What project management plan will document the time frame and frequency for the distribution of required information?
Correct Answer:
B
The project's Communications Management Plan defines what information will be distributed, when it will be distributed, to whom it will be distributed, and the modality of the information.
Answer option D is incorrect. The Schedule Management Plan defines the project work, when the project work will happen, resource utilization, and how the schedule will be monitored and controlled.
Answer option C is incorrect. There is a stakeholder management strategy, but not a Stakeholder Management Plan.
Answer option A is incorrect. The project's Scope Management Plan defines how the scope
will be created, how the changes will be allowed, how the scope will be executed, monitored and controlled, and finally closed.
You work as a project manager for BlueWell Inc. You are calculating the performance indexes of your project. The cost variance (CV) of your project is 30. What does this figure depict?
Correct Answer:
D
According to the question, the cost variance of the project is 30, which is a positive figure. A positive value means that cost is less 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 C is incorrect. If the CV is zero, it shows that cost is right on target.
Answer option A is incorrect. This result is depicted by viewing the schedule variance (SV), not the CV.
Answer option B is incorrect. If the CV is a negative value, it depicts that the costs are higher than planned.
You are working as a project manager for BlueWell Inc. Which of the following tools and techniques of the Define Activity process will help you in identifying the typical schedule milestones?
Correct Answer:
D
Templates are used to identify the typical schedule milestones in the Define Activity process. The tools and techniques used in defining the activity process are as follows: Decomposition: It is used to further divide the project work package into a more smaller and convenient form called activities. Rolling Wave Planning: It is a form of progressive elaboration planning where the work to be accomplished in the near term is planned in detail and future work is planned at a higher level of WBS. Templates: It is an activity list or
a part of the activity list taken from the previous project and used in a new project. Expert Judgement: The skilled members in a project team or other experts who develop project scope statements can help provide knowledge in defining activities.
You are the project manager of the NAA Project for your organization. You are exploring the possibility of fast tracking in your project. Which of the following statements is most accurate about fast tracking the project?
Correct Answer:
A
Fast tracking is only valid if the activities or phases can be overlapped. Some activities or phases cannot be overlapped due to mandatory dependencies in the project. In other words, the work must be completed in a particular given order. Fast tracking is a technique for compressing project schedule. In fast tracking, phases are overlapped that would normally be done in sequence. It is shortening the project schedule without reducing the project scope.
Answer option C is incorrect. This is not a valid description of fast tracking.
Answer option B is incorrect. Effort-driven or activities of fixed duration can be fast tracked. Answer option D is incorrect. The relationships among the activities do not have to be start- to-start to be fast tracked.
You work as a project manager for Honeywell Inc. You have been distributing performance information, including status reports, progress measurement, and forecasts to various stakeholders. A trainee of this company wants to know what are the inputs for generating performance reports. Which of the following are the necessary inputs? Each correct answer represents a part of the solution. Choose two.
Correct Answer:
BC
According to the scenario, you can use the following inputs in order to generate performance reports:
WPI: Work performance information is the data gathered on the status of the project schedule activities that are performed to accomplish the project work. This data is collected as part of the Direct and Manage Project Execution processes. WPI includes the following: Deliverables status
Schedule Progress Costs incurred
WPM: Work performance measurements are created from the work performance information. WPMs are an output of Control schedule, Control cost, and Control scope processes, which are monitoring and controlling processes. WPMs consist of planned versus actual performance indicators with respect to scope, schedule, and cost. They are documented and communicated to the stakeholders and are used to make project activity metrics, such as the following:
Planned vs. Actual Technical performance and Scope performance Planned vs. Actual Schedule performance
Planned vs. Actual Cost performance
Answer option A is incorrect. Variance analysis is an after-look at what caused a difference between the baseline and the actual performance. It is one of the tools and techniques used for report performance.
Answer option D is incorrect. Change requests are requests to expand or reduce the project scope, modify policies, processes, plans, or procedures, modify costs or budgets or revise schedules. These requests for a change can be direct or indirect, externally or internally initiated, and legally or contractually imposed or optional. A Project Manager needs to ensure that only formally documented requested changes are processed and only approved change requests are implemented.