You are the project manager for your organization. You need the oak cabinets for your project delivered by December 1 in order to install the floors around the oak cabinets by December 15. Your company's procurement office generally takes 45 days to complete procurement orders. Based on this information, how should you schedule the lead time for the cabinet delivery?
The cabinet procurement and delivery must be completed by December 1. By scheduling the activity to finish on December 1 with minus 45 days lead time for procurement, the cabinets will arrive by the needed date. Answer option A is incorrect. Lead time is always negative time, lag time is positive time. This choice would cause the cabinets to not arrive until 45 days after December 1. Answer option D is incorrect. This choice would cause the cabinets to arrive on December 15 when the floors are to be installed. Answer option B is incorrect. This choice is not the best answer because it does not necessarily account for holidays, weekends, or other factors in the project calendar. By scheduling the cabinet for December 1 and working backwards through lead time, the project's PMIS will account for these breaks in the project work.
Thomas works as a contract-based project manager for BlueWell Inc. Management has hired Thomas to manage a high-risk project because Thomas has years of experience with this technology and similar project. Thomas would like to use his own templates for the project schedule, quality, and risk management approach. Management is fine with this, except after reviewing the template they had preferred Thomas to use 24-hour time periods for his project calendar rather than the 8-hour time periods as indicated. Thomas agrees, but now he has to update what document in his project management plan?
The project calendar needs to be updated to reflect the 24-hour time period rather than the 8-hour
time period.
The project calendar is used to define the working and nonworking days and times for tasks. This
calendar is usually used to represent an
organization's traditional working hours. Project uses this calendar to schedule tasks that do not
have resources assigned or that have a task
type of fixed duration. By default, the Standard base calendar is used as the project calendar. A user
can also reflect alternative schedules by
using other base calendars.
The working days and hours in the project calendar reflect the working days and hours for the whole
project. A user can also specify special
days off, such as company holidays. A user can also indicate other nonworking times to reflect
periods when the whole team will be working
on nonproject activities, such as company meetings or department retreats.
Answer option D is incorrect. The schedule management plan will reference to the project calendar
and the resource calendar. It does not
need to be updated directly as a result of the time period change.
Answer option C is incorrect. The resource calendar does not need to be updated as this document
defines when resources are available.
Answer option B is incorrect. The activities of the project are not changing, only the time periods of
the project calendar.
You are the project manager of the GHY Project. This project is scheduled to last for one year and has a BAC of $4,500,000. You are currently 45 percent complete with this project, though you are upposed to be at your second milestone, which accounts for half of the project completion. There have been some errors in the project, which has caused you to spend $2,073,654. Based on the estimate at completion, what is this project's to-complete performance index?
The to-complete performance index when based on the estimate at completion uses
the formula (BAC-EV)/(EAC-AC). In this instance, the
answer is 0.98, which means the project is likely to reach its performance objectives.
To-complete Performance Index (TCPI) is the measured projection of the anticipated performance
required to achieve either the BAC or the
EAC. TCPI indicates the future required cost efficiency needed to achieve a target EAC (Estimate At
Complete).Once approved, the EAC
supersedes the BAC as the cost performance goal. Any significant difference between TCPI and the
CPI needed to meet the EAC should be
accounted for by management in their forecast of the final cost.
The formula for TCPI is as follows:
TCPI = {(BAC-EV)/(BAC-AC)}
Answer option B is incorrect. This is the value of TCPI using the BAC approach.
Answer option C is incorrect. This is the estimate at completion for this project.
Answer option A is incorrect. -$108,120 is the variance at completion
In the project time management knowledge area, there are six processes. According to the PMBOK, which project time knowledge area will have the majority of the effort?
Of all six processes, the control schedule process will take the majority of the time in the project
time management knowledge area.
Control schedule process is a method of monitoring the status of the project to update project
progress and deal with the changes to the
schedule baseline. It is concerned with:
Determining the current status of the project
Influencing the factors that create schedule changes
Determining that the project schedule has changed
Managing the actual changes as they occur
Control schedule is a component of the Perform Integration Change Control process.
Answer options B, A, and D are incorrect. These processes will not take the longest to complete.
You are the project manager of the JKM Project for your organization. Your project is supposed to be 60 percent complete but you are only 45 percent complete. The project has an assigned budget of $765,000 but you have already spent $365,000 to reach this point in the project due to some errors and rework. Management is pressing you on when you'll complete the project and how much the project will likely cost based on the current performance. You need to tell management what the project's current cost performance index (CPI) is. What value should you report to management based on your project's performance?
Management wants to know the cost performance index (CPI). You can find the CPI by first finding
the earned value (EV) and then dividing it by the actual costs (AC) spent to date on the project. You
find EV by multiplying percent complete by the project's budget; in this instance that's $344,250. The
actual costs are reported as $365,000. The formula for the CPI on this project is $344,250 / $365,000
for a value of .94.
What is CPI?
Cost performance index (CPI) is used to calculate performance efficiencies. It is used in trend analysis
to predict future performance. CPI is the ratio of earned value to actual cost. The CPI is calculated
based on the following formula:
CPI = Earned Value (EV) / Actual Cost (AC)
If the CPI value is greater than 1, it indicates better than expected performance, whereas if the
value is less than 1, it shows poor performance. The CPI value of 1 indicates that the project is right
on target.
What is BCWP (or EV)?
Budgeted cost of work performed (BCWP) or Earned Value (EV) is the value of completed work. It is
the budgeted amount for the work actually completed on the schedule activity during a given time
period.
Answer options C, A, and D are incorrect. These do not reflect an accurate value for the project's
cost performance index. The project is performing moderately well on cost as the closer the CPI is to
1 the better the project's performance.
