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σ2A = [(b - a) / 6]2 equation is used for the variance of ______ .
Answer
Correct Answer:
Activity Completion Time Variance
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The ______ should include all costs relevant to the project, the most important of which are personnel costs, equipment and materials, and the project overhead.
Answer
Correct Answer:
Planned value
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Which of the following refers to the real budgeted cost, or “value,” of the work actually performed to date?
Answer
Correct Answer:
Earned value
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The critical path is ______ path in the project.
Answer
Correct Answer:
Longest
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______ is a budget that identifies the correct sequencing of tasks and the points in the project when budgeted money is likely to be spent as those tasks are completed.
Answer
Correct Answer:
Time-phased budget
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The ______ identifies each of the project’s activities and human or material resources assigned to it.
Answer
Correct Answer:
Work breakdown structure
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______ allows us to identify the correct sequencing of tasks, but more importantly, it enables the project team to determine the points in the project when budgeted money is likely to be spent as those tasks are completed.
Answer
Correct Answer:
Time-phased budget
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Which of the following refers to the earned value to date divided by the planned value of work scheduled to be performed?
Answer
Correct Answer:
Schedule performance index
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______ is the cost estimate of the budgeted resources scheduled across the project’s life cycle.
Answer
Correct Answer:
Planned value
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Which of the following refers to the earned value divided by the actual, cumulative cost of the work performed to date?
Answer
Correct Answer:
Cost performance index
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______ method is valuable because it allows us to see how a project is truly performing.
Answer
Correct Answer:
Earned value management
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______ is sometimes referred to as the level of effort.
Answer
Correct Answer:
Planned value
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Which of the following refers to the cumulative total cost of completing the project’s work packages?
Answer
Correct Answer:
Actual cost of work performed
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______ are probabilistic estimates based on optimistic, most likely, and pessimistic times for each activity.
Answer
Correct Answer:
PERT estimates
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______ is calculated by the difference between the earned value to date minus the planned value of the work scheduled to be performed to date.
Answer
Correct Answer:
Schedule variance
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______ is the earned value minus the actual cost of work performed.
Answer
Correct Answer:
Cost variance
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______ is the latest possible date an activity can be completed without delaying the project’s completion.
Answer
Correct Answer:
Late finish time
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______ is the process of creating a chart that shows a project’s activities and indicates how they should logically be coordinated with one another.
Answer
Correct Answer:
Network diagramming
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______ works best when you can be reasonably certain of how long the project’s activities are likely to take.
Answer
Correct Answer:
Critical path method
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______ is the manufacturing or assembling of materials to create the product or service.
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Correct Answer:
Fabrication
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What process is performed to determine a projects critical path and total slack time for each activity?
Answer
Correct Answer:
Backward pass
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The triple constraint of projects is ______.
Answer
Correct Answer:
Time, cost, and quality
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The ______ method calculates the value generated by the project as well as the budgeted and actual costs at a certain point in time.
Answer
Correct Answer:
Earned value management
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In the ______ stage, the team members decide what they expect to achieve with the project.
Answer
Correct Answer:
Conceptualization
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The four stages of the project life cycle are ______.
Answer
Correct Answer:
Conceptualization, planning, execution, and termination
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The most common type of activity network employs ______ network representation
Answer
Correct Answer:
Activity on node
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A ______ is a unique venture with a beginning and end, conducted by people to meet established goals within certain cost, schedule, and quality parameters.
Answer
Correct Answer:
Project
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______ chart links project activities to a schedule, which is usually a calendar.
Answer
Correct Answer:
Gantt
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Two of the best known methods for tracking projects upon their execution are ______.
Answer
Correct Answer:
S-curves and earned value management
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______ is the process of speeding up a project’s remaining activities in order to move its completion date forward.
