You work as a Project Manager for Tech Perfect Inc. Several projects are running under your supervision. Martha, the team leader of a project, provides you performance indexes of her project. The cost variance (CV) of her project is -20. What does this figure depict?
According to the question, the cost variance of the project is -20, which is a negative
figure. The negative CV depicts that the costs are higher
than planned.
What is CV?
Cost variance (CV) is a measure of cost performance on a project. The variance notifies if costs are
higher than budgeted
or lower than budgeted. The cost variance is calculated based on the following formula:
CV = Earned Value (EV) - Actual Cost (AC)
A positive value means that spending is less than budgeted, whereas a negative value indicates that
costs are higher than
originally planned for the project.
Answer option B is incorrect. This result is drawn when the CV value is positive.
Answer option A is incorrect. If the CV is zero, it shows that spending is right on target.
Answer option C is incorrect. This result is depicted by viewing the schedule variance (SV), not the
CV.
What is SV?
Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that
the schedule is ahead
or behind what was planned for this period in time. The schedule variance is calculated based on the
following formula:
SV = Earned Value (EV) - Planned Value (PV)
If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater
than 0 shows that the
project is ahead of the planned schedule. A value of 0 indicates that the project is right on target.
with an appropriate phrase.
The __________ includes a description of any collateral services required, such as performance reporting or post-project operational support for the procured item.
The procurement SOW consists of a description of some collateral services required, such as performance reporting or post- project operational support for the procured item. The procurement SOW is revised and refined as required when it moves through the procurement process until incorporated into a signed contract award.
You are the project manager of the NNN Project. Stakeholders in the two-year project have
requested to send status reports to them via email every week. You have agreed and are sending the
reports on each Thursday. After six months of the project, the stakeholders are pleased with the
project progress and they would like you to reduce the status reports to every two weeks. What
process will examine the change to this project process and implement it in the project?
Although this appears to be a simple change the project manager must still follow the
rules of the project's change control system. Perform
Integrated Change Control is the process of reviewing all change requests, approving changes, and
controlling changes to the deliverables
and organizational process assets in a project. Perform Integrated Change Control has to do with
influencing the things that cause change,
determining that the change is required or has happened, and managing the change.
Answer option D is incorrect. Communications management is the execution of the communications
management plan.
Answer option A is incorrect. The project change control process not valid as it's the parent of the
integrated change control process, which is
more accurate for this question.
Answer option C is incorrect. Configuration management is the documentation and control of the
product's features and functions.
Tom is the project manager of the GHQ Project for his organization. He is working on recovering the project schedule. As Tom examines his schedule he is especially aware of project activities with soft logic. What is soft logic?
Soft logic can be completed in any order without affecting the outcome of the deliverables.
Soft logic is also known as preferential logic, preferred logic, and discretionary dependency. It is
defined on the basis of knowledge of best practices and standard procedures for the particular
application area. Soft logic is defined by the project management team based on well-
known practices in a specific desired sequence.
Answer options A, D, and C are incorrect. These are not valid definitions of soft logic.
Adrian is the project manager for her project. This new project needs to identify all the stakeholders that will be affected by the project's outcome. How stakeholders are usually identified?
Stakeholders are interviewed and can help identify other stakeholders that should be
included in the project communications.
Answer option B is incorrect. According to the PMBOK, this is not the best answer.
Answer option A is incorrect. Stakeholders are entered into a stakeholder register, not identified by
it.
Answer option C is incorrect. Project customers are stakeholders.
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