Chat with AIExam 7: Monitoring and Controlling the Project
All good project plans have a change control system as a component. Briefly explain the change control process.
(37) 
VerifiedThe availability of new technologies and materials and the increase in project requirements and needs lead to changed projects. The later these changes are made in a project, the more difficult and costly they become. The one absolutely certain thing about a project-even though virtually nothing in a project is ever certain-is that there will be concerted attempts to change it. Project managers must expect these attempts and be prepared to deal with them. Fighting change is not appropriate. The best approach is for project managers to set up a well-controlled, formal process whereby such changes can be introduced and accomplished with as little distress as possible. This process is known as the change control system.
Explain why virtual projects may be necessary?
(34) VerifiedThe technological progress of the current "turn of the century" only means more effective and timely use of project information for planning, monitoring, and communicating. Utilizing video conferencing, virtual presentations, Web posting, email, etc. greatly enhance the project manager's ability to manage a project. Thus virtual project teams are created, perhaps spread across continents, with members contributing their own pieces of the project and being monitored and controlled by the project manager at another location.
What is the best way to estimate percent completion of activities for finding earned value?
(36) VerifiedThe most popular way to estimate progress on tasks is 50-50: the task is listed as 50 percent complete when work on it is initiated, and the other 50 percent is added when the task is completed. This approach avoids the difficult problem of trying to estimate progress while the task is being executed. Clearly, this overstates the earned value of tasks that have recently begun, but understates the earned value of tasks nearing completion. In a large project with multiple on-going tasks starting and stopping at different times, the overstating and understating may tend to even out resulting in a relatively accurate portrayal of project progress.
Remarks should be directly attributed to individuals in the meeting minutes.
(31) Control systems that make use of all five components of project control are called cybernetic control systems.
(32) The most important use of data gathered from monitoring is learning from mistakes.
(35) Estimated (remaining cost) to completion (ETC) is calculated as…
(26) Which of the following is not an objective mentioned in the text for data gathered from monitoring?
(30) Robert, a baker, receives an order for preparing 10 cakes in one day. He is given a budget of $5,000. In six hours, he bakes two-thirds of the order and spends $3,600. Calculate the schedule performance index from the given scenario.
(31) Everyone associated with the project should receive the same information.
(38) The key to setting up a monitoring system is to identify the special characteristics of scope, cost and time that need to be controlled in order to achieve the project goals.
(32) The percentage of an activity's budget actually spent by a given date is typically a of that activity's completion.
(31) Exception reports are prepared to disseminate the results of a special study.
(32) To calculate the variable in its economic growth, Nunclemen Inc., a pharmaceutical company, collects data on the sales of its products based on how many doctors prescribe its medicines to their patients. However, a research study conducted by the company shows that pharmacists are a more reliable source than doctors. Nunclemen submits a report of this finding to all its stakeholders to review. Which of the following types of reports has the company used to inform its stakeholders of the results of the research study?
(31) The accountants of Junis Plex, a textile company, used to calculate the company's taxable income manually. However, the management recently adopted a software program that requires only few inputs from the accountants which automatically calculates the taxes owed by the company. The management releases a report for all its operations managers that provides specific instructions on how to use this software. Which of the following types of reports has Junis Plex used to inform its project managers of the new software program?
(33) Walter, a luthier, is assigned with the task of building 20 guitars in six months. He is given a budget of $1,500,000 to buy the necessary raw materials required for building 20 guitars of same quality. In a period of four months, Walter is able to complete 75 percent of the work and spends $1,250,000 in the process. The project that Walter is working on has a spending variance of _____.
(31) Explain how an earned value chart can be used to help monitor and control a project.
(33) 
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