Question 1

________ is simply the percent complete times the original budget.
A) Actual cost
B) Earned value
C) Cost Performance Index
D) Schedule Performance Index
E) Budget at Completion

Accepted Answer

Earned value is calculated as the percent complete times the original budget, providing a measure of the project's progress in financial terms.

Question 2

Causes for scope creep can include
A) newly identified features.
B) incorrect design assumptions.
C) new technology.
D) users want more functionality.
E) All of these alternatives are correct.

Accepted Answer

Scope creep can occur due to various reasons including newly identified features, incorrect design assumptions, the introduction of new technology, and users requesting more functionality. All these factors can lead to changes in the project scope after the project has already begun, which is why option E is correct.

Question 3

Because of their easy-to-understand visual format, ________ charts are the most favored, used, and understandable tool used to report project schedule status.
A) Network
B) Work breakdown structure
C) Gantt
D) Burndown
E) Cost / schedule

Accepted Answer

Gantt charts are widely recognized for their straightforward visual format, which makes them the most favored and understandable tool for reporting project schedule status. They display tasks over time, allowing for easy tracking of project progress.

Question 4

The indicator that tells you the planned time-phased value of the work that is scheduled is the _______________.
A) planned value (PV)
B) earned value (EV)
C) schedule variance (SV)
D) cost variance (CV)
E) None of these alternatives is correct.

Accepted Answer

The planned value (PV) is the indicator that tells you the planned time-phased value of the work that is scheduled. It represents the budgeted cost for the work scheduled to be completed by a certain date.

Question 5

The ________ rule assumes credit is earned for having performed the work once it is completed. This rule is usually used for work packages having very short durations.
A) one-to-ten
B) one-to-one
C) 50 / 100
D) 0 / 100
E) 50 / 50

Accepted Answer

The 0/100 rule assumes that no credit is earned until the work is fully completed, making it suitable for short-duration work packages.

Question 6

When reviewing the cost variance on a project, you compare Earned Value with
A) actual cost.
B) realized risks.
C) planned value.
D) Both actual cost and planned value.
E) All of these alternatives are correct.

Accepted Answer

Cost variance in project management is calculated by comparing the Earned Value (EV) with the Actual Cost (AC), not with realized risks or planned value.

Question 7

The ________ variance is the difference between the earned value to date and the baseline schedule.
A) schedule
B) cost
C) budget
D) time
E) performance

Accepted Answer

The schedule variance is the difference between the earned value to date and the baseline schedule, indicating whether a project is ahead or behind the planned schedule.

Question 8

Baseline project budgets are derived from time-phasing the work ________.
A) products
B) milestones
C) packages
D) modules
E) resources

Accepted Answer

Baseline project budgets are derived from time-phasing the work packages, which are the detailed breakdown of the work scope into manageable sections.

Question 9

A project can have a negative schedule variance and still be ahead of schedule when
A) all budget targets have been achieved.
B) earned value exceeds planned value.
C) progress on the critical path is faster than non-critical path tasks.
D) actual cost exceeds earned value.
E) None of these alternatives is correct.

Accepted Answer

Progress on the critical path determines the project's overall schedule. If progress on the critical path is faster than planned, even if other tasks are behind schedule (leading to a negative schedule variance), the project can still be ahead of schedule.

Question 10

A Cost / Schedule graph can be interpreted using ___________ for its vertical axis and _______ for its horizontal axis.
A) Earned Value; Schedule.
B) Dates; Actual Cost.
C) Baseline; Deadline.
D) Dollar Amounts; Time.
E) None of these alternatives is correct.

Accepted Answer

A Cost / Schedule graph typically uses Dollar Amounts for its vertical axis to represent the cost aspect, and Time for its horizontal axis to represent the schedule aspect. This allows for the visualization of how costs accumulate over time.

Question 11

Conditions or scope can change during execution, which, in turn, will require a change to the __________ plan to recognize the new information.
A) project
B) budget
C) schedule
D) overall
E) baseline

Accepted Answer

The baseline plan is the original plan against which all changes are measured. When conditions or scope change, the baseline plan must be updated to reflect the new information.

Question 12

A negative CV indicates the project is currently ________ budget.
A) over
B) under
C) on track with
D) ahead of
E) behind

Accepted Answer

A negative Cost Variance (CV) indicates that the project is over budget, meaning the actual costs have exceeded the budgeted amounts.

Question 13

When someone familiar with each task estimates what percent of the task has been completed or how much of the task remains, they are creating a method for assigning costs to the baseline called the ____________ rule.
A) estimated completion
B) estimated cost
C) percent complete
D) estimation
E) estimation method

Accepted Answer

The "percent complete" rule involves someone familiar with each task estimating what percent of the task has been completed or how much of the task remains, which is a method for assigning costs to the baseline. This approach helps in tracking the progress and financial status of a project by estimating the completion percentage of tasks.

