Yolanda is the project manager for her organization. She is creating a performance report for her sponsor. Typically, the performance report includes all of the following factors except for which one?
Correct Answer:B
Quality control activities are not included in the performance report, but are documented in the quality management plan. A performance report is made by the project team detailing activities, milestones, problems, accomplishments, and identified issues. Performance reports are used to report some key information as follows: Current status Scheduled activities Significant accomplishment for the period Forecasts Issues
Answer option C is incorrect. Analysis of past performance can be included in the performance report to make the report more elaborate.
Answer option A is incorrect. Current status of risk and issues can be included in the performance report.
Answer option D is incorrect. Work to be completed next can be included in the performance report.
Amy works as a project manager for BlueWell Inc. Her organization wants her to create a new warehouse. Which of the following documents will she create to define the business needs, the project justification, and the current requirements?
Correct Answer:C
The project charter defines the business needs, the project justification, and the current requirements for the new warehouse that an organization wants to create. The project charter is the document that formally authorizes a project. The project charter provides the project manager with the authority to apply organizational resources to project activities. According to PMBOK Guide, the project charter should address the following information: Requirements that satisfy customer, sponsor, and other stakeholder needs, wants and expectations Business needs, high-level project description, or product requirements that the project is undertaken to address Project purpose or justification Assigned Project Manager and authority level Summary milestone schedule Stakeholder influences
Functional organizations and their participation Organizational, environmental and external assumptions Organizational, environmental and external constraints Business case justifying the project, including return on investment Summary budget If required, it also authorizes the next project phase, and updates the charter. The project manager should always be assigned prior to the start of planning, and preferably while the project charter is being developed.
Answer option A is incorrect. The decomposition of the project scope results in the project's Work Breakdown Structure (WBS). The work packages of the WBS will help the project manager and team create accurate time and cost estimates.
Answer option B is incorrect. The feasibility study is usually created before the project scope, though not always. This document defines the likelihood of the project being able to reach its objectives.
Answer option D is incorrect. The project scope defines all that the project should complete.
You are the project manager of a project that has a budget of $875,000 and you have completed 40 percent of the project work. Due to some errors, however, you have actually spent $425,000 of the budget. Management wants to know what the project's cost performance index is. What value do you report?
Correct Answer:C
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. In this instance it's $350,000 divided by $425,000 for a CPI of .82.
Answer option B is incorrect. $350,000 is the earned value of the project. Answer option A is incorrect. -$75,000 is the cost variance for the project.
Answer option D is incorrect. -$187,500 is the predicted variance at the completion of the project.
Nancy is the project manager of the JJJ Project. This project has recently been approved by the project customer as complete so Nancy must now finalize the administrative closure. Nancy needs to create the final project report to report the successes and failures in the project. Who should Nancy deliver this final project report to if she is participating in a projectized structure?
Correct Answer:C
The communications management plan will define who will receive what information. Answer option B is incorrect. The project sponsor may be a recipient but the project communications management plan is the best selection.
Answer option A is incorrect. Functional management is not the best choice in a projectized structure.
Answer option D is incorrect. The project customer may receive a copy of the report, but the project communications management plan should direct the communications.
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?
Correct Answer:D
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.
You are the project manager of the NHQ Project. Management has set a conformance to the project schedule for your project at 0.95. What does this term mean?
Correct Answer:A
Conformance to schedule is a required adherence for the project's schedule. In this instance, the project manager must not allow the schedule to slip more than five percent. Answer option B is incorrect. This is the description of the schedule performance index. Answer option D is incorrect. This is the description of the cost performance index. Answer option C is incorrect. This is not a valid statement about the project performance.