Quiz Monitoring-Cost

A new analyst has been added to a project team to manage the earned value calculations and to create monthly reports on the project’s cost and schedule performance. The analyst has asked the project manager for a listing of the value of the project work that should be accomplished by month. Which earned value management value should the project manager direct the analyst to evaluate?

In an effort to help build team member skills, a project manager assigned a project coordinator with the responsibility of presenting the outputs of the Determine Budget process to a group of senior stakeholders, which included the project sponsor. The coordinator created and delivered a presentation that highlighted the cost baseline, the s-curve, the management reserve required for the project, and the total project budget. At the completion of the presentation, a sponsor commented that while he was impressed with the information presented and fully supported the project, the coordinator had forgotten to include one component that would be key to the completion of the project. Which component had the coordinator forgotten to include in the presentation?

You are in the steering committee meeting presenting your project’s latest performance report. You just presented that the CPI is 1.1 and the SPI is 0.87. Which of the following is the next logical piece of information you should share?

You are the project manager of a project to widen a 10-mile section of freeway. The approved budget is $50 million, and the approved schedule is 40 weeks. After 22 weeks, your team has completed 6 miles of freeway and $32 million has been spent. What is the estimate to complete (ETC)?

You are the project manager of a 1,200-foot ocean pier construction project. The project management plan requires that you complete the project in 60 weeks at a cost of $5,000 per linear foot. After the 23rd week, your project analyst reports that the project’s EV is $2,400,000 and the total cost to date is $2,000,000. What is the estimate at completion (EAC)?

Which earned value term measures a project’s efficiency in completing work by comparing the value of work completed to the actual amount of resources allocated?

You are the project manager responsible for the overhaul of six large industrial generators. The entire contract is expected to be completed in four months at a total cost of $1,000,000. Two months have passed, $620,000 has been spent, and 40% of the total work has been completed. What is the schedule variance (SV)?

In the creation of the communications management plan, your team defined a requirement that monthly updates be provided to key stakeholders that detail the expected cost to finish all of the remaining project work. Which of the following variables should the team calculate in order to meet the reporting requirements established?

A project manager has presented the earned value analysis data in a tabular format on the performance report. Even though the project team believes that providing comprehensive data is both necessary to provide perspective and simple to understand, the stakeholders are having trouble evaluating the current and past cost performance of the project. Which of the following adjustments to the way in which the data is conveyed should the project manager make to improve the stakeholder’s ability to understand project performance over time?