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Project + > Managing Performance & Wrapping Up the Project > Flashcards

Managing Performance & Wrapping Up the Project Flashcards

1
Q

A time series chart that plots how much of the project’s budget has been used and how much remains.

a) budget burdown chart
b) budget forecast
c) burn rate

A

budget burndown chart

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2
Q

The rate at which you are using up your budget.

a) budget forecast
b) burn rate
c) cadence

A

burn rate

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3
Q

The estimated budget required to complete the remaining project work.

a) burn amount
b) cost expense
c) budget forecast

A

budget forecast

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4
Q

The sources or reasons for deviations from the expected standard in a process or item.

a) cause of variance
b) actual cost
c) cost of variance

A

causes of variance

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5
Q

this method uses three simple values to monitor schedule and cost performance. You can use these values to calculate variance and forecast the project’s likely outcome.

a) planned value management
b) earned value management
c) actual cost management

A

Earned value management (EVM)

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6
Q

the target cost and schedule.

a) earned value
b) actual cost
c) planned value

A

planned value

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7
Q

the actual schedule.

a) earned value
b) actual cost
c) planned value

A

earned value

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8
Q

the actual cost.

a) earned value
b) actual cost
c) planned value

A

actual cost

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9
Q

The total budgeted cost of the project at completion.

a) cost at completion
b) planned cost value
c) budget at completion

A

budget at completion

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10
Q

(Planned % Complete) x (BAC)=

a) planned value formula (PV)
b) earned value formula (EV)
c) cost variance formula (CV)

A

PV formula

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11
Q

(Actual % Complete) x (BAC)=

a) planned value formula (PV)
b) earned value formula (EV)
c) cost variance formula (CV)

A

EV formula

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12
Q

measures the difference between EV and AC.

= EV - AC

a) planned value formula (PV)
b) earned value formula (EV)
c) cost variance formula (CV)

A

Cost Variance (CV)

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13
Q

When CV > $0

a) The project is spending less money than expected.
b) The project is spending exactly as much as expected.
c) The project is spending more money than expected.

A

The project is spending less money than expected.

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14
Q

When CV = $0

a) The project is spending less money than expected.
b) The project is spending exactly as much as expected.
c) The project is spending more money than expected.

A

The project is spending exactly as much as expected.

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15
Q

When CV < $0

a) The project is spending less money than expected.
b) The project is spending exactly as much as expected.
c) The project is spending more money than expected.

A

The project is spending more money than expected.

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16
Q

compares EV against AC, just like CV. However, this method divides the values instead to create a ratio.

=EV/AC

a) planned cost index
b) cost performance index
c) budgeted index

A

Cost performance index (CPI)

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17
Q

When CPI > 1

a) The project is spending less money than expected.
b) The project is spending exactly as much as expected.
c) The project is spending more money than expected.

A

The project is spending less money than expected.

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18
Q

When CPI = 1

a) The project is spending less money than expected.
b) The project is spending exactly as much as expected.
c) The project is spending more money than expected.

A

The project is spending exactly as much as expected.

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19
Q

When CPI < 1

a) The project is spending less money than expected.
b) The project is spending exactly as much as expected.
c) The project is spending more money than expected.

A

The project is spending more money than expected.

20
Q

this method measures the difference between EV and PV. It compares the actual project progress against the expected progress.

= EV - PV

a) earned cost variance
b) actual variance
c) schedule variance

A

Schedule variance (SV)

21
Q

When SV > $0

a) The project is ahead of schedule.
b) The project is progressing exactly as scheduled.
c) The project is behind schedule.

A

The project is ahead of schedule.

22
Q

When SV = $0

a) The project is ahead of schedule.
b) The project is progressing exactly as scheduled.
c) The project is behind schedule.

A

The project is progressing exactly as scheduled.

23
Q

When SV < $0

a) The project is ahead of schedule.
b) The project is progressing exactly as scheduled.
c) The project is behind schedule.

