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Questions and Answers
A project has an Earned Value (EV) of $500,000, Planned Value (PV) of $600,000, and Actual Cost (AC) of $450,000. What is the status of the project?
A project has an Earned Value (EV) of $500,000, Planned Value (PV) of $600,000, and Actual Cost (AC) of $450,000. What is the status of the project?
A project with a BAC of $1,200,000 has a Cost Performance Index (CPI) of 0.8. What is the Estimate at Completion (EAC) if current trends continue?
A project with a BAC of $1,200,000 has a Cost Performance Index (CPI) of 0.8. What is the Estimate at Completion (EAC) if current trends continue?
If a project's SPI (Schedule Performance Index) is 0.95 and its CPI is 1.10, what does this indicate?
If a project's SPI (Schedule Performance Index) is 0.95 and its CPI is 1.10, what does this indicate?
A project manager is reviewing variance results. The Schedule Variance (SV) is -$15,000, and the Cost Variance (CV) is $10,000. What does this mean?
A project manager is reviewing variance results. The Schedule Variance (SV) is -$15,000, and the Cost Variance (CV) is $10,000. What does this mean?
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A project manager calculates the EAC using the formula EAC=AC+(BAC-EV)EAC = AC + (BAC - EV). When is this formula appropriate?
A project manager calculates the EAC using the formula EAC=AC+(BAC-EV)EAC = AC + (BAC - EV). When is this formula appropriate?
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A progress report shows a CPI of 0.9 and an SPI of 1.2. How should the project manager interpret this?
A progress report shows a CPI of 0.9 and an SPI of 1.2. How should the project manager interpret this?
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A burndown chart shows the actual work line consistently above the ideal work line. What does this indicate?
A burndown chart shows the actual work line consistently above the ideal work line. What does this indicate?
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The team uses a burnup chart to track progress. The completed line is below the ideal trajectory, but the total scope line remains unchanged. What is the best course of action?
The team uses a burnup chart to track progress. The completed line is below the ideal trajectory, but the total scope line remains unchanged. What is the best course of action?
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A project dashboard shows a negative cost variance but a positive schedule variance. What should the project manager prioritize?
A project dashboard shows a negative cost variance but a positive schedule variance. What should the project manager prioritize?
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A project manager includes variance analysis in monthly status reports. What is the primary benefit of this practice?
A project manager includes variance analysis in monthly status reports. What is the primary benefit of this practice?
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A key stakeholder submits a change request to add a new feature. The project manager identifies that it will delay the schedule by two weeks and increase costs by $10,000. What should the project manager do first?
A key stakeholder submits a change request to add a new feature. The project manager identifies that it will delay the schedule by two weeks and increase costs by $10,000. What should the project manager do first?
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The project team discovers scope creep due to undocumented changes. What is the best way to manage this?
The project team discovers scope creep due to undocumented changes. What is the best way to manage this?
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A project sponsor insists on implementing a regulatory change mid-project. This requires re-baselining the schedule and budget. What is the project manager's next step?
A project sponsor insists on implementing a regulatory change mid-project. This requires re-baselining the schedule and budget. What is the project manager's next step?
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During a change control meeting, the Change Control Board (CCB) approves a request to defer a new feature. What should the project manager do next?
During a change control meeting, the Change Control Board (CCB) approves a request to defer a new feature. What should the project manager do next?
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The project manager identifies an increase in the number of change requests. What should they focus on to manage this trend?
The project manager identifies an increase in the number of change requests. What should they focus on to manage this trend?
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A stakeholder requests a detailed change impact analysis for a new feature. The project team estimates that preparing this analysis will take considerable time and delay other tasks. What should the project manager prioritize?
A stakeholder requests a detailed change impact analysis for a new feature. The project team estimates that preparing this analysis will take considerable time and delay other tasks. What should the project manager prioritize?
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A project team implements a new reporting tool, but stakeholders find the dashboards difficult to interpret. What should the project manager do to address this issue?
A project team implements a new reporting tool, but stakeholders find the dashboards difficult to interpret. What should the project manager do to address this issue?
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A project manager identifies a discrepancy between the planned and actual progress on the burndown chart. The team explains that unanticipated issues slowed progress. What should the project manager do?
A project manager identifies a discrepancy between the planned and actual progress on the burndown chart. The team explains that unanticipated issues slowed progress. What should the project manager do?
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The project's Earned Value Management (EVM) analysis reveals that the Cost Variance (CV) is -$20,000 and the Schedule Variance (SV) is +$15,000. How should the project manager proceed?
The project's Earned Value Management (EVM) analysis reveals that the Cost Variance (CV) is -$20,000 and the Schedule Variance (SV) is +$15,000. How should the project manager proceed?
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A project's SPI (Schedule Performance Index) is 0.85, and CPI (Cost Performance Index) is 1.05. What does this indicate, and what action should the project manager take?
A project's SPI (Schedule Performance Index) is 0.85, and CPI (Cost Performance Index) is 1.05. What does this indicate, and what action should the project manager take?
