Virginia is the project manager for her company. She has used a previous project as a basis for her current project because they are similar in nature. Virginia has adapted nearly all of the previous project plans for her current project - including the project schedule, risk register, and communications management plan. She has worked with management to update the plans to adapt them to the current project. What are the previous project management plans called in this instance?

Correct Answer:C
The best answer for this question is a template. When projects adapt previous project plans for the current project, it is an example of a project template. Template is an activity list or a part of the activity list taken from the previous project and used in a new project.
Answer option D is incorrect. A parametric estimate is an estimate that uses a parameter to predict the costs of the project, such as cost per network drop or cost per software license. Parametric estimating technique utilizes the statistical relationship that exists between a series of historical data and a particular delineated list of other variables.
Answer option A is incorrect. Expert judgment is not the best choice for this question. 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 B is incorrect. Analogous is an estimating technique that uses the values of parameter, such as scope, cost, budget, and duration or measures of scale such as size, weight, and complexity from a previous, similar activity as the basis for estimation of the same parameter for a future activity. It is a top-down estimating technique and is a form of expert judgment. It provides a lower degree of accuracy than other estimating techniques.
This technique is primarily used when there is a limited amount of detailed information about the project or program.

You are the project manager of a project that has a budget of $675,000 and you have completed 40 percent of the project work. Your project is supposed to be 60 percent complete but you are actually only 40 percent complete. Due to some errors, however, you have actually spent $335,000 of the budget. Management wants to know what the project's cost performance index (CPI) 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 instances it is $270,000 divided by $335,000 for a CPI of .81.
Answer option B is incorrect. .67 is actually the schedule performance index. Answer option D is incorrect. -$65,000 is the cost variance for the project. Answer option A is incorrect. -$135,000 is the schedule variance of the project.

You are the project manager of the NHGQ project for your company. You must create and distribute performance reports every week to your key project stakeholders. What communication technique do you normally use to distribute reports?

Correct Answer:A
Performance reports are distributed through the push technique. This means that the project manager distributes the reports regularly through a mechanism, such as email. Answer option C is incorrect. One-to-one technique describes a conversation between two people.
Answer option B is incorrect. Many-to-many technique describes a conversation between many people.
Answer option D is incorrect. A pull technique describes the recipients of the report "pulling" the information, such as from a Website.

You have been hired as a contract project manager for Tech Perfect Inc. The project has already been started. Sufficient details of the project have already been structured. You are working with your team for cost estimation of the project. Which of the following estimating techniques will you use for the highest degree of accuracy?

Correct Answer:D
According to the question, you have to use the estimating technique that has a higher degree of accuracy. The most accurate estimating technique is bottom-up estimating. What is bottom-up estimating? Bottom-up is a cost estimating technique that involves estimating the cost of individual work packages or schedule activities with the lowest level of detail. The detailed cost is rolled up (or summarized) to higher levels for total project estimates. This summarized data is very useful for reporting and tracking purposes. Bottom-up estimating provides a higher degree of accuracy, provided the estimates at the work package level are accurate.
Answer options C, A, and B are incorrect. Parametric modeling and analogous estimating techniques use top-down estimation model. These are less accurate than the bottom-up estimation. What is analogous estimating? Analogous is an estimating technique that uses the values of parameter, such as scope, cost, budget, and duration or measures of scale such as size, weight, and complexity from a previous, similar activity as the basis for estimation of the same parameter for a future activity. It is a top-down estimating technique and is a form of expert judgment. It provides a lower degree of accuracy than other estimating techniques. This technique is primarily used when there is a limited amount of detailed information about the project or program. What is parametric modeling? Parametric modeling is an estimating technique that uses parameters, or project characteristics, to forecast project costs. It involves a top-down approach and is similar but more accurate than analogous estimating. It uses historical data and other variables to calculate an estimate for activity parameters, such as scope, cost, budget, and duration.

You work as the project manager for BlueWell Inc. Mark, a project team member, has some doubts related to the outputs of the control schedule process. Which of the following is an output of the control schedule process?

Correct Answer:C
Only change request is a valid answer. The five outputs of the control schedule process are work performance measurements, organizational process assets updates, change requests, the project management plan updates, and project document updates. Change requests are requests to expand or reduce the project scope, modify policies, processes, plans, or procedures, modify costs or budgets or revise schedules. These requests for a change can be direct or indirect, externally or internally initiated, and legally or contractually imposed or optional. A Project Manager needs to ensure that only formally documented requested changes are processed and only approved change requests are implemented. Answer option D is incorrect. Activity resource requirement is not an output of the control schedule process.
Answer option A is incorrect. The project schedule is not an output of the control schedule process.
Answer option B is incorrect. Lessons learned is not an output of the control schedule process.

You work as a project manager for BlueWell Inc. Which of the following techniques will you use to determine whether particular work can best be accomplished by the project team or must be purchased from the outside sources?

Correct Answer:D
A make-or-buy analysis is used to verify whether a particular work can best be accomplished by the project team or must be purchased from outside sources. The budget constraints can influence the make-or-buy decisions. A make-or-buy analysis must consider all related costs; both direct and indirect support costs.
Answer option B is incorrect. 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. Answer option A is incorrect. The type of contract to be used and the specific contract terms and conditions fix the degree of risk being assumed by the buyer and seller.
Answer option C is incorrect. Negotiations clarify the structure, requirements and other terms of the purchase so that the mutual agreement can be reached prior to signing the contracts.