PTT Week 6 - Monitoring (Chat)
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What is the primary purpose of project controls?

  • To reduce the differences between the project plan and actual performance (correct)
  • To minimize project costs by cutting resources
  • To identify project team weaknesses
  • To ensure project activities are completed without any changes

    • In project control, what is the difference between 'monitoring' and 'controlling'?

  • Monitoring involves taking corrective actions, while controlling tracks performance data
  • Monitoring tracks project progress, while controlling involves making adjustments to meet objectives (correct)
  • Monitoring is used for financial performance, while controlling is for schedule performance
  • Monitoring and controlling are the same processes

    • Which of the following is a key component of a change control system?

  • Approval of changes only by the project team
  • Automatic rejection of changes that affect the project baseline
  • Formal documentation and evaluation of each change request (correct)
  • Immediate implementation of all change requests

    • What is the purpose of a control chart in project management?

    <p>To monitor project compliance with specified limits and identify trends</p> Signup and view all the answers

    In Earned Value Management (EVM), what does Cost Variance (CV) indicate?

    <p>The difference between earned value and actual costs</p> Signup and view all the answers

    How is Schedule Performance Index (SPI) calculated in EVM?

    <p>SPI = EV / PV</p> Signup and view all the answers

    What does a negative Schedule Variance (SV) indicate in EVM?

    <p>The project is behind schedule</p> Signup and view all the answers

    What is the formula for calculating Estimate at Completion (EAC) using the typical variance method?

    <p>EAC = BAC / CPI</p> Signup and view all the answers

    In variance analysis, what is the first step when identifying a deviation from the project baseline?

    <p>Identify the cause of the variance through root cause analysis</p> Signup and view all the answers

    What is a common limitation of Earned Value Management (EVM)?

    <p>It does not consider the quality of work completed</p> Signup and view all the answers

    Your project has a Cost Performance Index (CPI) of 0.8. What does this indicate, and what is your next action?

    <p>The project is over budget; conduct a cost review and identify corrective actions</p> Signup and view all the answers

    You receive a change request that would extend the project duration but improve the product’s quality. How should you proceed?

    <p>Evaluate the impact on scope, schedule, and cost, and present the findings to the change control board</p> Signup and view all the answers

    During a performance review, you notice that the Schedule Performance Index (SPI) has decreased from 1.0 to 0.9. What does this signify?

    <p>The project is falling behind schedule</p> Signup and view all the answers

    A stakeholder questions why the project's contingency fund is being used frequently. What is the best response?

    <p>The contingency fund is designed for known risks that have been identified and accepted</p> Signup and view all the answers

    You are reviewing project performance using Earned Value Management (EVM) and find that the Actual Cost (AC) is higher than the Earned Value (EV). What does this indicate?

    <p>The project is over budget</p> Signup and view all the answers

    Your project’s Schedule Performance Index (SPI) is 0.85, and the team is struggling to meet deadlines. What is the best approach to get back on track?

    <p>Add more resources to critical path activities and crash the schedule</p> Signup and view all the answers

    A performance report shows that the Cost Variance (CV) is positive. What does this indicate, and what should you do next?

    <p>The project is under budget; review whether any additional funds can be reallocated</p> Signup and view all the answers

    During a project control meeting, a team member suggests ignoring minor variances. What should be your response?

    <p>Document the variances and monitor them, as they may indicate larger underlying issues</p> Signup and view all the answers

    Your Earned Value Management (EVM) analysis shows a Cost Performance Index (CPI) of 1.2 and a Schedule Performance Index (SPI) of 0.8. What does this indicate about the project?

    <p>The project is under budget but behind schedule</p> Signup and view all the answers

    A change request has been approved that will impact both the project scope and schedule. What should you update first?

    <p>The project baseline to reflect the new changes</p> Signup and view all the answers

    Your project is consistently reporting negative Schedule Variance (SV). What is the most effective strategy to address this issue?

    <p>Implement fast-tracking for delayed tasks</p> Signup and view all the answers

    You notice a discrepancy between the planned value (PV) and the earned value (EV) in your EVM report. What is your next step?

    <p>Conduct a root cause analysis to determine the source of the discrepancy</p> Signup and view all the answers

    A project control report indicates that the Estimate at Completion (EAC) is significantly higher than the Budget at Completion (BAC). What does this suggest?

    <p>The project is trending towards an overrun</p> Signup and view all the answers

    You discover that the Actual Cost (AC) is consistently higher than the Earned Value (EV). What should you focus on first to address this issue?

    <p>Review the project’s spending and cost control processes</p> Signup and view all the answers

    The project sponsor is concerned about scope creep. Which project control process should be emphasized to address this concern?

    <p>Change control management</p> Signup and view all the answers

    You are performing a trend analysis and notice that the project’s SPI has been declining over the past three reporting periods. What should you do?

    <p>Implement corrective actions to improve schedule performance</p> Signup and view all the answers

    Your project’s EVM data shows a CPI of 1.0 and an SPI of 1.0. What is your interpretation of this result?

    <p>The project is on budget and on schedule</p> Signup and view all the answers

    A key performance indicator (KPI) for your project is not being met consistently. What is the first step you should take?

