You are the project manager of the NHQ project. Your project has a budget of $1,258456 and is scheduled to last for three years. Your project is currently forty percent complete though it should be forty-five percent complete. In order to reach this point of the project, you have spent $525,000. Management needs a performance report regarding the NHQ
project. Management is concerned that this project will be over budget upon completion. Based on the current performance value what should you report to management regarding the variance at completion?

1. A. -$21,618
2. B. -$62,922
3. C. Zero - you would not know what this will cost until the project is complete.
4. D. -$54,044

Correct Answer: D
The variance at completion can be found by subtracting the estimate at completion from the budget at completion. In this instance, it is:
Variance at completion = EAC - BAC
= $1,258,456 - $1,312,500.
= -$54,044
Answer option C is incorrect. You can calculate the variance at completion. Answer option A is incorrect. This is the cost variance for the project. Answer option B is incorrect. This is the schedule variance for the project.

You are the project manager of the MQQ project. Unfortunately, this project is not performing well and you must do something to address the problems in your project. Based on your planning for monitoring and controlling project performance, you know that there are three outputs of performance reporting. Which one of the following is the only output that is most appropriate for this poorly performing project?

1. A. Organizational process assets update
2. B. Performance reports
3. C. Performance re-baselining
4. D. Change requests

Correct Answer: D
Change requests are an output of performance report, and allow the project manager to address corrective actions and preventive actions to help the project get back in alignment with performance baselines.
Answer option B is incorrect. While performance reports are an output of the performance reporting, these reports do not specifically address the problems in the project.
Answer option A is incorrect. Updating the organizational process assets is an important activity, but it does not address the poor performance directly.
Answer option C is incorrect. Performance re-baselining is not an output of performance reporting so this choice is not valid.

You are the project manager for your organization. Your current project has a schedule variance of -$37,500 and a schedule performance index of 0.94. What do these values mean in regard to project performance?

1. A. Your project is likely to be late and over budget.
2. B. Your project is performing well.
3. C. Your project has a planned value of $600,000.
4. D. Your project is six percent off schedule and has a considerable schedule variance.

Correct Answer: D
A schedule variance is found by subtracting the planned value from the earned value. A -$37,500 schedule variance is considerable for most projects, but combined with a schedule that is six percent off schedule is more serious. The size of the project, however, and the defined project budget, needs to be determined to evaluate how serious the variance is. 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.
Answer option B is incorrect. This project is not performing well based on the given information.
Answer option A is incorrect. This project is likely to be late, but we do not know how costs are performing in this question.
Answer option C is incorrect. There is not enough information to determine how well the project is performing from this answer.

You are working with your project team to control the project schedule. You will need five inputs to this process throughout your project. Which one of the following is an output of the project schedule control, and NOT an input?

1. A. Work performance information
2. B. Project schedule
3. C. Project management plan
4. D. Work performance measurements

Correct Answer: D
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. Work performance information is an input to the control schedule process and includes information on project progress and activity start and finish information.
Answer option C is incorrect. The project management plan is an input to the control schedule process.
Answer option B is incorrect. The project schedule is an input to the control schedule process.

You are the project manager of the NHQ project. You are working with your project team to create the project schedule and the project network diagram. In order to start the sequencing of the project activities, you will need a document to identify the result of project phases, key project deliverables, and significant, timeless events in the project. Which of the following documents will you need to help sequence the project work?

1. A. Activity attributes
2. B. Activity list
3. C. Project scope statement
4. D. Milestone list

Correct Answer: D
The milestone list is needed as an input to the sequence activities process. Milestones are timeless events in the project schedule that are generally created as a result of phase completion. What is a milestone list? A milestone list provides a sequence of indicators about project progress to date and achievements or goals, which are to be achieved. The milestone list is used in project management as an indication of progress through the achievement of a major project accomplishment. It is a project document that is not part of the project management plan. The list contains all the project milestones along with information indicating whether they are mandatory to achieve or not.
Answer option B is incorrect. While the activity list is an input to activity sequencing, it is not a document that shows timeless events or the results of activity phases.
Answer option A is incorrect. Activity attributes describe the work, nature of the activity, and required resources for the activity.
Answer option C is incorrect. The project scope statement is an input to the activity sequence, but it does not define the end result of activity phases.