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The sponsor requests a weekly status report, but team members find preparing it time-consuming and prefer focusing on deliverables. How should the project manager balance these needs?
The sponsor requests a weekly status report, but team members find preparing it time-consuming and prefer focusing on deliverables. How should the project manager balance these needs?
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A progress report indicates that the actual progress is significantly below planned progress. However, the team argues that quality control tasks are taking longer than expected. How should the project manager respond?
A progress report indicates that the actual progress is significantly below planned progress. However, the team argues that quality control tasks are taking longer than expected. How should the project manager respond?
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A stakeholder has requested metrics on the project's environmental sustainability, which was not part of the original reporting plan. What should the project manager do?
A stakeholder has requested metrics on the project's environmental sustainability, which was not part of the original reporting plan. What should the project manager do?
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The project manager identifies that reporting metrics are inconsistent across departments due to varying calculation methods. What is the best way to address this?
The project manager identifies that reporting metrics are inconsistent across departments due to varying calculation methods. What is the best way to address this?
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The project sponsor requests that all reports include risk metrics in addition to performance metrics. The team argues that this will slow reporting processes. What is the best approach?
The project sponsor requests that all reports include risk metrics in addition to performance metrics. The team argues that this will slow reporting processes. What is the best approach?
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A team member reports a significant variance between planned and actual resource utilization. The project manager suspects inefficient allocation. What should they prioritize?
A team member reports a significant variance between planned and actual resource utilization. The project manager suspects inefficient allocation. What should they prioritize?
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The team is using KPIs (Key Performance Indicators) to track progress, but one of the KPIs consistently shows poor performance. How should the project manager handle this?
The team is using KPIs (Key Performance Indicators) to track progress, but one of the KPIs consistently shows poor performance. How should the project manager handle this?
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A project report shows that planned milestones are being achieved, but costs are significantly higher than expected. What is the best course of action?
A project report shows that planned milestones are being achieved, but costs are significantly higher than expected. What is the best course of action?
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A stakeholder requests that reports include predictive analytics to forecast project outcomes. The team lacks experience in this area. What should the project manager do?
A stakeholder requests that reports include predictive analytics to forecast project outcomes. The team lacks experience in this area. What should the project manager do?
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A project manager finds that reports are often delayed because data collection is not centralized. What is the best way to address this issue?
A project manager finds that reports are often delayed because data collection is not centralized. What is the best way to address this issue?
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A stakeholder complains that the reports are overly technical and difficult to understand. How should the project manager address this?
A stakeholder complains that the reports are overly technical and difficult to understand. How should the project manager address this?
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A variance analysis report shows consistent underperformance in a specific task area. The task leads attribute this to unforeseen technical challenges. What should the project manager do?
A variance analysis report shows consistent underperformance in a specific task area. The task leads attribute this to unforeseen technical challenges. What should the project manager do?
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A sponsor requests a new dashboard to track project progress, but the team is already overloaded with reporting tasks. What is the best approach?
A sponsor requests a new dashboard to track project progress, but the team is already overloaded with reporting tasks. What is the best approach?
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The team uses a RAG (Red-Amber-Green) status report, and a stakeholder questions why one task is marked as "Amber." What should the project manager prioritize?
The team uses a RAG (Red-Amber-Green) status report, and a stakeholder questions why one task is marked as "Amber." What should the project manager prioritize?
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The project team's progress reports show a steady decline in velocity. Stakeholders express concern about deliverable timelines. What is the best way to address this?
The project team's progress reports show a steady decline in velocity. Stakeholders express concern about deliverable timelines. What is the best way to address this?
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The project sponsor requests that the next report include benchmarks comparing the project's performance to similar past projects. The team has no historical data available. What should the project manager do?
The project sponsor requests that the next report include benchmarks comparing the project's performance to similar past projects. The team has no historical data available. What should the project manager do?
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A mid-project report indicates that key milestones have been delayed, but the overall project timeline is unchanged. Stakeholders demand clarity. What should the project manager do?
A mid-project report indicates that key milestones have been delayed, but the overall project timeline is unchanged. Stakeholders demand clarity. What should the project manager do?
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A stakeholder reports that they are not receiving reports promptly due to time zone differences. How should the project manager resolve this?
A stakeholder reports that they are not receiving reports promptly due to time zone differences. How should the project manager resolve this?
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A project report shows that CPI (Cost Performance Index) and SPI (Schedule Performance Index) are both below 1.0. The team suggests re-baselining the project. What is the project manager's next step?
A project report shows that CPI (Cost Performance Index) and SPI (Schedule Performance Index) are both below 1.0. The team suggests re-baselining the project. What is the project manager's next step?
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The project team is using visual dashboards to report metrics, but stakeholders request raw data instead. What is the best way to address this?
The project team is using visual dashboards to report metrics, but stakeholders request raw data instead. What is the best way to address this?
