Question 1

The EV represents, at a given time:

Accepted Answer

Earned Value (EV) is a project management metric that measures the amount of work actually performed and the original budget for that work. It helps in assessing project progress and performance.

Question 2

Suppose a project was originally estimated to cost $100,000, and as of a given date the EV is $80,000 and the CPI is 0.80. What is the forecast cost to complete the project?

Accepted Answer

B

Question 3

Which of the following might project managers employ to reduce schedule overruns? (circle all that apply):

Accepted Answer

Adding time buffers to the schedule can help accommodate unforeseen delays, thus reducing the risk of schedule overruns. Multi-tasking often leads to decreased productivity due to task-switching costs, and procrastination by workers would likely increase schedule overruns, not reduce them.

Question 4

Activity X has four immediate predecessors, three of which finish before their late finish date, one that finishes after its late finish date. What effect will this have on Actiivity X (circle one):

Accepted Answer

Activity X will be delayed because one of its immediate predecessors finishes after its late finish date.

Question 5

To implement a time buffer (circle one):

Accepted Answer

The answer of To implement a time buffer (circle one):
...

Question 6

Five days after starting a work task, the supervisor assesses that the task is 25% completed. If no other information is available, what is the estimated time remaining for the task:

Accepted Answer

The answer of Five days after starting a work task,...

Question 7

Among important ways to assess the status of a project are (circle all that apply):

Accepted Answer

Informal peer review meetings and daily standup meetings are both effective ways to assess the ongoing status of a project. Post-completion project review meetings occur after the project is finished and do not assess the current status.

Question 8

Which of the following are true about formal project review meetings (circle all that apply):

Accepted Answer

B) Formal project review meetings are crucial for identifying deviations from the project plan, allowing stakeholders to take corrective actions swiftly. D) These meetings can indeed be conducted by objective outsiders, such as external consultants or auditors, to ensure an unbiased review process.

Question 9

In controlling projects, data on actual project performance is (circle all that apply):

Accepted Answer

A) The project cost accounting system is a key tool for tracking actual costs against budgeted costs, thus providing data on project performance. C) Accumulating data for every work package allows for detailed tracking and control at a granular level, ensuring that any deviations from the plan are identified and addressed promptly. E) Time cards and invoices are primary sources of actual cost data, which are essential for monitoring project performance in terms of both time and financial resources.

Question 10

Often, the impact of changing system requirements late in the project is that it (circle all that apply):

Accepted Answer

Changing system requirements late in a project typically increases costs due to additional work and resources needed, and may require contract renegotiation to accommodate the changes.

Question 11

Ways to control the adverse impact of changes in a project include (circle all that apply):

Accepted Answer

A) Ensuring that original plans and schedules are agreed upon by all stakeholders helps in managing expectations and reduces the likelihood of unnecessary changes. D) Documenting, reviewing, and approving all changes ensures that changes are necessary, beneficial, and do not adversely impact the project's objectives or outcomes.

Question 12

About the project control process (circle all that apply):

Accepted Answer

Project control is effective when management supports it and is willing to take action (B), it is applied objectively and uniformly (C), managers must individually monitor and control multiple projects (D), and it starts with comprehensive planning (E). It does not prioritize cost above all other factors (A), as control involves various aspects like time, scope, and quality as well.

Question 13

How or where is work progress measured (circle all that apply):

Accepted Answer

Work progress is typically measured through tangible outputs and assessments such as tests and demonstrations (A), which provide objective evidence of progress. Design review meetings (C) are formal gatherings where project status and progress are evaluated against planned objectives and requirements. Opinions of work supervisors and managers (D) are also crucial as they have oversight of the work being done and can provide insights into how well the work aligns with project goals and standards.

Question 14

Work progress should be reviewed (circle all that apply):

Accepted Answer

A) Reviewing work more often than the average duration of work packages allows for timely adjustments and ensures that the project stays on track. D) Frequent reviews enable quick identification and resolution of problems, maintaining project momentum and quality.

Question 15

Technical Performance Measurement (TPM) provides (circle all that apply):

Accepted Answer

Technical Performance Measurement (TPM) is a tool used in project management to assess the technical aspects of a project or system. It includes estimating current performance (A), forecasting future performance based on current trends (C), and aiding in decision-making regarding trade-offs in system or component performance (D). It does not specifically focus on determining the reliability of performance measures (B), which is more related to the validation and verification of the measurement methods themselves.

Question 16

Statement: Project planning and project control are independent and unrelated functions.

Accepted Answer

Project planning and project control are closely related functions; planning sets the roadmap for the project, while control ensures the project stays on track, adjusting plans as necessary based on performance and changes.

Question 17

Statement: Project control primarily involves monitoring performance, comparing performance to standards, and taking necessary corrective action.

Accepted Answer

Project control involves these key activities: monitoring performance, comparing actual performance against planned standards, and taking corrective actions to align the project outcomes with the project plan.

Question 18

Statement: External project control refers to the objective monitoring and corrective actions taken by the project contractor.

Accepted Answer

External project control refers to the oversight and corrective actions taken by entities outside of the project team, such as clients or regulatory bodies, not by the project contractor.

Question 19

Statement: The concept of earned value is used to express the value of work actually completed as of a given date.

Accepted Answer

Earned value is a project management technique that measures the work performed on a project against the project budget and schedule, expressing the value of work actually completed as of a given date.

Question 20

Statement: There is little difference between project control procedures and the traditional variance analysis used in accounting practice.

Accepted Answer

Project control procedures encompass a broader range of activities including planning, monitoring, and adjusting project plans, while traditional variance analysis in accounting primarily focuses on comparing actual financial outcomes to budgeted amounts, thus being more narrow in scope.

Quiz 13: Project Monitoring and Control

The EV represents, at a given time:

Suppose a project was originally estimated to cost $100,000, and as of a given date the EV is $80,000 and the CPI is 0.80. What is the forecast cost to complete the project?

Which of the following might project managers employ to reduce schedule overruns? (circle all that apply) :

Activity X has four immediate predecessors, three of which finish before their late finish date, one that finishes after its late finish date. What effect will this have on Actiivity X (circle one) :

To implement a time buffer (circle one) :

Five days after starting a work task, the supervisor assesses that the task is 25% completed. If no other information is available, what is the estimated time remaining for the task:

Among important ways to assess the status of a project are (circle all that apply) :

Which of the following are true about formal project review meetings (circle all that apply) :

In controlling projects, data on actual project performance is (circle all that apply) :

Often, the impact of changing system requirements late in the project is that it (circle all that apply) :

Ways to control the adverse impact of changes in a project include (circle all that apply) :

About the project control process (circle all that apply) :

How or where is work progress measured (circle all that apply) :

Work progress should be reviewed (circle all that apply) :

Technical Performance Measurement (TPM) provides (circle all that apply) :

Statement: Project planning and project control are independent and unrelated functions.

Statement: Project control primarily involves monitoring performance, comparing performance to standards, and taking necessary corrective action.

Statement: External project control refers to the objective monitoring and corrective actions taken by the project contractor.

Statement: The concept of earned value is used to express the value of work actually completed as of a given date.

Statement: There is little difference between project control procedures and the traditional variance analysis used in accounting practice.