You are the project manager of the AHQ project. This project is scheduled to last for six months and will require $345,000 to complete. If the project completes earlier than scheduled, your organization will receive a bonus of $5,000 per day of early completion. Management has asked you to develop an aggressive schedule to realize as much of the bonus as possible, but management does not want you to increase the costs of the project beyond $1,000 per day of the bonus realization. Which of the following approaches will likely add costs to the project?
Answer(s): C
Crashing adds labor to the project. This approach adds costs to the project because you will have to pay for the added labor. Answer option B is incorrect. Fast tracking allows entire phases to overlap in the project. This approach adds risks to the project. Answer option D is incorrect. The critical chain method considers the availability of project resources. Answer option A is incorrect. Adding lead time to activities allows activities to overlap and does not add project costs.
Harry 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. What is the estimate at completion for this project that Harry will need to report to management?
The estimate at completion can be calculated by dividing the budget at completion by the cost performance index. Here, CPI =EV/AC = (0.40*2,208,456)/725000 = 1.21846 EAC = BAC/CPI = 2,208,456/1.21846 = 1,812,498 What is Estimate at Completion (EAC)? Estimate at Completion (EAC) is a field that displays the final cost of the project including the actual costs and the forecast of remaining costs based on the cost performance index (CPI) so far. The formula used to calculate this estimate is as follows: ACWP+(BAC-BCWP)/CPI
You work as a Project Manager for Dreams Unlimited Inc. You are looking for performance efficiencies of a project. The related key values are provided in the table below:MeasurementsValues BCWP (or EV)325 BCWS (or PV) 300 ACWP (or AC)410 What will be the cost performance index (CPI) of the project at the current point of time?
Answer(s): D
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. Now, putting the provided values in the formula: CPI = EV / AC = 325 / 410 = 0.792 As the CPI 0.792 is lesser 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.
Tom is the project manager of the HQQ Project. His project has a schedule variance of -$34,500 due to some errors early in the project. Management would like to know how Tom will respond to these variances. What action can help Tom to manage the errors in the project and to ensure that the errors would not occur again?
A corrective action is a change implemented to address a weakness identified in a management system. Normally corrective actions are implemented in response to a customer complaint, abnormal levels of internal nonconformity, nonconformities identified during an internal audit or adverse or unstable trends in product and process monitoring such as would be identified by SPC. It is method of identifying and eliminating the causes of a problem, thus preventing their reappearance. Examples of a corrective action are : Improvements to maintenance schedules Improvements to material handling or storage.Answer option A is incorrect. Lessons learned is a documentation of the errors and how they were resolved, not a method to prevent the errors from occurring again. Answer option C is incorrect. Preventive action addresses any action or act in which the project maagement team and the team leader provide documented direction to carry out an activity that is meant to decrease the possibility of negative consequences related to project risk. Answer option B is incorrect. Risk analysis examines the risk events, its probability, and its impact on the project.
You have been assigned to a project that centers on a discipline you are only topically aware of. While you do have years of experience as a project manager, but you have never worked with the technology, as is in this project. During the define activities process, you rely on your project team and two consultants to coach you and identify the type of activities the project will include. Which tool and technique are you using in the define activities process in this scenario?
When the project manager relies on consultants or the project team (or both), it is an example of expert judgment. Expert judgment is a technique based on a set of criteria that has been acquired in a specific knowledge area or product area. It is obtained when the project manager or project team requires specialized knowledge that they do not possess. Expert judgment involves people most familiar with the work of creating estimates. Preferably, the project team member who will be doing the task should complete the estimates. Expert judgment is applied when performing administrative closure activities, and experts should ensure the project or phase closure is performed to the appropriate standards. Answer option C is incorrect. This is not an example of decomposition. Answer option B is incorrect. This is not an example of rolling wave planning. Answer option A is incorrect. This is not an example of using a project template.
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