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A team member reports inconsistent data between different reports. The project manager suspects issues with data sources. What should they do?
A team member reports inconsistent data between different reports. The project manager suspects issues with data sources. What should they do?
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The sponsor requests that reports include predictive cost metrics. However, the team is unfamiliar with cost forecasting techniques. What should the project manager do?
The sponsor requests that reports include predictive cost metrics. However, the team is unfamiliar with cost forecasting techniques. What should the project manager do?
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A report highlights that planned and actual progress are diverging. The sponsor requests recommendations for corrective actions. What is the best approach?
A report highlights that planned and actual progress are diverging. The sponsor requests recommendations for corrective actions. What is the best approach?
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The project team reports a sudden drop in productivity after implementing a new reporting system. What should the project manager prioritize?
The project team reports a sudden drop in productivity after implementing a new reporting system. What should the project manager prioritize?
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A status report shows that risk mitigation efforts have been successful, but the sponsor suggests reducing the risk management budget. How should the project manager respond?
A status report shows that risk mitigation efforts have been successful, but the sponsor suggests reducing the risk management budget. How should the project manager respond?
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Stakeholders request that variance reports include visual representations of data. What is the best way to implement this?
Stakeholders request that variance reports include visual representations of data. What is the best way to implement this?
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A stakeholder requests that reports highlight lessons learned during the project. The team argues that this should be included only in the final report. What should the project manager do?
A stakeholder requests that reports highlight lessons learned during the project. The team argues that this should be included only in the final report. What should the project manager do?
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A project report shows an unexplained increase in costs. The sponsor demands an explanation, but the data is incomplete. What should the project manager prioritize?
A project report shows an unexplained increase in costs. The sponsor demands an explanation, but the data is incomplete. What should the project manager prioritize?
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The team implements an Earned Value Management (EVM) system mid-project, but stakeholders are unfamiliar with EVM metrics. How should the project manager address this?
The team implements an Earned Value Management (EVM) system mid-project, but stakeholders are unfamiliar with EVM metrics. How should the project manager address this?
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A project manager uses trend analysis to track performance. A negative trend in schedule performance is identified, but the team believes it is temporary. What is the best way to proceed?
A project manager uses trend analysis to track performance. A negative trend in schedule performance is identified, but the team believes it is temporary. What is the best way to proceed?
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Study Notes
Earned Value Management (EVM)
- EVM is a project management technique used to track project progress and performance.
- Key metrics within EVM include Earned Value (EV), Planned Value (PV), and Actual Cost (AC).
- Earned Value (EV): Represents the value of the work completed by the project.
- Planned Value (PV): Represents the planned effort or value that should've been accomplished on a given date.
- Actual Cost (AC): Represents the actual observed cost of the completed work.
Cost Performance Index (CPI)
- The CPI is a key metric in EVM.
- CPI = EV/AC
- A CPI greater than 1 indicates the project is under budget.
- A CPI less than 1 indicates the project is over budget.
Schedule Performance Index (SPI)
- The SPI is another key metric in EVM.
- SPI = EV/PV
- An SPI greater than 1 indicates the project is ahead of schedule.
- An SPI less than 1 indicates the project is behind schedule.
Project Status Analysis
- A project with an EV of $500,000, PV of $600,000, and AC of $450,000 is under budget but behind schedule (SPI=0.83, CPI=1.11).
- A CPI of 0.8 and a BAC of $1,200,000 indicates an EAC of $1,500,000.
- A negative Schedule Variance (SV) implies the project is behind schedule.
- A positive Cost Variance (CV) implies the project is under budget.
- A positive schedule variance and a negative cost variance indicates the project is under budget and behind schedule, but it can also indicate a lack of oversight, and other factors impacting the outcome of the project
Change Requests and Scope Management
- Projects often experience changes.
- Stakeholder and project scope creep can arise.
- A project manager's role includes change control.
- Scope creep should always be documented, managed, and tracked.
- Changes to the project scope must be managed effectively.
Reporting and Communication
- Project reports should be clear, concise, and easily understood.
- Reports should balance detail with the need for quick comprehension.
- Clear communication helps stakeholders make informed decisions.
- Clear communication is crucial for success.
- Timely communication is important to avoid delays.
Variance Analysis
- Project managers should regularly monitor variance to understand the status and to help steer a project towards success.
- Project variances can signal the potential need for corrective actions, or re-planning.
- Variance analysis is important to ensure that the project is on track.
Project Management Practices
- Implementing a centralized reporting system to minimize delays and improve efficiency
- Standardizing reporting practices and methods for better understanding project development.
- Stakeholder involvement is critical when reporting project progress.
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Description
This quiz focuses on Earned Value Management (EVM), a crucial project management technique. Participants will explore key metrics such as Earned Value (EV), Planned Value (PV), Actual Cost (AC), as well as the Cost Performance Index (CPI) and Schedule Performance Index (SPI). Test your understanding of these essential concepts and how they relate to project performance and status analysis.
