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business
megaproject management

Questions and Answers of MegaProject Management

“There is a strong possibility that one of my team members may leave the project for a better-paying job assignment, so I have added an end-of-project bonus to retain the employee.” Response mode
“I have set up a management reserve just in case there are escalations in the costs of the raw materials we must purchase.” Response mode:
“I know we can manufacture the product ourselves, but there are a number of potential risks to consider. I would rather award a fixed-price contract to Alpha Company and have them do the
“This design has a very high possibility of creating a severe financial problem for us. I have asked the design team to develop an alternative that will minimize our risk exposure.” Response mode:
“I know we have three different designs we can select from in order to satisfy the customer’s requirements. However, I am very reluctant to consider the second option because, if we are wrong,
Explain the effect of a project that is experiencing progressively increasing risk on a person or an organization that is considered to be risk averse.
What is the most favorable decision based on the data provided by the financial managers?
What is the expected value of the decision to subcontract the machine?
What is the expected value of the decision to purchase the machine?
According to the PMBOK Guide (Sixth Edition), what are the main elements of a risk management plan?
Why is the project charter an input to the plan risk management process?
Provide an example of a nonevent risk.
List the 7 processes of risk management as described by the PMBOK® Guide—Sixth Edition.
Quantitative risk analysis isa. a rapid and cost-effective method of prioritizing identified risksb. a method to determine the reliability of project risk datac. used to develop risk-related
The process of qualitative analysis is
Every project is unique but most projects often experience similar problems. What are the typical project constraints a project manager and team will be required to work within?
The customer for your project insists on adding requirements that will increase the project scope. You are 50% complete with the project when the customer introduces a significant change in the
You are the project manager for a project that is showing a schedule slippage in the status report. The report also shows that the budget is under-running the costs for the work that has been
PM Quick Check: Explain the significance of the triple constraint and why it is depicted as a triangle.
You can never have too many metrics in the metric library.☐☐ True☐☐ False
The purpose of a metric library is to record which metrics have been used successfully.☐☐ True☐☐ False
Which of the following is a common pitfall with using dashboards?a. Users will accept the technology.b. The more information, the better the acceptance.c. High quality data is not necessary.d. All of
While we teach that all information should appear on a single dashboard screen, typical users require a suite of dashboards.☐☐ True☐☐ False
Dashboard designers should take time to learn what contextual information users require in order for metrics to be meaningful for them and to facilitate decisions and actions.☐☐ True☐☐ False
Perhaps the best way to provide supporting data to a dashboard is by using:a. Texting buttonsb. Drill-down buttonsc. Crisis buttonsd. Written reports
Which of the following is part of a continuous improvement effort?a. Measure performance and turn data into knowledgeb. Turn knowledge into actionc. Turn action into improvementsd. All of the above
Even though the colors red, yellow, and green are traditionally used for traffic light reporting on dashboards, the colors may be interpreted differently by each viewer.☐☐ True☐☐ False
Which of the following can lead to information overload on a dashboard?a. Company brandingb. Company logosc. Marketing and sales datad. All of the above
The ultimate purpose of a dashboard is to:a. Display all required information on a single screenb. Provide the information clearlyc. Provide information necessary for informed decision makingd. All
The ultimate goal of a dashboard is to go to paperless project management while providing data for informed decision making.☐☐ True☐☐ False
Which of the following are generally considered as shortcoming when converting benefits to value?a. Making too many assumptionsb. Doing measurements at too high of a levelc. Not validating the
Which of the following benefits are hard to convert into value?a. Image and reputationb. Technology transferc. Development of new technologyd. Penetrating new markets
Which of the following benefits are easy to measure and convert into value?a. Work force stabilityb. Profitabilityc. Unused capacityd. All of the above
Once accepted, companies will most likely use value-based metrics on all projects.☐☐ True☐☐ False
The three broad categories of metrics are traditional metrics, KPIs and:a. Value-based or value reflective metricsb. Quality metricsc. Service metricsd. Operational metrics
The project manager’s definition of value includes:a. Accomplishment of objectivesb. Demonstration of creativityc. Demonstration of innovationd. All of the above
Stakeholders view value as:a. Something worth paying forb. Low costc. Qualityd. Longevity
The true health of a project can be determined from a single metric or KPI.☐☐ True☐☐ False
KPI measurements can lead to project failure if:a. Employees believe the results will be used against them during performance reviews.b. The measurements are controlled by management.c. They are used
Sophisticated measurement techniques will eliminate uncertainties and provide us with complete information for project decision making.☐☐ True☐☐ False
Which of the following is true?a. We can always get the customers and stakeholders to agree on the KPIs.b. KPI data is always available through an EPM system.c. Once the KPI is selected, the cost,
