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Project Management Certification > Monitoring and Controlling > Flashcards

Monitoring and Controlling Flashcards

Project ManagementProfessional (PMP®) Prep Program

1
Q

Collecting performance information, progress and status and distributing it and the associated forecasts to stakeholders is:

A

Performance reporting

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2
Q

Inputs to performance reporting include:

A

Work results, performance measurements, forecasts, quality control measurements, and variances.

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3
Q

Tools and techniques for performance reporting include:

A

Variance analyses, forecasting, communication and reporting

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4
Q

Outputs from performance reporting include:

A

Performance reports, forecasts, change requests, recommended corrective actions and OPA updates

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5
Q

Meetings held to exchange project information are called:

A

Status review meetings

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6
Q

The three key values used in earned value calculations are:

A

EV, PV, AC

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7
Q

The portion of an approved cost estimate planned to be spent on an activity in a given time period is called:

A

PV (or BCWS)

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8
Q

The total costs incurred in accomplishing work on an activity during a given time period is called:

A

AC or ACWP

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9
Q

The value of work actually completed is called:

A

EV or BCWP

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10
Q

Schedule variance is determined by the following formula:

A

EV – PV

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11
Q

Schedule Performance Index is determined by the following formula

A

EV / PV

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12
Q

Cost variance is determined by the following formula:

A

EV – AC

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13
Q

Cost Performance Index is determined by the following formula:

A

EV / AC

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14
Q

Coordinating change across the knowledge areas is the function of:

A

Integrated Change Control

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15
Q

Inputs to integrated change control include:

A

Project management plan, work performance reports, change requests, the PMIS and change control procedures and guidelines

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16
Q

Tools and techniques for integrated change control include:

A

Change control meetings and expert judgment

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17
Q

Outputs from integrated change control include:

A

Approved and rejected change requests, baseline and project plan updates and updates to other project documents.

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18
Q

If a change control system is not a part of an existing system of an organization, who will have responsibility for developing one?

A

Project Management team

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19
Q

Scope verification is the process of:

A

Obtaining formal acceptance of completed project deliverables.

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20
Q

How does scope verification differ from quality control?

A

It is concerned with the accepting the deliverables, while quality control is concerned with the correctness of the deliverables and whether they meet quality requirements.

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21
Q

Cost control is concerned with:

A

Monitoring the project status and managing changes to the cost baseline

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22
Q

Quality control is the process of:

A

Involves monitoring specific project results to determine if they comply with relevant quality standards

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23
Q

Keeping track of the identified risk is one aspect of:

A

Monitoring and controlling risks

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24
Q

What is the purpose of a risk audit?

A

To examine and document the effectiveness of risk responses.

25
Q

The point in a project where cost monitoring takes place is called:

A

Control account

26
Q

Earned Value is:

A

The authorized budget for the work actually accomplished.

27
Q

Project A has incurred $200,000 in expended costs, and will require $300,000 more to complete. Project B has not started, and is expected to cost $400,000 and to complete at around the same time as Project A. Should you continue Project A or select Project B?

A

Continue Project A

28
Q

The budgeted cost for your project is $800,000 and the latest revised estimated cost at completion is $900,000. What is the variance at completion?

A

-$100,000

29
Q

For a particular work package, the Planned Value is $4,000, Actual Cost is $5,000, and Earned Value is $4,500. What is the Schedule Variance?

A

+$500

30
Q

For an activity that is now completed, with a Planned Value of $5,000 and Actual Cost of $6,000, what is the Schedule Variance in earned value terms?

A

$0

31
Q

For a particular work package, the Planned Value is $4,000, Actual Cost is $5,000, and Earned Value is $4,500. What is the Cost Variance?

A

(-)$500

32
Q

For an activity that is now completed with Budgeted Cost of $5,000 and Final Actual Cost of $6,000, what is the Cost Variance in earned value terms?

A

-$1,000

33
Q

For a particular work package, the Planned Value is $4,000, Actual Cost is $5,000, and Earned Value is $4,500. What is the Cost Performance Index?

A

0.9``

34
Q

For a particular work package, the Planned Value is $4,000, Actual Cost is $5,000, and Earned Value is $4,500. What is the SPI?

