PM Exam Flashcards
Teams have a vision statement before they begin a new project for what purpose
Lists the goal that team or company is ultimately trying to achieve
Team member says that he greatly appreciates leaders who support team s physical and mental health is a type of what leadership
Healing leadership
Listening leadership
Ability to attend to other s opinions
Stewardship leadership
Means being responsible and working alongside the team to accomplish the work
Empathy leadership
Understanding other people s emotions and being sensitive to their feelings
PM gathers a large group of potential stakeholders and evaluate their skills all at once. Method is called
Focus groups
Focus groups
Way to assess skills that stakeholders possess and function like a group interview
Skills matrix
Chart that displays various skills and whether team has them or not
Survey
Series of questions that participants answer
Peer reviews
Teammates rating and analyzing each other’s performances
Stakeholder explains one of her suggestions to team, and team later complains that the suggestion makes it more difficult for them to pursue their own interests for the project. What should team do?
Teams should work to meet the expectations of the stakeholder
Stakeholders
Have influence over the project because they have Personal interest in seeing it succeed
Which of following is NOT an aspect of emotional intelligence
A. Motivation
B. Social skills
C. Empathy
D. Foresight
D foresight
Cost variance (CV)
Actual costs subtracted from the earned value using equation
CV=EV-AC
Cost variance= earned value - actual costs
Project budget = $150,000
30% of projected work has been completed
Earned value=$50,000
PM spent $55,000
What is cost variance
EV= $150,000 *.30=$50,000
CV= EV- AC
CV= $50000-55,000
Cost variance is $5000
Schedule Variance (SV)
Difference between how much of work of project was planned to have been completed and how much work has actually been completed
Schedule Variance (SV)
SV=EV-PV
Schedule variance=earned value minus how much work actually completed
SV= earned volume - planned volume
Schedule variance (SV)
Project planned by 6 months =50%
Planned value after 6 months =$75000
30% of work completed after 6 months
Earned value is $50000
What is SV
SV ( schedule variance)
SV=EV-PV
$50000-$75000= -$25000
Cost Performance Index (CPI)
Amount of work completed per dollars spent
CPI= EV/ AC
Cost performance index = earned value divided by actual costs spent
CPI problem example
Earned value = $50000
Actual costs= $55000
CPI = 0.91
Means project loses $.09 for every dollar spent, which will result in total loss of $18,000 if project continues on same performance rate
Schedule performance index (SPI)
Measurement of how closely the project is following the planned schedule
SPI= EV/ PV
Schedule performance Index (SPI)
Earned value = $50000
Planned value = $75000
SPI= EV/PV
$50000/$75000= 0.67 SPI
Estimate at Completion (EAC)
Projection of how much project will cost to complete based on current project performance
EAC
Estimate at completion
EAC= AC ( BAC-EV/ CPI x SPI)
Estimate at completion (EAC) example
Project budget=$150,000
Earned value=$50,000
Planned value after 6 months= $75,0000
SV= -$25,000
Actual cost=$55,000
CPI= 0.91
SPI= 0.67
EAC= $55,000 + ( $200,000 - $50,000/ 0.91 x 0.67)
EAC= $300, 901. 64
To complete performance index (TCPI)
Predicts whether the project can be completed within the planned budget based on the current performance or whether it can be completed at the new EAC
Determine if project can be completed within planned budget
TCPI= BAC - EV / BAC - AC
TCPI= 200,000-50,000/ 200,000-55,000
TCPI = ( 150,000/145,000)
TCPI=1.03
Determine if project can be completed at new EAC
TCPI=BAC-EV/EAC-AC
TCPI = BAC- EV / EAC- AC
TCPI= 200,00-50,000/300,901.64 - 55,000
TCPI=150,000 /245, 901.64
TCPI= 0.61
Estimate to Complete (ETC)
Estimate of how much money will be required to complete the project under the current conditions
ETC= EAC-AC
300, 901.64 - 55,000
ETC =245, 901.64
