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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?
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.
Thomas works as a contract-based project manager for BlueWell Inc. Management has hired Thomas to manage a high-risk project because Thomas has years of experience with this technology and similar project. Thomas would like to use his own templates for the project schedule, quality, and risk management approach. Management is fine with this, except after reviewing the template they had preferred Thomas to use 24-hour time periods for his project calendar rather than the 8-hour time periods as indicated. Thomas agrees, but now he has to update what document in his project management plan?
The project calendar needs to be updated to reflect the 24-hour time period rather than the 8-hour
time period.
The project calendar is used to define the working and nonworking days and times for tasks. This
calendar is usually used to represent an
organization's traditional working hours. Project uses this calendar to schedule tasks that do not
have resources assigned or that have a task
type of fixed duration. By default, the Standard base calendar is used as the project calendar. A user
can also reflect alternative schedules by
using other base calendars.
The working days and hours in the project calendar reflect the working days and hours for the whole
project. A user can also specify special
days off, such as company holidays. A user can also indicate other nonworking times to reflect
periods when the whole team will be working
on nonproject activities, such as company meetings or department retreats.
Answer option D is incorrect. The schedule management plan will reference to the project calendar
and the resource calendar. It does not
need to be updated directly as a result of the time period change.
Answer option C is incorrect. The resource calendar does not need to be updated as this document
defines when resources are available.
Answer option B is incorrect. The activities of the project are not changing, only the time periods of
the project calendar.
Cathy is the project manager of the NNQ Project. She currently has completed 45 percent of the project but was scheduled to have 65 percent of the project completed. This project has a budget of $344,000 and was scheduled to last four months. Cathy has spent $198,998 to date on the project. Based on this information, what is the estimate at completion for the NNQ Project?
The estimate at completion (EAC) formula is the Budget at Completion (BAC)/Cost
Performance Index (CPI). In this instance, the CPI is .78 and
the BAC is $344,000. Cathy's project isn't doing too well.
Answer option D is incorrect. This value represents the estimate to complete for the project.
Answer option B is incorrect. This value represents the negative cost variance.
Answer option A is incorrect. This value represents the negative value the project will have once all
the work is completed.
You are the project manager for your company. You are working with the management regarding the exact end date of your project. Management needs to know what day of the week your project will complete. Assuming that your project will not require any work to be completed over the upcoming weekends and that the remaining project work will commence on a Tuesday, what day of the week will the project end if there are 67 days of project work left to complete?
The project will end on a Wednesday. If the project work commences on a Tuesday, there will be four days to complete in that week. That will bring the project work down to 63 days of remaining work. Each work week counts as five days of work. 63 divided by 5 is 12 work weeks with three days remaining. The 63rd remaining day will complete on a Wednesday. Answer options C, D, and B are incorrect. These are not the valid answers.
You work as a project manager for Blue Well Inc. According to you, which of the following is an output of the Sequence Activities process?
Sequence Activities is one of the twenty processes of the Planning Process group. It is the process of
identifying and documenting
relationships among the project activities.
Inputs
Following are the inputs to this activity:
Activity list
Activity attributes
Milestone list
Project scope statement
Organizational process assets
Outputs
Following are the outputs of the sequence activities process:
Project schedule network diagrams
Project document updates