A

1.125

35
Q

A graphic display of cumulative costs, labor hours, percentage of work, or other quantities, plotted against time is often referred to as:

A

S-Curve

36
Q

Your project’s overall budget was already established before your team had enough information to do bottom-up estimating. In the cost budgeting process, you:

A

Allocate the overall cost estimates to individual activities or work packages to establish a cost baseline

37
Q

The cost baseline is a time-phased budget that will be used to measure and monitor cost performance on the project. It is usually displayed as a(n):

A

S-Curve

38
Q

Your project has undergone a scope cut by 30% half way into the project, and this cut has been approved by management as well as the project sponsor. In order to properly perform cost control on this project, your team should:

A

Record this approved scope cut and adjust the cost baseline accordingly

39
Q

Your project team has noticed a trend of negative cost variances that exceeded the acceptable limits, which were previously established. In order to reverse this trend, the team should first:

A

Identify alternatives to reduce cost and quantify any associated effects on project quality, project risk, and project schedule

40
Q

In Earned Value Management (EVM), Control Account Plans (CAPs) are used to continuously measure project performance by relating:

A

Planned Value, Earned Value, and Actual Costs

41
Q

Your project is approaching the halfway point and has undergone very high cost variances. What can you do now to ensure meaningful cost control?

A

Request approval of a budget update, then rebaseline so the project team can continue to benefit from measuring performance

42
Q

Applying performance measurement techniques, you discover that your project is experiencing some cost and schedule variances at the 33% completion point. Your project team should first:

A

Assess the magnitude of any variances, determine what is causing the variance, and decide if the variance requires corrective action

43
Q

Based on over 700 major Department of Defense contracts studied since 1977, the DOD Earned Value Body of Knowledge makes a good case for the following hypothesis:

A

As early as the 15% completion point in a project, the earned value can be used to predict the final costs and time requirements within a predictable range of values

44
Q

To employ earned value analysis, it is a requirement to compare planned value, actual value and earned value that are synchronized to:

A

A common data date

45
Q

Near the end of the project, the CPI is a more important indicator of performance than the SPI because:

A

As the project nears completion, SPI will eventually drift back to a full 1.0 position when all the project tasks have been completed

46
Q

At the 25% completion point in your project, the CPI is 0.80 while the original budget is $400,000. What is the forecasted minimum Cost At Completion for this project?

A

$500,000

47
Q

On your high-risk project that is currently underway, the cumulative actual costs so far are $400,000 while the planned value is $500,000. Budgeted cost at completion for the project is $1,000,000. Based on the performance thus far, what is the estimated cost at completion (EAC)?

A

Insufficient information to determine the EAC (you do not know the EV as of the data date).

48
Q

The Earned Value measurement method that is least useful and therefore not recommended is:

A

Level of effort

49
Q

Difficulties with the criteria to analyze overall project performance might occur when performance is subjective. To avoid this, actual performance of the project is:

A

Monitored, objectively measured, and accurately reported to management

50
Q

Which process monitors ante relationship between funds expended and work completed?

A

Control Costs

51
Q

The value of the work performed, expressed in terms of the approved budget for the work package, control account or other WBS component, is defined as:

A

Earned Value

52
Q

The amount of funds committed and recorded for the work accomplished on a work package, control account or other WBS component, is defined as:

A

Actual Cost

53
Q

When conducting a risk audit you discovered that one of the responses was not as effective as you would like. As a result you have developed a contingency plan. To implement the contingency plan you need to submit

A

A change request

54
Q

You regularly receive information about actual expenditures, progress of assigned work tasks, and the technical performance. You assemble this information to complete which process?

A

Performance reporting

55
Q

Trend analysis involves

A

A technique used to forecast future outcomes based on historical results

56
Q

Trend analysis involves

A

Accepted deliverables, change requests, project document updates

57
Q

The subsystem of the overall project management information system that is used to track proposed changes, approving changes, defining approval levels and a method to validate changes is called:

A

Configure management system

58
Q

An example of project integration occurs in this process. It includes aspects of the following processes Report Performance, Perform Quality Control, Perform Integrated Change Control and Monitor and Control Risks. Which process is it?

A

Administer Procurements

59
Q

The process of monitoring the status of the product and managing changes is called:

A

Control scope

Project Management Certification (7 decks)

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