Part 12 - Monitoring and Controlling Schedule and Costs Flashcards
- Which analytical tools are used to assess project progress and identify the magnitude of cost, resource, and production variations?
A. Gantt chart review
B. Monte Carlo analysis
C. Project cost baseline audit
D. Earned value analysis
1.
Correct Answer(s): A
C
D
- What does a Cost Performance Index (CPI) of 0.8 mean to the project?
A. Under-budget to date.
B. Over-budget to date.
C. On budget.
D. Nothing; CPI values are always above 1.0.
2.
Correct Answer: B
- For what reasons are Gantt charts useful for reporting project progress?
A. They display schedule performance trends.
B. They are easy to read.
C. They are available in most project management software packages.
D. They provide detailed analysis for making adjustments.
3.
Correct Answer(s): B
C
- A project has a negative cost variance and an SPI less than 1.0. What does this mean to the project?
A. It is over-budget and ahead of schedule.
B. It is under-budget and behind schedule.
C. It is over-budget and behind schedule.
D. It is under-budget and ahead of schedule.
4.
Correct Answer: C
- What is the purpose of trend analysis?
A. Forecast future project performance.
B. Improve variance reporting.
C. Create change requests.
D. Mitigate the harmful effects of scope creep.
5.
Correct Answer: A
- What is the essential first step in the control schedule process?
A. Making changes to the project schedule.
B. Computing the SPI.
C. Making sure schedule requirements are clear.
D. Determining the current status of the project schedule.
6.
Correct Answer: D
- What is the difference between the Earned Value (EV) and the Planned Value (PV)?
A. Cost variance.
B. Schedule variance.
C. Unearned value.
D. Actual cost
7.
Correct Answer(s): B
C
- What does a Schedule Performance Index (SPI) of 1.2 mean to the project?
A. Ahead of schedule.
B. According to schedule.
C. Behind schedule.
D. Nothing; SPI values are always below 1.0.
8.
Correct Answer: A
- During the control schedule process, the project schedule serves what functions?
A. Schedule baseline.
B. Basis for measuring project performance.
C. Cost baseline.
D. Time management component of the project.
9.
Correct Answer(s): A
B
D
- What is the Schedule Variance (SV) if the Planned Value (PV) is $275,000 and the Earned Value (EV) is $300,000?
A. $25,000
B. - $25,000
C. $125,000
D. $575,000
10.
Correct Answer: A
- What are the changes made to keep project activities on schedule called?
A. Corrective actions.
B. Change requests.
C. Performance measurements.
D. Schedule baselines.
11.
Correct Answer: A
- How do you calculate the Cost Performance Index (CPI)?
A. Divide the Earned Value (EV) by the Actual Cost (AC).
B. Divide the Earned Value (EV) by the Planned Value (PV).
C. Subtract the Actual Cost (AC) from the Earned Value (EV).
D. Subtract the Planned Value (PV) from the Earned Value (EV).
12.
Correct Answer: A
- Based on the performance measures indicated in the following table, what is the Cost Variance (CV) for Case 3?
A. -1,000
B. 1,000
C. 2,000
D. -2,000
13.
Correct Answer: B
- Based on the performance measures indicated in the following table, what is the Schedule Variance (SV) for Case 2?
A. -1,000
B. 1,000
C. 2,000
D. -2,000
14.
Correct Answer: A
- In the cost curve shown in the following figure, Height A represents:
A. Cost variance
B. Schedule variance
C. Earned value
D. Budget at Completion (BAC)
15.
Correct Answer: D