Answer
Correct Answer:
Crashing
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A budget that identifies the correct sequencing of tasks and the points in the project when budgeted money is likely to be spent as those tasks are completed IS Known as
Answer
Correct Answer:
Time-Phased Budget
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In the schedule performance Index the earned value to date divided by the _______ of work scheduled to be performed (EV/PV). This value allows us to calculate the project’s schedule to completion
Answer
Correct Answer:
PV
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Abbreviation of Pv is
Answer
Correct Answer:
Planned Value
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Earned Value is the real budgeted cost, or “value,” of the work actually performed to date.
Answer
Correct Answer:
True
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Define Cost Performance Index
Answer
Correct Answer:
EV/AC
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The total budget for a project at its completion.this statement is true for
Answer
Correct Answer:
Actual Cost of Work Performed
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The cumulative total cost of completing the project’s work packages is known as
Answer
Correct Answer:
Actual Cost of Work Performed
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activities that comprise the deliverables of a project is known as
Answer
Correct Answer:
Work Packages
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WBS s stands for
Answer
Correct Answer:
Work Breakdown Structure
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Triple Constraint elements that characterize a project and are used to _______ its success: time (adherence to schedule), cost, and quality
Answer
Correct Answer:
Evaluate
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S-curve is typical shape of a project’s status graphically Plotted against_______
Answer
Correct Answer:
Time
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Scope Management determining the best way in which the project’s goals can be accomplished given its constraints
Answer
Correct Answer:
True
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Scope Creep is a situation in which project specifications are continually modified or improved as ________ or new technical solutions become possible
Answer
Correct Answer:
New ideas emerge
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_______ is the process of anticipating and figuring out how to respond to a project’s risks prior to beginning the project
Answer
Correct Answer:
Risk Management
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The process of converting a project’s goals into a logical method for completing them on time is known as
Answer
Correct Answer:
Project Scheduling
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Formula 0f Project Risk
Answer
Correct Answer:
Project Risk = (Probability of Event) × (Consequences of Event)
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The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements is known as
Answer
Correct Answer:
Project Management
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“PERT” is Stands for
Answer
Correct Answer:
Program Evaluation Review Technique
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A duration estimation that assigns probabilities to a range of time estimates for each activity is known as
Answer
Correct Answer:
Probabilistic Estimation
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Precedence Diagramming is also known as
Answer
Correct Answer:
Network diagramming
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Define life cycle.
Answer
Correct Answer:
The stages of a project’s development: conceptualization, planning, execution, and termination
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the latest possible date that an activity may begin without delaying the project completion is known as
Answer
Correct Answer:
Late Start Time
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Late Finish Time the latest possible date an activity can be ______ the project’s completion
Answer
Correct Answer:
Completed without delaying
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A diagram that links project activities to a schedule, usually a calendar
Answer
Correct Answer:
Gantt Chart
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Forward Pass is the process of fully labeling the activity nodes in a network to determine the earliest times each activity can begin and the earliest it can be completed
Answer
Correct Answer:
True
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Which method is used to calculate the value generated by the project as well as the budgeted
Answer
Correct Answer:
Earned Value Management
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Early Start Time The earliest possible date on which an activity can start, based on the _______ times for previous activities in the network
Answer
Correct Answer:
Beginning and ending
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EF is Stands for (Operation Management)
Answer
Correct Answer:
Early Finish Time
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A duration estimation that assumes that sufficient information from historical records or the opinion of experts is available to make this determination with a reasonable degree of accuracy is known as
Answer
Correct Answer:
Deterministic Estimation
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Critical Path the sequence of activities in a network that defines the overall length of the project
Answer
Correct Answer:
True
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________ is the process which speeding up a project’s remaining activities to move its completion date forward
Answer
Correct Answer:
Crashing
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The process of labeling the activity nodes in a network to determine the project’s critical path and the total slack time for each activity is known as
Answer
Correct Answer:
Backward Pass
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_________ and the path arrows to represent the sequencing of tasks from node to node through the network
Answer
Correct Answer:
Individual project activity
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AOA is stands for
Answer
Correct Answer:
Activity on Arrow
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A diagram that illustrates how activities should best be sequenced is known as
Answer
Correct Answer:
Activity Network
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