    <p>Investigate the root cause of the performance issue</p> Signup and view all the answers

    A variance analysis reveals that project costs are higher than expected due to increased material prices. What should you update to reflect this change?

    <p>The project budget and cost baseline</p> Signup and view all the answers

    Your EAC is showing a value higher than the BAC, and the project team is requesting additional resources. What should be your immediate focus?

    <p>Conduct a cost-benefit analysis before approving resource allocation</p> Signup and view all the answers

    You are asked to rebaseline the project after several changes have been approved. What is the key reason for rebaselining?

    <p>To account for approved changes and reflect the current project plan</p> Signup and view all the answers

    A control chart shows that several data points are trending outside the upper control limit. What does this indicate?

    <p>There is a significant variance that requires corrective action</p> Signup and view all the answers

    You are using EVM metrics to forecast project performance. What does an EAC significantly lower than BAC suggest?

    <p>The project will finish under budget</p> Signup and view all the answers

    You have identified an unexpected trend in project performance data. What is the next logical step?

    <p>Perform a root cause analysis to understand the trend</p> Signup and view all the answers

    The project team has identified a discrepancy between the project’s planned value (PV) and actual progress. What should be updated to ensure accurate project tracking?

    <p>The performance measurement baseline</p> Signup and view all the answers

    What is the purpose of the 'performance measurement baseline' in project controls?

    <p>To serve as a reference for project progress and performance comparisons</p> Signup and view all the answers

    In Earned Value Management (EVM), what does a Schedule Performance Index (SPI) value of 1.2 indicate?

    <p>The project is ahead of schedule</p> Signup and view all the answers

    Which of the following is NOT typically included in a change control process?

    <p>Automatic approval of all requests</p> Signup and view all the answers

    What is the primary role of the change control board (CCB) in project management?

    <p>To approve, reject, or defer change requests</p> Signup and view all the answers

    In project controls, what is ‘variance analysis’ used for?

    <p>To identify the root cause of differences between planned and actual performance</p> Signup and view all the answers

    Which metric in EVM indicates whether a project is performing within its budget?

    <p>Cost Performance Index (CPI)</p> Signup and view all the answers

    In project control, what does 'rebaselining' mean?

    <p>Updating the project baseline to reflect approved changes</p> Signup and view all the answers

    What does the term 'trend analysis' refer to in project controls?

    <p>Analyzing historical data to predict future project performance</p> Signup and view all the answers

    Which of the following best describes the purpose of a project status report?

    <p>To communicate current project progress and identify variances from the plan</p> Signup and view all the answers

    What is 'management reserve' used for in project controls?

    <p>To account for unexpected changes that are not identified risks</p> Signup and view all the answers

    In the context of project controls, what is the 'triple constraint'?

    <p>Scope, schedule, and cost</p> Signup and view all the answers

    What is the purpose of using 'forecasting' in project controls?

    <p>To predict future project performance based on current data</p> Signup and view all the answers

    Which of the following tools is most commonly used for root cause analysis in project controls?

    <p>Fishbone diagram (Ishikawa)</p> Signup and view all the answers

    What does a Cost Variance (CV) of zero indicate in Earned Value Management (EVM)?

    <p>The project is exactly on budget</p> Signup and view all the answers

    Which element is NOT typically part of a project control plan?

    <p>Project staffing requirements</p> Signup and view all the answers

    Study Notes

    Project Controls

    • Primary purpose: Reduce differences between project plan and actual performance.
    • Monitoring vs. Controlling: Monitoring tracks project progress; controlling adjusts to meet objectives.
    • Change control system: Formal documentation and evaluation of change requests are key components.
    • Control charts: Used to monitor project compliance with limits, identifying trends.
    • Earned Value Management (EVM): Cost Variance (CV) indicates difference between earned value and actual costs.

    Schedule Performance Index (SPI)

    • Calculation: SPI = EV / PV
    • Negative SV: Indicates the project is behind schedule.

    Estimate at Completion (EAC)

    • Formula (Variance Method): EAC = BAC / CPI

    Variance Analysis

    • First step: Identify the cause of variance through root cause analysis.

    Earned Value Management (EVM) Limitations

    • Does not consider quality of work completed.

    Cost Performance Index (CPI)

    • 0.8 CPI: Indicates project is over budget; review costs and identify corrective actions are needed.

    Change Requests

    • Impact evaluation: Evaluate impact on scope, schedule, and cost before implementing.
    • Documentation: Document all change requests.

    Schedule Performance Index (SPI)

    • 1.0: Indicates project is on schedule and budget.
    • Decreased SPI: Indicates project is falling behind schedule.

    Contingency Fund

    • Used for known risks and identified issues.

    Earned Value Management (EVM) Analysis

    • High Actual Cost (AC) vs. Earned Value (EV): Indicates potential budget overrun.

    Project Baseline

    • Needs updating to reflect approved changes affecting scope and schedule.

    Schedule Variance (SV)

    • Positive SV: Indicates the project is under budget.

    Project Performance Indicators (KPIs)

    • Consistent KPI failure: Investigate root cause of performance issues.

    Project Cost and Budget

    • EAC higher than BAC: Indicates possible project overrun.
    • Zero Cost Variance (CV): Indicates the project is on budget.

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