Quiz 2-mspm iii1 03-398192-009
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This document contains a 10 question quiz about project management concepts. It tests understanding of key metrics like CPI, ETC, EAC and how to calculate things like project completion percentage and estimate at completion given certain parameters of a birdhouse building project. Formulas are provided to explain the answers for calculating values like actual cost, estimated additional funds needed and TCPI based on data given about the project's planned budget, timeline and performance to date.
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Similar to Quiz 2-mspm iii1 03-398192-009
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Session 10 4th edition PMP
The document contains 7 questions related to project management concepts like cost overruns, earned value, schedule performance index, estimation to complete, and work breakdown structures. The questions test understanding of how to respond to a potential cost overrun, calculate schedule performance from given values of earned value, actual cost and planned value, and identify which option would help decrease project costs.
Earned Value AnalysisTracking Project ProgressWh.docx
Earned Value Analysis
Tracking Project Progress
What Is Earned Value?The dollar amount you planned to spend for the work actually completed
Earned Value is the budgeted cost of the work that has actually been performed/completed
Earned Value = Budgeted Cost of the Work Performed (BCWP)
What Is Earned Value Analysis (EVA)?
EVA enables the project progress to be tracked in terms of:
The work that has actually been completed
--- Compared To ---
The work that was scheduled to be completed
Why Is Earned Value Analysis Important?EVA enables the project team to know:If the project is ahead of, or behind schedule
How far the project is ahead of, or behind schedule
If the project is over or under budget
How much the project is over or under budget
Why Is Earned Value Analysis Important?EVA enables the team to address the project’s triple constraints earlier rather than later Scope – re-prioritize/reduce requirements
--- and/or ---
Schedule – adjust the timeline
--- and/or ---
Cost – request additional funding
The Components of Earned Value Analysis WBS – Work Breakdown StructureIdentifies products to be delivered by the project Products or sub-products should be broken down to what can be completed in 80 hours (“80-hour rule”), when applicable
Provides the basis for Distinct products or sub-products – which help to provideValid estimates – which enableTracking earned value / project progress
The Components of Earned Value Analysis Earned Value (EV) ---- or BCWPThe budgeted cost of the work actually performed How much work was actually completed
Planned Value (PV) ---- or BCWSThe budgeted cost of the work scheduled to be performed How much work should have been completed
Actual Cost (AC) ------- or ACWPThe actual cost of the work performedHow much money has been actually spent
The Components of Earned Value AnalysisBudget at Completion (BAC)Dollar amount originally budgeted to complete the project
Estimate at Completion (EAC)Estimate of dollar amount needed to complete the project
Variance at Completion (VAC)Estimate of the dollar amount projected above or below budget
Schedule at Completion (SAC)Projection of the time needed to complete the project
The Components of Earned Value Analysis
Schedule Variance (SV)The work completed vs. the work planned to be completed
SV = (Earned Value – Planned Value)
Tells us if the project is ahead of, or behind schedule
Negative value means the project is behind schedule
The Components of Earned ValueSchedule Performance Index (SPI)Utilized to forecast how long it will take to complete the project
SPI = (Earned Value / Planned Value)
Tells us if the project is ahead of, or behind schedule
Less than 1.00 means the project is behind schedule
The Components of Earned Value
Cost Variance (CV)What we planned to spend on the work completed vs. what was actually spent on the work completed
CV = (Earned Value – Actual Cost)
Tells us if the project is over or under budget ...
Earned Value Management - Project Controls - Schedule Only.pptx
Okay, let's solve this step-by-step:
* Planned Value (PV) at data date = $380,000
* Overall Budget at Completion (BAC) = $800,000
* We're given: Schedule Performance Index (SPI) = 0.8
* By the formula: SPI = Earned Value (EV) / Planned Value (PV)
* Set up the equation: 0.8 = EV / $380,000
* Solve for EV: EV = 0.8 * $380,000 = $304,000
* To get the % complete, take EV / BAC
* EV = $304,000
* BAC = $800,
07 pmp cost management exam
The document contains a set of exam questions related to cost management. It includes questions testing knowledge of key earned value management terms and formulas like budgeted cost of work performed (BCWP), schedule variance (SV), cost performance index (CPI), and to-complete performance index (TCPI). It also has questions on estimation techniques like analogous estimating and rough order of magnitude estimates. The questions cover topics like calculating project values, interpreting project performance, and identifying the best course of action for a project based on its cost and schedule performance.
