Lesson 4
If a project's cost variance is $3000, its actual costs are $2000, and its planned value is $1000, what is its schedule variance?
$4000
Why would a project manager look specifically at the rows of a responsibility assignment matrix?
to see everyone who would be involved in a specific part of a project
Why would a project manager review a project's network diagram?
to see the relationships among project activities
Developing a change request form will help practitioners _________ change on their project.
track and monitor
Which of the following should not be included in a scope statement?
All of the following should be included in a project's scope statement
3. What is the difference between earned value (EV) and planned value (PV)?
Earned value (EV) is the work that was got done; planned value (PV) is the work that was expected to get done.
1. The planning tool used to assign project work to team members is called the _________.
RAM
Scarlett has subtracted her project's planned value from its earned value and the result is a negative number. What does this suggest?
Scarlett's project is behind schedule.
What is a A3
The A3 is a one-page document that combines elements of the project charter and project plan into a single record. It is often used by Lean practitioners to frame a project
what is WBS
The WBS is a kind of organizational chart for your project's work. The WBS is comparable to an organizational chart with the main deliverable at the top of the chart, contributing elements in the middle, and work packages and tasks at the bottom.
What is a work breakdown structure?
a chart that divides project work into smaller units and arranges them into related areas
A project plan is ________.
a document that shows how the various aspects of the project will be completed
The work breakdown structure (WBS) is ________.
a hierarchical breakdown of the work needed to complete a project
Jonas has just created a work breakdown structure to identify project work that needs to be accomplished. Now, he wants to assign project work to individuals on the project team. Which project tool should he use?
a responsibility assignment matrix
The last step in creating a WBS is ________.
a) ensuring that the completion of all work packages will result in the completion of project goals and objectives
Project performance can be measured by comparing earned value (the work done) to ________ (the cost of getting that work done).
actual cost
Schedule variance is an earned value measurement that can tell you if your project is _________ at a certain point on the project.
ahead of or behind schedule
Which of the following statements about project planning is false?
all of the above
A work breakdown structure should be broken down into ________.
as many levels as necessary
2. The scope statement is part of a crucial ________ and sets boundaries for the work the project will accomplish.
baseline
How can changes be effectively tracked and monitored throughout the project?
by reviewing change request forms
When planning for your project it is important that you ________ before you ________.
consult the people who will do the work; complete project planning
What can be calculated by subtracting actual cost from earned value?
cost variance
Question 1 Markysha needs to know the cost variance of her project to determine if it is under budget or over budget. To do this she decides to use _________ to compare her project's performance to the expected progress.
earned value management
Early in the project the level of risk is _________ and the financial impact of risk is _________.
high; low
Project practitioners use work breakdown structures specifically to ________.
identify the work needed to complete a project
Which of the following is not a step performed during contract and vendor management?
managing vendor interest in project results
How much flexibility is there on the critical path of a project's schedule?
none
A risk score is a combination of a risk's ________ and ________.
probability; impact
To create a cost baseline, project practitioners estimate the costs for each _________ and then add their costs together to make your budget.
project activity
A ________ typically includes cost, schedule, scope, work assignment, vendor management, and change management components.
project plan
When working from the top of the WBS to the bottom, the correct order to break down the project components (from general to specific) is ________.
project, subproject, milestone, major activity, work package
Why would a project manager create a work breakdown structure?
to break project work down into smaller components that can be assigned to team members
1. What is a primary use of a risk register?
to identify risks and develop plans to deal with them
) Bart believes that his project may be running behind schedule. What equation should he use to determine if this is true?
schedule variance minus earned value
What is the group that analyzes and authorizes changes to a project called?
the change control board
1. What is a work package?
the most basic, assignable "chunk" of work
Which of the following elements is not a part of the scope statement?
the sequencing of project activities
Which of the following contract types is considered a hybrid of the other two types?
time and material
The lowest level of a work breakdown structure shows the project's ________.
work packages
2. RACI charts are especially helpful when ________.
work packages are shared across units or organizations