QUESTION: 153

You are the project manager of the NHQ project. Your project has a budget of $1,258,456 and is scheduled to last for three years. Your project is currently forty percent complete though it should be forty-five percent complete. In order to reach this point of the project, you have spent $525,000. Management needs a performance report regarding the NHQ project.
What is the planned value for this project?

$566,305
$1,258,456
-$54,044
$503, 382

Answer(s): A

Explanation:

The planned value is the percent complete that the project should have done. In this instance, it is:
Planned value = 45% of $1,258,456
=$566,305

Answer option B is incorrect. This is the project budget.
Answer option D is incorrect. $503,382 is the earned value for this project.
Answer option C is incorrect. -$54,044 is the variance at completion for your project.

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QUESTION: 154

You are the project manager for the GRT Project in your organization. You have created your time duration estimates based on historical information, but the estimates are not holding true in your current project. Unfortunately, many activities are late. You have decided to create a PERT estimate with your project team for each of their activities.
What is the formula used for PERT?

O+M+P
(O+M+P)/3
(O+4M+P)/6
Average of the estimates

Answer(s): C

Explanation:

PERT uses the formula of (O+4M+P)/6 to predict the duration of the project activities and the overall project schedule.
Three-point estimate is a way to enhance the accuracy of activity duration estimates. This concept is originated with the Program Evaluation
and Review Technique (PERT). PERT charts the following three estimates:
Most likely (TM): The duration of activity based on realistic factors such as resources assigned, interruptions, etc.

Optimistic (TO): The activity duration based on the best-case scenario

Pessimistic (TP): The activity duration based on the worst-case scenario The expected (TE) activity duration is a weighted average of these three estimates:
TE = (TO + 4TM + TP) / 6
Duration estimates based on the above equations (sometimes simple average of the three estimates is also used) provide more accuracy.

Answer option A is incorrect. This is not a valid formula.
Answer option D is incorrect. This almost describes the three-point estimate, but does not answer the question about PERT.

Answer option B is incorrect. This is the formula for the three-point estimate. Note the PERT, while similar, uses 4M and divides the result by
six factors.

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QUESTION: 155

Choose and reorder the essential steps required in developing the baseline schedule. Select an item from the right pane. Click button to move the selected item to the left pane. Click button to move the item back to the right pane. Click and buttons to sort the list, if required.

See Explanation section for answer.

Answer(s): A

Explanation:

The essential steps required in developing the baseline schedule are as follows:

1.Define Milestones.
2.Design the Project's Activities.
3.Design the Project's Logic.
4.Determine the Duration for Each Activity.
5.Analyze the Schedule Output.
6.Approve the Schedule.
7.Baseline the Schedule.
8.Maintain the Schedule.

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QUESTION: 156

Terri is the project manager for her organization and she is working with her project team to develop the project schedule. She has identified the float in her project although some of the activities where float exists may be susceptible to risk in the project execution. She is also concerned that the critical path may change during the project if the risk events come into execution.
What scheduling method is Terri using in this example?

Critical chain method
Risk analysis method
Activity on the arrow method
Critical path method

Answer(s): D

Explanation:

Terri is using the critical path method in this example. The question acknowledges that Terri has identified float and the critical path, but it makes no mention of the availability of project resources - something the critical chain method focuses on.
Critical Path Method, abbreviated CPM, or Critical Path Analysis, is a mathematically based algorithm for scheduling a set of project activities. It is an important tool for effective project management. It provides the following benefits:
Provides the graphical view of the project.
Predicts the time required to complete the project.
Shows which activities are critical to maintain the schedule and which are not. CPM models the activities and events of a project as a network. Activities are depicted as nodes on the network, and events that signify the beginning or ending of activities are depicted as arcs or lines between the nodes.
Answer option A is incorrect. The question does not indicate that Terri is concerned with the availability of project resources - as she would be if she were using the critical chain method.
Answer option B is incorrect. The risk analysis method is not a valid scheduling technique.
Answer option C is incorrect. Activity on the arrow method is not being described in this question.

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