1. A key objective of change control in configuration management i.docx
1. A key objective of change control in configuration management is to keep track of actions taken in response to change requests. a. true
b. false
Q2. A key weakness of the Benefit-Cost ratio project selection mechanism is that: a. It only focuses on things that can be measured
b. It takes time frame into consideration
c. It is too much based on subjective judgment
d. It does not entail prioritizing
Q3. Good functional requirements a. Describe how the deliverable should be developed
b. Provide detailed technical insights into what the deliverable will do
c. Describe what the deliverable looks like and what it should do
d. Are created after development of the technical specifications
Q4. A project can be terminated prematurely because the original objectives may no longer be valid. a. true
b. false
Q5. A tool that graphically shows cost variance is: a. A chart of accounts
b. A code of accounts
c. A histogram (also called a resource loading chart)
d. A cumulative cost curve (also called S-curve)
Q6. In resource planning, one of the issues that needs to be considered is: a. Staff empowerment
b. Technical requirements of the project
c. Theory X management principles
d. Theory Y management principles
Q7. When crashing a project, we typically choose critical path tasks whose costs of crashing are highest. a. true
b. false
Q8. The poor man's hierarchy is a method for: a. Project estimation
b. Project scheduling
c. WBS construction
d. Project selection
Q9. Ensuring a one-to-one correspondence between specification items and general design items is a feature of: a. Scope statement definition
b. WBS construction
c. Rapid prototyping
d. Configuration management
Q10. The astute project manager typically uses only one management style in order not to confuse his/her teammates. a. true
b. false
Q11. Structured Walk-Through is a methodology used in: a. PERT
b. GERT
c. VERT
d. Project Evaluation
Q12. If EV = $300, AC = $400, and the project budget is $1,000, what is the estimated final cost of the project (this is known as EAC, estimate at complete)? a. $750
b. $1,000
c. $1,250
d. $1,333
Q13. If review of a project's status indicates that EV = $400, AC = $400, and PV = $500, the project is: a. On budget, behind schedule
b. On budget, ahead of schedule
c. Over budget, behind schedule
d. Over budget, ahead of schedule
Q14. In project management, the level of uncertainty plays a major role in determining the adequacy of a project plan. a. true
b. false
Q15. The purpose of mid-project evaluation is: a. Continual monitoring of budget and estimates
b. To focus on achievement of individual element of the project plan
c. To determine whether the original objectives are still relevant
d. To re-baseline the project budget
Q16. Confidence in the accuracy of a cost estimate increases when top-down and bottom-up estimates converge. a. ...
Pmp cost chapter 7
This document provides an overview of project cost management. It defines key processes for planning, estimating, determining budgets, and controlling costs on a project. Section 7.1 discusses planning cost management by establishing policies and documentation for managing project costs. Section 7.2 covers estimating costs by developing approximations for completing project activities. Section 7.3 involves determining the project budget by aggregating activity cost estimates. Finally, section 7.4 is about controlling costs by monitoring project spending and updating the cost baseline.
Network diagram problems
The document contains 5 practice problems related to project management:
1) Draw a network diagram for a construction project with 8 activities.
2) Find the critical path for a project with 5 activities and calculate the total variance.
3) Calculate the variance in completion time for the critical path.
4) Calculate probabilities for a project's completion time given its expected time and standard deviation.
5) Determine a software project's expected completion date, total normal cost, and cost to crash one activity by 1 week.
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75985278 sample-questions-of-capital-budgeting
This document provides sample questions, answers, and examples related to capital budgeting techniques. It includes calculations of net present value and internal rate of return for projects with cash inflows and outflows occurring over several years. It also discusses incorporating risk into capital budgeting analysis using methods like discount rates and coefficient of variation.
1440 pmp exam question bank
The document provides 117 questions from a PMP question bank divided into multiple sets. It tests knowledge on various project management topics like scope management, time management, cost management, quality management etc. Specifically, it covers concepts like work breakdown structure (WBS), scope planning, scope definition, scope verification, change control, cost estimating techniques like analogous estimating, definitions of estimates like definitive estimate, benefits of having a project charter, opportunity costs etc. The questions have multiple choice answers provided at the end.
Killexam
This document contains sample questions from the CompTIA Project+ Certification exam. The questions cover topics such as project scheduling, managing changes to project scope, techniques for completing projects on time, creating effective meeting documents, challenges of global project teams, risk management strategies, addressing requests that could lead to scope creep, updating critical paths, and prioritizing project constraints. Correct answers are provided for each multiple choice question.
Killexam
This document contains sample questions from the CompTIA Project+ Certification exam. The questions cover topics such as project scheduling, change requests, risk management, and project constraints. Correct answers are provided for each multiple choice question. This exam focuses on competencies needed by project managers to plan, execute, monitor, and close projects.
FIN 610 Midterm ExamInstructions Write your name on your exam.docx
FIN 610 Midterm Exam
Instructions: Write your name on your exam.
