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What schedule analysis simulation tool allows you, the project manager, to review possible combinations of events such as optimistic, most likely and pessimistic outcomes for your project?
The Monte Carlo simulation tool allows a project manager to explore 'what-if' analysis
for the project schedule and possible combinations of
events in the project.
Monte Carlo simulation is a process for iteratively evaluating a deterministic form using sets of
random numbers as inputs. This method is
repeatedly used when the model is complex, nonlinear, or involves more than just a couple of vague
parameters. Monte Carlo simulation is
named after the city in Monaco, where the major attractions are casinos that have games of chance.
Gambling games, such as roulette, dice,
and slot machines, exhibit random behavior. This technique works particularly well when the
process is one where the underlying probabilities
are known but the results are more difficult to determine. It is a process that generates hundreds or
thousands of probable performance
outcomes based on probability distribution for cost and schedule on individual tasks. The outcomes
are then used to generate a probability
distribution for the project as a whole.
Answer option D is incorrect. GERT is the Graphical Evaluation Review Technique and is a visual
mapping of the project work including
branches and loop backs within the project.
Answer option A is incorrect. PERT is the Program Evaluation and Review Technique and is used for
project scheduling and time estimating.
Answer option C is incorrect. PMIS is a project management information system, such as Microsoft
Project, and often includes what-if analysis
tools, but it's not the best answer for this question.
with an appropriate phrase.
The _______contains the schedule components and the rules for relating and using the components
to represent the process for completing a project.
A scheduling tool consists of the schedule components and the rules for connecting and using the
components to characterize
the process for completing a project. It is used to gather the schedule model and provide the means
of adjusting various parameters and
components that are typical in a modeling process.
You are the project manager of a project that has a budget of $875,000 and you have completed 40 percent of the project work. Due to some errors, however, you have actually spent $425,000 of the budget. Management wants to know what the project's cost performance index is. What value do you report?
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. In this instance it's
$350,000 divided by $425,000 for a CPI
of .82.
Answer option B is incorrect. $350,000 is the earned value of the project.
Answer option A is incorrect. -$75,000 is the cost variance for the project.
Answer option D is incorrect. -$187,500 is the predicted variance at the completion of the project.
Which one of the following estimate types is a form of expert judgment?
An analogous estimate is a form of expert judgment because it relies on historical information. The historical information, assuming that it is accurate, serves as the conduit to the expert that created the historical information. Answer option C is incorrect. A bottom-up estimate creates an activity duration estimate for each work package in the WBS. Answer option A is incorrect. Parametric estimating uses a parameter, such as 10 hours per fixture installation, as a base to predict the duration of the project. Answer option D is incorrect. A definitive estimate, also known as a bottom- up estimate, accounts for the cost of each work package.
You are the project manager for the NQQ Project for your organization. You and the project team
are creating the activity list for the NQQ Project. You have instructed the project team members that
they should include an activity identifier and a scope of work description for each
activity in the activity list. Why is this information needed?
The primary reason for including the activity identifier and the scope of work
description for each activity is to ensure the project team
understands what work is required to be completed.
Answer option B is incorrect. Profit and loss statements are not required for all projects and they are
linked to actual performance against a
project baseline.
Answer option D is incorrect. Communicating to the stakeholders is always a good idea, but
stakeholders would not usually need to know the
activity details. Their focus is on project benefits and deliverables.
Answer option A is incorrect. A requirements traceability matrix is the tool to link requirements to
project deliverables.
