You work as a project manager for Blue Well Inc. You are calculating the performance indexes of your project. The cost variance (CV) of your project is 30. What does this figure depict?
Answer(s): D
According to the question, the cost variance of the project is 30, which is a positive figure. A positive value means that cost is less than planned.What is CV?Cost variance (CV) is a measure of cost performance on a project. The variance notifies if costs are higher than budgetedor lower than budgeted. The cost variance is calculated based on the following formula:CV = Earned Value (EV) - Actual Cost (AC)A positive value means that spending is less than budgeted, whereas a negative value indicates that costs are higher thanoriginally planned for the project.Answer option C is incorrect. If the CV is zero, it shows that cost is right on target. Answer option A is incorrect. This result is depicted by viewing the schedule variance (SV), not the CV.Answer option B is incorrect. If the CV is a negative value, it depicts that the costs are higher than planned.
You are the project manager for your organization. You are working with your project team to define the project network diagram. Several of the activities in the project schedule appear to have external constraints. Who among the following determines which dependencies are external to the project?
The project management team defines which activities are external to the project. An external dependency is any nonproject activity that is external to the project but has a direct impact on the project activities. An externaldependency may be an inspector or any agency that may have to give prior approval before the project can move forward. Thesedependencies are external to the organization and are determined by the project management team to find which dependencies are externalall through the process of sequencing the activities.Answer option C is incorrect. The project manager may be part of the project management team, but this is not the best choice.Answer option A is incorrect. The project team does not define this relationship.Answer option B is incorrect. The project sponsor would not define the external dependencies.
You are the project manager of the GHQ Project. You have to prioritize activities for the effective management of project. For this, you have created a network diagram to schedule a set of project activities as shown in the figure:Based on this figure, what is the critical path of this project?
The activity nodes of path ACFGJ equals 26 days and is the longest path to completion - it is the critical path.ACFGJ= A(4)+C(8)+F(4)+G(6)+J(4)=26What is a critical path?A critical path is the sequence of project activities, which add up to the longest overall duration. Thisdetermines theshortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the plannedproject completion date (i.e. there is no float on the critical path). A project can have several, parallel, near critical paths. Anadditional parallel path through the network with the total durations shorter than the critical path is called a sub-critical ornon-critical path.These results allow managers to prioritize activities for the effective management of project completion, and to shorten theplanned critical path of a project by pruning critical path activities, by "fast tracking" (i.e., performing more activities inparallel), and/or by "crashing the critical path" (i.e., shortening the durations of critical path activities by adding resources).Answer option A is incorrect. ABEHJ takes only 22 days to complete; it is not the critical path.ABEHJ=A(4)+B(5)+E(2)+H(7)+J(4)=22Answer option C is incorrect. ADGJ takes only 15 days to complete; it is not the critical path.ADGJ=A(4)+D(1)+G(6)+J(4)=15Answer option B is incorrect. ACFIJ takes only 23 days to complete; it is not the critical path.ACFIJ=A(4)+C(8)+F(4)+I(3)+J(4)=23
You are the project manager for your organization. Management has offered you a bonus if you can complete the project work two months earlier than what your schedule predicts. You can use a schedule compression technique, but management does not want to increase costs in the project. What approach would you recommend to condense the project duration?
Answer(s): A
Of all the choices, only fast tracking is an option that would not increase project costs. Fast tracking allows phases of the project to overlap,but it does increase project risks.Fast tracking is a technique for compressing project schedule. In fast tracking, phases are overlapped that would normally be done insequence. It is shortening the project schedule without reducing the project scope. Answer option B is incorrect. Crashing adds labor to the project and increases project costs. Answer option C is incorrect. Effort-driven activity analysis examines activities whose duration may be reduced by adding labor. This approach,however, increases project costs, as it is a form of project crashing. Answer option D is incorrect. Rewards and recognitions are good incentives for the project team, but simply offering the reward does notdecrease the duration of the project.
In the project time management knowledge area, there are six processes. According to the PMBOK, which project time knowledge area will have the majority of the effort?
Answer(s): C
Of all six processes, the control schedule process will take the majority of the time in the project time management knowledge area.Control schedule process is a method of monitoring the status of the project to update project progress and deal with the changes to theschedule baseline. It is concerned with:Determining the current status of the projectInfluencing the factors that create schedule changesDetermining that the project schedule has changedManaging the actual changes as they occurControl schedule is a component of the Perform Integration Change Control process. Answer options B, A, and D are incorrect. These processes will not take the longest to complete.
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