A

The project is behind schedule.

24
Q

this method compares EV and PV, just like SV, but divides the values to create a ratio

=EV/PV

a) cost variance index
b) key performance index
c) schedule performance index

A

schedule performance index (SPI)

25
Q

When SPI > 1

a) The project is ahead of schedule.
b) The project is progressing exactly as scheduled.
c) The project is behind schedule.

A

The project is ahead of schedule.

26
Q

When SPI = 1

a) The project is ahead of schedule.
b) The project is progressing exactly as scheduled.
c) The project is behind schedule.

A

The project is progressing exactly as scheduled.

27
Q

When SPI < 1

a) The project is ahead of schedule.
b) The project is progressing exactly as scheduled.
c) The project is behind schedule.

A

The project is behind schedule.

28
Q

is a combination of the actual project cost and a projection of how much it would cost to finish the project work.

= AC + ETC

a) Estimate to completion
b) Variance at completion
c) Estimate at completion

A

Estimate at completion (EAC)

29
Q

equals the cost needed to finish the remaining work.

a) Estimate to completion
b) Variance at completion
c) Estimate at completion

A

Estimate to complete (ETC)

30
Q

measures the total variance the project is expected to experience.

=BAC - EAC

a) Estimate to completion
b) Variance at completion
c) Estimate at completion

A

Variance at completion (VAC)

31
Q

An adjustment to project baselines to remove variances that aren’t related to a change request.

a) revised baseline
b) rebaseline
c) adjusted baseline

A

rebaseline

32
Q

An adjustment to project baselines resulting from project change requests.

a) revised baseline
b) rebaseline
c) adjusted baseline

A

revised baseline

33
Q

A logical grouping of project deliverables arranged in a hierarchical structure that defines the total scope of work required to complete the project.

a) Key performace structure
b) work breakdown structure
c) organizational change structure

A

work breakdown structure (WBS)

34
Q

A group of related activities that are reported as an aggregate activity.

a) total work
b) perfomace activity
c) summary activity

A

summary activity

35
Q

measures how likely a project is to meet its goals.

a) deliverables
b) key performace indicators
c) scope

A

key performance indicators (KPIs)

36
Q

structured approach to building change plans.

a) planned change management
b) structured change management
c) organizational change management

A

Organizational change management (OCM)

37
Q

a performance metric measuring how many people use a new offering.

a) change managemnt
b) performance variance
c) change adoption

A

change adoption

38
Q

a fantastic method for sharing extensive information in a consumable format.

a) social media
b) knowledgw base
c) index

A

knowledge base (KB)

39
Q

Verification that each financial transaction in the project budget is matched with a corresponding payment or activity

a) budget reconciliation
b) separation of duties
c) administrative closure

A

budget reconciliation

40
Q

Security policy concept that states that duties and responsibilities should be divided among individuals to prevent ethical conflicts or abuse of powers.

a) budget reconciliation
b) separation of duties
c) administrative closure

A

separation of duties

41
Q

The project management process of verifying and documenting project results to formalize project or phase completion.

a) budget reconciliation
b) separation of duties
c) administrative closure

A

administrative closure

42
Q

A job aid that prompts employees to perform activities according to a consistent quality standard.

a) change log
b) update list
c) checklist

A

checklist

43
Q

a structured, objective assessment of a project’s performance.

a) project evaluation
b) performace evaluation
c) project closure report

A

project evaluation

44
Q

Activities that underlie the effective practice of project management

a) project evaluation
b) project management processes
c) project closure report

A

project management processes

45
Q

a final send-off of the project and its last working meeting.

a) project evaluation
b) closure meeting
c) project closure report

A

closure meeting

46
Q

this report documents the closure meeting’s content, along with additional performance information.

a) project evaluation
b) closure meeting
c) project closure report

A

project closure report

47
Q

this report is your best resource for improving future projects.

a) lessons learned report
b) closure meeting
c) project closure report

A

lessons learned report

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