30 Questions
What is the purpose of taking corrective action in project control?
To analyze deviations and their causes
What kind of information is needed for updating schedules according to the text?
Activities that have been deleted
In project control, what should be analyzed to detect current and future deviations?
Collected data from various sources
What does the project control system aim to address?
Determining the causes of deviations
Which type of activities are crucial for updating schedules?
Completed activities with actual completion dates
What does the project control system help project managers do?
Identify and correct deviations
Which method is more suitable for large and complex or multistage activities?
Incremental milestone method
What does the Weighted Milestone Method allow project managers to do?
Divide work packages into small segments
When does the Start-Finish percentage method work best?
For small activities or those with no or short duration
In what scenarios would the Supervisor's opinion method be used?
When no other applicable method is suitable
What type of data does the Progress Table capture?
Dates of when the milestones were achieved
How does the Weighted Milestone Method differ from the Incremental Milestone Method?
By dividing work packages into small segments
What does a positive VAC indicate?
The project is under budget
What does a negative VAC suggest?
The project is over budget
What does TCPI < 1 mean for a project?
More funds and less work are needed
What does TCPI = 1 indicate for a project?
Just enough funds to complete the work
What does it mean if the VAC value approaches zero?
Budget is accurate
What is the purpose of TCPI in a project?
To assess cost performance needed to achieve project goals
What types of changes can trigger updates to project schedules?
Changes in duration, logic, budget, resources, constraints, and others
What is considered a schedule-related, but not activity-specific change?
A change in resource availability
Which frequency of updating project schedules is likely the most common?
Biweekly
What negative consequences can arise from infrequent updates to project schedules?
Overwhelming the scheduler with work progress reports
Why is achieving the right balance in the frequency of updates crucial for project managers?
To ensure work progress is properly analyzed
In what scenario might a subcontractor be involved in a schedule-related change?
Taking over another subcontractor's work
What does TCPI stand for in project management?
Total Cost Performance Index
How is the monetary value of remaining work calculated in the TCPI formula?
(Total Project Budget - Actual Expenditure)
Which formula should be used to calculate TCPI if the project must be completed within the original budget?
TCPI = (Budget at Completion - Earned Value) / (Budget at Completion - Actual Cost)
What does the TCPI represent in project management when it is greater than 1?
Project under budget
How can the TCPI be calculated if the project has to be completed within the revised budget (EAC)?
(Budget at Completion - Earned Value) / (Estimated at Completion - Actual Cost)
What is the purpose of using different TCPI formulas based on whether the original or revised budget needs to be maintained?
To adapt to changing project conditions and budgets
Explore different methods used in project management to determine the percentage of completion for individual activities, such as the incremental milestones method and the weighted milestone method. Learn how these methods are applied in large, complex, or multistage projects.
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