Exam 13: Project Monitoring and Control

Five days after starting a work task, the supervisor assesses that the task is 25% completed. If no other information is available, what is the estimated time remaining for the task:

The EV represents, at a given time:

Often, the impact of changing system requirements late in the project is that it (circle all that apply):

Statement: The concept of earned value is used to express the value of work actually completed as of a given date.

Match the following formulas with their appropriate performance measures. -PV - AC

Statement: Quality control methods in projects seek to identify not only where requirements are not being met, but also why they are not being met.

In controlling projects, data on actual project performance is (circle all that apply):

Work progress should be reviewed (circle all that apply):

Issue management: circle all statements below that are true:

Use the project below. a. How long is the critical chain? b. How long is the project buffer? c. Given the task status updates in the table below, fill in the rest of the table d. Based upon the percent CC consumed and percent buffer consumed as if week 16, can the project be completed within the CC + project buffer time? Please be specific.

Statement: The tendency for a project to grow or expand is referred to as scope creep.

Activity X has four immediate predecessors, three of which finish before their late finish date, one that finishes after its late finish date. What effect will this have on Actiivity X (circle one):

Match the following formulas with their appropriate performance measures. -EV/PV

Statement: Configuration management refers largely to the process of using systematic procedures to track and control changes throughout all phases of the project.

Statement: The purpose of establishing variance limits is tell the project manager which project activities do not need to be tracked and controlled.

The following chart to answer questions (a) through (e). Suppose the project is currently at the end of month 4. a) When was the project originally scheduled for completion? (b) What was the original budgeted cost of the project? (c) As of month 4, how far (in months) is the project behind schedule in terms of the value of work completed? Show on the chart how this is determined. (d) As of month 4, what is the forecast cost to complete the project, and the forecast cost at completion? (e) As of month 4, what is the revised completion date for the project? Indicate this and the forecast cost at completion on the chart.

Statement: External project control refers to the objective monitoring and corrective actions taken by the project contractor.

Statement: There is little difference between project control procedures and the traditional variance analysis used in accounting practice.

Match the following formulas with their appropriate performance measures. -EV - PV

Statement: Earned value is expressed as the Budgeted Cost of the Work Performed (BCWP).