STUDENT NAME:______________________
The exam is individual work. It is to be your work and your work alone, with no assistance from classmates, family, friends or others.
Your completed exam is due by 11:59 PM, (upload to your Assignments folder) by March 12. Exams submitted late will be penalized 5 points for each day up to three days late.
Exams received more than three days after the due date will automatically receive an F.
Furthermore,
by proceeding with the exam you are agreeing not to share the exam content or your answers with anyone, including students who may take
FIN 610
in the future.
Please fill in (use
capital letters
) your best choice for each question on the attached answer sheet and post it in your assignment folder—by the due date----March 12
Please read the questions carefully; there may be a little more to it than might be obvious at first reading. If you find a question challenging, try to take the question in parts, working from what you know to what you are trying to solve.
Frank’s Dogs has beginning net fixed assets of $480 and ending net fixed assets of $530. Assets valued at $300 were sold during the year. Depreciation was $40. What is the amount of capital spending?
A. $10
B. $50
C. $90
D. $260
E. $390
Please use the following Income Statement and Balance sheet for Questions 2 to 6
Income Statement for Fair Company
2016
Revenue
$
9,610
less
COGS
$
6,310
less
Depreciation
$
1,370
Gross Income
$
1,930
less
S,G&A
$
-
EBIT
$
1,930
less
Interest Expense
$
630
taxable income
$
1,300
Taxes
$
455
Net Income
$
845
Balance Sheet for Fair Company
Assets
Liabilities and Shareholder Equity
2015
2016
2015
2016
Cash
310
405
Accounts Payable
2720
2570
Accounts receivable
2640
3055
Notes Payable
100
0
Inventory
3275
3850
total current
2820
2570
Pre-paid expenses
0
0
Long-term debt
7875
8100
total current
$
6,225
$
7,310
Common Stock
5000
5250
Next fixed assets (PPE)
$
10,960
10670
Retained Earnings
1490
2060
Total Assets
$
17,185
$ 17,980
$
17,185
$
17,980
What is the operating cash flow for 2016?
A. $845
B. $1,930
C. $2,215
D. $2,845
E. $3,060
The 2015 equity multiplier ratio is :
A. 11.53
B. 3.44
C. 2.65
D. 1.00
E. cannot compute with numbers given
What are the accounts receivable turnover?
A. 10.3
B. 3.44
C. 3.15
D. 3.37
E. cannot compute with numbers given
What is the debt ratio for 2016?
A. 80.7%
B. 55.0%
C. 59.3%
D. 60.7%
E. cannot compute with numbers given
What is the ROE (Return on Equity) for 2016?
A. 22.72%
B. 13.02%
C. 59.80%
D. 18.75%
E. 11.56%
The Ajax Co. just decided to save $1,500 a month for the next five years as a safety net for recessionary periods. The money will be set aside in a separate savings account which ...
UNIT-2.pptx
The document describes a project with seven activities and provides their:
1) Optimistic, most likely, and pessimistic time estimates. The critical path is determined to be activities A, D, E, I, J, C, H, K with a project completion time of 11 weeks.
2) Logical sequence, normal and crash time and cost estimates. The critical path is activities A, C, F with a total crashing cost of Rs. 41,000.
3) Time estimates for activities A-G to determine the expected project completion time using the network diagram and calculate the probability of completing at least 2 weeks earlier.
1.1. Provide the definitions for resource loading and resource.docx
1.1. Provide the definitions for resource loading and resource leveling.
· Resource loading:
· Resource leveling:
1.2. What would the resource allocation problem become if resources were not limited, as is generally not the case?
a) Project monitoring and control problem
b) Scope creep problem
c) Resource selection problem
d) Profit maximization problem
1.3. List four of the simple priority rules that are used for allocating scarce resources.
·
·
·
·
1.4. What is the goal of “The Goal” text and how can you define the critical chain?
· Goal:
· Critical chain:
1.5. Which type of project termination is used when the project is successfully completed, and introduced as a new, formal part, of the organization?
a) Termination-by-integration
b) Termination-by-extinction
c) Termination-by-starvation
d) Termination-by-addition
1.6. At what stages in the project execution, it is the most easy to deal with changes?
a) Late stages
b) Planning stages
c) Early stages
d) Selection stages
1.7. Who makes the decisions to terminate a project?
a) A committee of senior managers
b) The project manager
c) The client
d) The functional managers involved in the project
1.8. What are the three critical aspects on which the organizations focus their attention in order to improve their internal processes (i.e., dimensions used in capability maturity models)?
·
·
·
1.9. Two resources (A and B) are needed to complete the project depicted in the network below. The time needed to complete activities A1 and A2, which use resource A, and the time needed to complete activities B1 and B2, which use resource B, are given in parenthesis).
