Methods for Determining Percent Complete in Project Management

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What is the purpose of taking corrective action in project control?

To select performance measures

To determine the baseline schedule and budget

To analyze deviations and their causes (correct)

To update schedules

What kind of information is needed for updating schedules according to the text?

Activities that have been deleted (correct)

Activities that have not started

The estimated value of each performance measure

The baseline schedule

In project control, what should be analyzed to detect current and future deviations?

Actual completion date of each activity

Raw data collection frequency

Collected data from various sources (correct)

Activities that are complete

What does the project control system aim to address?

Determining the causes of deviations Signup and view all the answers

Which type of activities are crucial for updating schedules?

Completed activities with actual completion dates Signup and view all the answers

What does the project control system help project managers do?

Identify and correct deviations Signup and view all the answers

Which method is more suitable for large and complex or multistage activities?

Incremental milestone method Signup and view all the answers

What does the Weighted Milestone Method allow project managers to do?

Divide work packages into small segments Signup and view all the answers

When does the Start-Finish percentage method work best?

For small activities or those with no or short duration Signup and view all the answers

In what scenarios would the Supervisor's opinion method be used?

When no other applicable method is suitable Signup and view all the answers

What type of data does the Progress Table capture?

Dates of when the milestones were achieved Signup and view all the answers

How does the Weighted Milestone Method differ from the Incremental Milestone Method?

By dividing work packages into small segments Signup and view all the answers

What does a positive VAC indicate?

The project is under budget Signup and view all the answers

What does a negative VAC suggest?

The project is over budget Signup and view all the answers

What does TCPI < 1 mean for a project?

More funds and less work are needed Signup and view all the answers

What does TCPI = 1 indicate for a project?

Just enough funds to complete the work Signup and view all the answers

What does it mean if the VAC value approaches zero?

Budget is accurate Signup and view all the answers

What is the purpose of TCPI in a project?

To assess cost performance needed to achieve project goals Signup and view all the answers

What types of changes can trigger updates to project schedules?

Changes in duration, logic, budget, resources, constraints, and others Signup and view all the answers

What is considered a schedule-related, but not activity-specific change?

A change in resource availability Signup and view all the answers

Which frequency of updating project schedules is likely the most common?

Biweekly Signup and view all the answers

What negative consequences can arise from infrequent updates to project schedules?

Overwhelming the scheduler with work progress reports Signup and view all the answers

Why is achieving the right balance in the frequency of updates crucial for project managers?

To ensure work progress is properly analyzed Signup and view all the answers

In what scenario might a subcontractor be involved in a schedule-related change?

Taking over another subcontractor's work Signup and view all the answers

What does TCPI stand for in project management?

Total Cost Performance Index Signup and view all the answers

How is the monetary value of remaining work calculated in the TCPI formula?

(Total Project Budget - Actual Expenditure) Signup and view all the answers

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) Signup and view all the answers

What does the TCPI represent in project management when it is greater than 1?

Project under budget Signup and view all the answers

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) Signup and view all the answers

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 Signup and view all the answers