It is important that the number of metrics be limited so that everyone is focused on the same KPIs and understands them.☐☐ True☐☐ False
Which of the following can influence the selection of KPIs?a. Size and number of dashboardsb. Type of audience and audience requirementsc. Audience project management maturity leveld. All of the above
Which of the following is not one of the six characteristics of a KPI?a. Predicts the present and the futureb. Can be displayed with more than one iconc. Relevant to the success and failure of the
According to David Parmenter, what percent of the metrics selected should be treated as KPIs?a. 10%b. 20%c. 80%d. 90%
Stakeholders should be asked to buy into the KPI measurement techniques.☐☐ True☐☐ False
Which of the following is true?a. KPIs in one industry may not be transferable to another industry.b. KPIs in one company may not be transferable to another company even if they are both in the same
Some metrics and KPIs may not be measured until well into the future because the measurement is based upon the beneficial use of the deliverable.☐☐ True☐☐ False
The project manager must explain to the dashboard viewers what is or is not a leading indicator, and how the metric/KPI should be interpreted.☐☐ True☐☐ False
The rule of inversion states:a. Only metrics that are difficult to measure should be selected as KPIs.b. Risk KPIs are essential for tracking performance.c. Only core metrics should be tracked.d.
Metrics focus on the future whereas KPIs focus more so on the here and now.☐☐ True☐☐ False
Promising stakeholders certain metrics without knowing how to perform the measurement is an example of a metric trap.☐☐ True☐☐ False
When determining the best possible metrics for a project, it may be necessary for the PMO to perform metric benchmarking.☐☐ True☐☐ False
Which of the following stakeholder actions can lead to metric management failure?a. Mistrust among the stakeholdersb. Failing to understanding the metricsc. Failing to agree on how to measure the
Which of the following is not a requirement for a metric?a. A need or purposeb. A metric ownerc. A means of measurementd. A reporting structure
Even with good metrics, metric management can fail because of:a. Poor stakeholder governanceb. Overly optimistic planningc. Slow decision-making processesd. All of the above
Which of the following is true:a. Metrics should not be allowed to change as the project progresses.b. Good metrics can provide precise predictions of performance rather than a close estimate.c.
Which of the following drove the need for better metrics?a. The desire for paperless project managementb. The growth in more complex projectsc. New definitions of project success and failured. All of
The benefits of an effective EVMS include:a. Accurate display of project statusb. Reasonable determination of the project’s healthc. A basis for course correctionsd. All of the above
Metrics are designed to:a. Keep stakeholders informedb. Portray a clear and truthful representation of the projectc. Provide information for informed decision makingd. All of the above
Review the earned value analysis for case number 12 from the table. What is your assessment of this project? What are some of the causes for this situation?
Review the earned value analysis for case number 3 from the table in question 22.What is your assessment of this project?
An earned value drill to help you remember those formulas! Calculate the CV, SV, CPI, and SPI. Case # BCWS or PV ACWP or AC BCWP or EV CV SV CPI SPI 1 800 800 800 2 800 600 400 3 800 400 600 4 800
As you progress through the life cycle phases of a project, the accuracy of the estimates usually improves.☐☐ True☐☐ False
Elements normally plotted in S curves are PV, EV, and AC.☐☐ True☐☐ False
Scope changes should be paid for out of the management reserve.☐☐ True☐☐ False
Variances are usually expressed in percent as well as hours or dollars.☐☐ True☐☐ False
Excluding management reserve and undistributed budgets, the summation of all of the PV for each work package should equal BAC.☐☐ True☐☐ False
The 50-50 rule is used to determine AC.☐☐ True☐☐ False
EAC can be greater or less than BAC☐☐ True☐☐ False
The most difficult part of EVMS is to determine EV or % complete.☐☐ True☐☐ False
Management reserve is an example of an undistributed budget.☐☐ True☐☐ False
If SV = –$200, the project is over budget.☐☐ True☐☐ False
CPI and SPI are used for trend analysis.☐☐ True☐☐ False
If the cost variance is +$100, the activity is over budget.☐☐ True☐☐ False
In the figure below, the project manager released $10 million to the functional areas to do the job. This was the released budget but the project manager also had, as part of the contract, $6 million
Below are three S curves. For each of the curves, determine whether the project is under budget, over budget, ahead of schedule, behind schedule, or cannot be determined. CUMULATIVE COST, $
The WBS below shows the code of accounts and costs for a given project. Every place a question mark exists, data is missing. Complete the chart. 1.00.00 ? 1.1.0 $50K 1.2.0 ? 1.3.0 $45K 1.4.0 ? 1.1.1
By mistake, someone left spaces unfilled in the status report below. Please complete the report by filling in the missing data.Activity PV EV AC SV CVa. 100 100 150 ? ?b. ? 200 ? 90 0c. 350 ? ?
A customer (homeowner) hires a contractor to tile five identical rooms in his home.The customer purchased the tiles and the contractor will be reimbursed for labor only. Because the tiles are
CV Progress report:Status report:Forecast report:
SV
CPI
SPI
ETC
EAC
AC
EV
PV
Shown below are three types of performance reports. Select the terms from the list that appear in each report. Select all that apply.
CPIa. Where are we today?b. Where will we end up?
SPI
VAC
ETC
EAC
AC
EV
PV
Executives want the answers to two questions, at a minimum, during briefings.Match the questions with each of the following terms. (i.e., for each of the terms below, which question will be satisfied
Previously documented schedule delays

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