A1 (14)
B2 (12)
B1 (10)
A2 (6)
1
2
3
4
What is the minimum completion time possible for the project?
What is the maximum completion time possible for the project?
1.10. What are the four risk criteria used for preparing a risk management plan? Use the extended model to identify the fourth risk criterion.
·
·
·
·
1.11 Two potential design solutions are considered for a new project and their main performance measure is represented in the figure below.
In regard to project quality management considerations, which one of the two designs will be selected? Justify your answer.
1.12 All the activities of the three projects depicted in the figure below have probabilistic duration estimates coming from a normal distribution with a mean of 10 and standard deviation of 3.
A
B
C
D
E
A2
B
C
D
E
A3
A1
A1
A2
A3
A4
A5
B1
B2
B3
B4
B5
1.
2.
3.
By simulation the execution of the projects, the following project completion time were obtained
Project 1
Project 2
Project 3
Average
50.4
51.9
53.4
Std. dev.
7.1
6.3
5.3
Explain the results in the above table.
1.13 Considering the critical chain resource allocation approach, what is the difference between project buffer and feeding buffer?
1.14 What is one specifi ...
Devry proj 586 final exam set 2 new
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Pppl evms training_02
The document provides an overview of management reports, variance analysis, revisions, and change control processes for an Earned Value Management System (EVMS). It discusses monthly reporting requirements, the reporting and analysis processes, variance and performance indices, estimates at completion, and example CPR formats. The training also covers problem analysis, determining variance type and impact, and identifying corrective actions.
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Quiz 2-mspm iii1 03-398192-009
- 1. Quiz.1 1. Which process formally authorizes the project? a. Receive project approval b. Identify Project Manager c. Develop preliminary project statement d. Develop project charter e. Develop project management plan 2. Scope management is involved in which two project management lifecycle processes: a) Initiation and planning. b) Planning, monitoring, and control. c) Planning and closured. d) Selection and planning 3. The following components are involved in scope management planning: (T/F) a) Collect scope requirements; b) Define the scope; c) Create WBS; d) Verify scope; e) Control scope Given a project with the following characteristics, answer the following questions: You are the project manager of a project to build fancy birdhouses. You are to build two birdhouses a month for 12 months. Each birdhouse is planned to cost $100. Your project is scheduled to last for 12 months. It is the beginning of month 10. You have built 20 birdhouses and your CPI is .9091. 4. How is the project performing? A. Over budget and ahead of schedule B. Under budget and ahead of schedule C. Over budget and behind schedule D. Under budget and behind schedule. Subject Marks Time Project M&C and Evaluation Management 10 30 (Minutes)
- 2. Explanation: CPI is .9091, and the CPI formula = EV/AC. CPI less than 1 means that we aren’t getting the project Actual cost estimation, so it is over budget. 5. What is the actual cost of the project right now? A. $1800 B. $2000 C. $2200 D. $2400 Explanation: CPI = EV/AC .9091 = 2000/AC AC(.9091) = 2000 Actual Cost = 2200 6. Assuming that the COST variance experienced so far in the project will continue, how much more money will it take to complete the project? A. $400 B. $440 C. $2800 D. $2840 Explanation: Budget At Completion = 2 birdhouses per month x 12 months x $100 per birdhouse BAC = $2400 Estimation To Complete = BAC/CPI – AC
- 3. ETC = 2400/.9091 – 2200 ETC = 440 7. If the variance experienced so far were to stop, what is the project’s estimate at completion? A. $2400 B. $2440 C. $2600 D. $2800 Explanation: Estimate At Completion = AC + BAC – EV EAC = 2200 + 2400 – 2000 EAC = $2600 8. What is the project’s TCPI using the project’s budget at completion? A. .5 B. 1 C. 1.5 D. 2 Explanation: TCPI = (BAC – EV)/(BAC – AC) TCPI = (2400 – 2000) / (2400 – 2200) = 400/200 TCPI = 2 9. Senior management wants to the percentage of the project that is complete. What should you report? A. 75% B. 83%
- 4. C. 92% D. 95% Explanation: percentage of the project = EV/BAC x 100 percentage of the project = 2000/2400 x 100 percentage of the project = 83% 10. Imagine if instead of 10 months and costing $2200, the project was in month three and costing $4000. What formula might you use for BAC? A. [(BAC – EV) / (CPI * SPI)] + AC B. new bottom-up estimate C. AC + new ETC D. AC + BAC – EV Explanation: If you find that your estimates are wrong at the beginning of a project, it is best to develop a new estimate to complete and then add that to your actual costs.