must be measured regularly to identify variances from the plan. O A. Schedule progress O B. Project performance O C. Cost O D. Stakeholder requirements
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- The ideal outcome of the planning process group is to complete a project successfully by delivering the agreed-upon project scope within time, cost, and quality constraints Select one: True False Initiating involves developing a project charter, which is part of the project ______ management knowledge area. Select one: a. scope b. risk c. communications d. integration Estimate activity resources output Select one: a. Activity list, activity attributes, milestone list, project management plan updates b. Project schedule network diagrams, project documents updates c. Activity resource requirements, resource breakdown structure, project documents updates d. Schedule management plan As time progresses, the scope of a project should become ... Select one: a. more clear and specific b. more vague c. more ambiguous d. more difficultConstraints are those factors that can limit a project. Which of the following are considered constraints (choose all that apply)? a. Quality b. Strategic Plan c. Risks d. Requirements e. People and Materials f. Project Management Information SystemYou are developing a performance progress report for a project you are managing. The following time-phased budget was developed earlier in the planning stage and is being used as the standard against which the project performance is measured. Work Packages A B C Total W1 4 4 W2 8 8 W3 2 W4 5 5 W5 9 19 W6 6 6 You are analyzing the project performance at the end of Week 5. Activity "C" is 80% complete and its actual cost is 15. What is the schedule variance of this activity? Use two decimal places in your calculations.
- You are developing a performance progress report for a project you are managing. The following time-phased budget was developed earlier in the planning stage and is being used as the standard against which the project performance is measured. Work Packages W1 W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 4 10 6 A B C Total 1 6 8 4 10 6 1 6 8 5 6 10 8 5 6 8 88 10 3 3 At the end of Week 8, activity "C" is 50% complete. What is the Earned Value of this activity? Use two decimal places in your calculations.Projected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?Give an explanation of how earned value management (EVM) may be used to keep expenses under control and monitor the overall effectiveness of a project, and then hypothesise as to why it is not utilised more often. How can one determine if the data for cost variation, schedule variance, cost performance index, and schedule performance index are healthy or unhealthy? What are some basic rules of thumb?
- (12) Cost budgeting can be best described by which of the following? A The process of developing the future trends along with the assessment of proba bilities, uncertainties, and inflation that could occur during the project B. The process of assembling and predicting costs of a project over its life cycle C. The process of establishing budgets, standards, and a monitoring system by whi ch the investment cost of the project can be measured and managed D. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis (13) The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline is called A Determine Budget B. Control Costs C. Estimate Costs D. Plan Cost Manag ement (14) Cost Variance (CV) is which of the following equations? A CV = EV - PV B. CV = EV - AC C. CV = EV / AC D. A and c (15) To assist in budget control, it is suggested that an estimate be created at the level of the…Justify the use of earned value management (EVM) to control expenses and monitor the effectiveness of a project, and speculate as to why it is not used more often. How can one determine if a cost variation, a schedule variance, a cost performance index, or a schedule performance index is favorable or unfavorable? What are some general criteria to follow?Reasons why estimating time and cost are important include all of the following EXCEPT a. to schedule work b.to determine how long the project should take and cost c. to develop cash flow needs d. to determine how well the project is progressing e. to help establish a project selection process
- You are managing a large construction project that’s been broken down intosub-projects (or phases). Each of these sub-projects is scheduled to takebetween three and six months to complete. At the end of each sub-project,you plan to go through the closing processes and document lessons learned.Which of the following BEST describes what you must do at the beginning ofeach sub-project or phase?A. Develop the preliminary scope statement for the phaseB. Make sure you don’t involve the team, to avoid introducing too much projectmanagement overheadC. Use the Earned Value Technique to decide whether or not to finish the projectD. Release all resources from the project and contact sellers to renegotiate allcontractsA project management plan is a document used to coordinate all project planning documents and to assist guide the project’s execution and control. Plans created in the other knowledge areas are the subsidiary parts of the overall project management plan and provide more detailed information about that knowledge. With regards to the above information examine the inputs into quality planning.A company was replacing the single-use plastic bags with cloth bags. However, the selected fabric is on backorder and will not be in stock for three weeks. The vendor suggested using another fabric that is in stock, but it is less sturdy than the original choice.If the company decides to wait until the original fabric is available, this will change the __________ of the project. a.) cost b.) scope c.) quality d.) timeline