(NTB updated w/formual) Unit 5 - Project Monitoring, Controlling and Closing

Question 1

Describe the bare-bones process a PM uses to monitor current progress against project baselines.

Answer 1

1. Monitor
2. Analyze
3. Propose Changes

Question 2

What are the 5 stages of team development?

Answer 2

1. Forming
2. Storming
3. Norming
4. Performing
5. Adjoruing

Question 3

What are 5 Baselines the PM should be monitoring during the project?

Answer 3

1. Project Scope Baseline
2. Project Schedule Baseline
3. Project Cost Baseline
4. Project Risk
5. Project Quality

Question 4

What are the 4 steps of the Project Change Management Process?

Answer 4

1. Identify Change
2. Evaluate Change
3. Decision
4. Communicate Change

Question 5

What are the 4 Principles of Quality Management?

Answer 5

1. Quality Management
2. Quality Assurance
3. Quality Control
4. Quality Audit

Question 6

What is Quality management?

Answer 6

The process of identifying the requirements and how they will be measured

Question 7

What is Quality Assurance?

Answer 7

The Process of validating that the requirements and measurements are appropriate for the project environment

Question 8

What is Quality Control?

Answer 8

The process of monitoring and changing project execution to ensure that activities are being executed as planned
and will result in meeting the requirements

Question 9

What is a Quality Audit?

Answer 9

Rigorous reviews of the project performance. completed by groups of experts outside of the project team, such as
a company’s quality assurance (QA) department or an outside consultant

Question 10

What 4 Components make up “Earned Value management”?

Answer 10

1. EV (Earned Value)
2. PV (Planned Value)
3. AC (Actual Cost)
4. BAC (Budget at Completion)

Question 11

What is EV?

Answer 11

Earned Value

–Dollar value of all work completed to date
–Based on the baseline budgeted cost of each activity

Question 12

What is PV?

Answer 12

–The dollar value of all work scheduled to have been completed to date
–Based on the baseline schedule and the calendarized baseline budget

Question 13

What is AC?

Answer 13

–Total dollar value of costs incurred to date–Includes work and invoices already paid as well as any expenses that have been incurred but not yet invoiced or paid

Question 14

What is BAC?

Answer 14

–Approved total baseline budget approved for the completed project

Question 15

What is CV?

Answer 15

Cost Variance

• compares the difference between the EV and the AC to determine if the project is meeting its budget expectations

Question 16

What is the formula for CV?

Answer 16

CV = EV − AC

Question 17

What is SV?

Answer 17

Schedule Variance

compares differences between the EV and the PV to determine if the project is meeting its schedule expectations or if there is a variance.

Question 18

What is the formula for SV?

Answer 18

SV = EV − PV

Question 19

What is Negative Variance?

Answer 19

A negative value for SV or CV
* indicates that the project is behind in that measure of variance.

Question 20

What is Positive Variance?

Answer 20

Positive value
* indicates that the project is ahead in that measure of variance.

Question 21

What does a CV or SV value of 0 mean?

Answer 21

that there is no variance, and you are right
on track.

Question 22

What is CPI?

Answer 22

Cost Performance Index

Question 23

What happens during the “Closeout” phase of a project?

Answer 23

project documents indicate that the project has been completed and
that the project sponsor or customer agrees with and approves of the outcomes.
* Finalizes all project activities completed across all phases of the project to formally close the project and transfer the completed or canceled project as appropriate
* Purpose is to assess the project, ensure completion, and derive any lessons learned and best practices to be applied to future projects

Question 24

What are 5 activities that take place during the “closeout” phase of a project?

Answer 24

1. Receiving formal acceptance of project deliverables (client acceptance)
2. Creating a vendor-closing checklist
3. Releasing project team members
4. Documenting reasons for project termination
5. Conduct lessons learned review

Question 25

What are 4 questions to ask during the “lessons learned” review?

Answer 25

1. What did we do right?
2. What can we do better?
3. What went wrong?
4. How can we prevent what went wrong then from going wrong next time