Question 14

The value that tells you how much work has been completed in dollars of value is ___________.
A) earned value
B) planned value
C) actual cost
D) budgeted cost of work scheduled
E) baseline plan

Accepted Answer

Earned value is a project management technique that measures the work performed on a project in terms of the budget authorized for that work. It helps in understanding how much of the budgeted cost has been earned by the work completed.

Question 15

Which of the following is not one of the four steps for measuring and evaluating project performance?
A) Setting a baseline plan.
B) Setting a baseline budget.
C) Taking action.
D) Measuring progress and performance.
E) Comparing plan against actual.

Accepted Answer

Setting a baseline budget is not typically considered one of the four steps for measuring and evaluating project performance. The steps generally involve setting a baseline plan, measuring progress and performance, comparing the plan against actual results, and taking corrective action if necessary.

Question 16

The ________ variance is the difference between the earned value and the actual costs for the work completed to date.
A) schedule
B) cost
C) budget
D) time
E) performance

Accepted Answer

The correct term is "cost variance," which is calculated as the difference between the earned value (EV) of work performed and the actual cost (AC) incurred to perform that work.

Question 17

Taking action in the four steps for measuring and evaluating project performance can only happen after _________.
A) setting a baseline plan.
B) setting a baseline budget.
C) measuring progress and performance.
D) comparing plan against actual.
E) writing a progress and performance report.

Accepted Answer

Taking action can only happen after comparing the plan against actual performance, as this comparison identifies any deviations that need to be addressed.

Question 18

The project network schedule is derived from the _______ and it serves as the baseline to compare against actual performance.
A) Risk Breakdown Structure
B) Work Breakdown Structure
C) Gantt Chart
D) Organization Breakdown Structure
E) Risk Register

Accepted Answer

The Work Breakdown Structure (WBS) is used to derive the project network schedule. The WBS breaks down the project into smaller components, making it easier to manage and schedule. This schedule then serves as a baseline for comparing against actual project performance.

Question 19

A negative cost variance combined with a negative schedule variance is an indicator of
A) actual cost exceeding earned value.
B) planned value exceeding earned value.
C) budget over-runs.
D) behind schedule.
E) All of these alternatives are correct.

Accepted Answer

A negative cost variance indicates that the actual cost of work performed is more than the budgeted amount (earned value), and a negative schedule variance indicates that the work is behind schedule (planned value exceeding earned value). Both conditions together imply budget overruns and being behind schedule.

Question 20

The start of a task may be moved on a tracking Gantt due to
A) increase in earned value.
B) lack of an updated control chart.
C) a predecessor task starting late.
D) Both an increase in earned value and a lack of an updated control chart.
E) All of these alternatives are correct.

Accepted Answer

The start of a task in a project schedule may be delayed if a predecessor task (a task that must be completed before the next task can start) starts late. This is because the subsequent task's start is dependent on the completion of the predecessor task. Increases in earned value or the lack of an updated control chart do not directly cause the start of a task to be moved; these factors are related to project performance measurement and quality control, respectively.

Quiz 13: Progress and Performance Measurement and Evaluation

________ is simply the percent complete times the original budget.

Causes for scope creep can include

Because of their easy-to-understand visual format, ________ charts are the most favored, used, and understandable tool used to report project schedule status.

The indicator that tells you the planned time-phased value of the work that is scheduled is the _______________.

The ________ rule assumes credit is earned for having performed the work once it is completed. This rule is usually used for work packages having very short durations.

When reviewing the cost variance on a project, you compare Earned Value with

The ________ variance is the difference between the earned value to date and the baseline schedule.

Baseline project budgets are derived from time-phasing the work ________.

A project can have a negative schedule variance and still be ahead of schedule when

A Cost / Schedule graph can be interpreted using _____ for its vertical axis and _ for its horizontal axis.

Conditions or scope can change during execution, which, in turn, will require a change to the __________ plan to recognize the new information.

A negative CV indicates the project is currently ________ budget.

When someone familiar with each task estimates what percent of the task has been completed or how much of the task remains, they are creating a method for assigning costs to the baseline called the ____________ rule.

The value that tells you how much work has been completed in dollars of value is ___________.

Which of the following is not one of the four steps for measuring and evaluating project performance?

The ________ variance is the difference between the earned value and the actual costs for the work completed to date.

Taking action in the four steps for measuring and evaluating project performance can only happen after _________.

The project network schedule is derived from the _______ and it serves as the baseline to compare against actual performance.

A negative cost variance combined with a negative schedule variance is an indicator of

The start of a task may be moved on a tracking Gantt due to