Question 1

After completing the calculations for the Estimate at Completion, you will have calculated your new also known as your new

.

Question 2

Your team had been given the task of developing project CLOCK that is estimated to be completed in one year. The sponsor and major stakeholders are very interested in this project and its outcome. Specialists and Consultants have been involved with the development of the business case for this project for about 6 months prior to the signing of the charter. Your project team has been very supportive and optimistic and together have estimated the budget using a bottom-up approach. The baseline was developed using three main control accounts; the monthly work estimates are as follows: Control account A $10,500 control account B $6,500 and control account C $7,500.

Review: 9 months into the project, a phase gate review is carried out by the new owner of the company who is unhappy about the money being invested in CLOCK. He is openly critical of the project and was reportedly overheard by someone that he will discontinue funding CLOCK the moment the opportunity comes around. At this point, the work is 80% complete. The Project Team is anxious about being fired from their jobs as the Cost Management Plan only allows a 5% variance allowance and Finance reports that expenses are about $200,000 at this time. This includes the cost of equipment that was burnt out at the early stages and had to be replaced with more reliable pieces that were pricier than ones in the original estimate, the team is confident this error would not be repeated. What is the estimate to complete (ETC) of the project?

Question 3

Your team had been given the task of developing project CLOCK that is estimated to be completed in one year. The sponsor and major stakeholders are very interested in this project and its outcome. Specialists and Consultants have been involved with the development of the business case for this project for about 6 months prior to the signing of the charter. Your project team has been very supportive and optimistic and together have estimated the budget using a bottomup approach. The baseline was developed using three main control accounts; the monthly work estimates are as follows: Control account A $10,500 control account B $6,500 and control account C $7,500.Review: 9 months into the project, a phase gate review is carried out by the new owner of the company who is unhappy about the money being invested in CLOCK. He is openly critical of the project and was reportedly overheard by someone that he will discontinue funding CLOCK the moment the opportunity comes around. At this point, the work is 80% complete. The Project Team is anxious about being fired from their jobs as the Cost Management Plan only allows a 5% variance allowance and Finance reports that expenses are about $200,000 at this time. This includes the cost of equipment that was burnt out at the early stages and had to be replaced with more reliable pieces that were pricier than ones in the original estimate, the team is confident this error would not be repeated.

10. What is your calculated variance at completion

Question 4

During the six month update on a 1 year, $50,000 PROJECT BULLSHOT, the analysis shows that the PV is $25,000; the EV is $20,000 and the AC is $15,000.

What can be determined from these figures?

a) None of these apply

b) PROJECT BULLSHOT is behind schedule and over cost.

c) PROJECT BULLSHOT is behind schedule and under cost.

d) PROJECT BULLSHOT CPI indicates we are earning 0.33 on each dollar and are 20% ahead of budget.

e) PROJECT BULLSHOT is ahead of schedule and over cost.

f) PROJECT BULLSHOT is ahead of schedule and under cost.

Question 5

Cost performance measurement is BEST done through which of the following?

a) EVM is hardly used in the real world. Cost Control is usually done after the project closesto evaluate performance of the Project team.

b) Calculating earned value and using the indexes and other calculations to report past performance and forecast future performance.

c) Using the 50/50 rule and making sure the life cycle cost is less than the project cost.

d) Focusing on the amount expended last month and what will be expended the following month.

e) Asking for a percent complete from each team member and reporting that in the monthly progress report.

Question 6

Which of the following best describes Costs that are affected by Gold Plating.

A) PM gives a bonus to his hard-working team to use up left over budget

B) Costs resulting from a Scheduling Error

C) Cost of Sponsor Change Requirements

D) Cost of the Integrated Change Process

E) Changes to Project Scope introduced to use up left over budget