create the project schedule. This current project is similar to a project you have competed for your company. You and the project team decide to use the previous project as a template for your current project. A template can help you and the project team do all of the following except for which one?
Answer(s): B
Parametric estimates are created for repetitive tasks, such as four hours per unit installed; 1,000 units to install would equate to 4,000 hours.A template does not address this type of time estimating directly. A template for time estimating is an analogous estimate type.A template for any project is an activity list or a part of the activity list from a previous project. The template contains the activity attributesinformation and other vivid information that are helpful to define activities. It is also used to classify schedule milestones.Answer option D is incorrect. Templates can include activity attribute information. Answer option A is incorrect. Templates do indicate milestones. Answer option C is incorrect. Templates can save time for the project manager and the project team.
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