Podcast
Questions and Answers
What occurs during the Executing Phase of a project?
What occurs during the Executing Phase of a project?
- The project budget is determined.
- The project's product, service, or result is created. (correct)
- The project team is disbanded.
- All planning documents are finalized.
Which activity is essential during the Executing Phase?
Which activity is essential during the Executing Phase?
- Stakeholder analysis
- Quality Planning
- Monitoring the project schedule (correct)
- Risk Planning
What typically happens to the project team during the Executing Phase?
What typically happens to the project team during the Executing Phase?
- The team shrinks due to project completion.
- The team size often decreases.
- Additional team members are often added. (correct)
- The team remains the same size throughout all phases.
Which of the following may be necessary if the duration of activities exceeds the project schedule?
Which of the following may be necessary if the duration of activities exceeds the project schedule?
What is NOT a primary focus during the Executing Phase?
What is NOT a primary focus during the Executing Phase?
What does a Cost Performance Index (CPI) of less than 1 typically indicate?
What does a Cost Performance Index (CPI) of less than 1 typically indicate?
How is the estimate at completion (EAC) calculated when the CPI is known?
How is the estimate at completion (EAC) calculated when the CPI is known?
Which of the following is true about the Schedule Variance (SV)?
Which of the following is true about the Schedule Variance (SV)?
What should the Risk Register be monitored for during the project?
What should the Risk Register be monitored for during the project?
What is the purpose of the Communication Management Plan?
What is the purpose of the Communication Management Plan?
How is the Project Status Report structured?
How is the Project Status Report structured?
What does a negative Cost Variance (CV) signify in project management?
What does a negative Cost Variance (CV) signify in project management?
Which technique involves shortening the durations of critical tasks by adding resources or changing their scope?
Which technique involves shortening the durations of critical tasks by adding resources or changing their scope?
What is the primary role of the Project Scope Statement in project management?
What is the primary role of the Project Scope Statement in project management?
What change would result in monitoring the project budget effectively?
What change would result in monitoring the project budget effectively?
Which of the following terms refers to the total cost incurred for an activity during a specific time period?
Which of the following terms refers to the total cost incurred for an activity during a specific time period?
In Earned Value Management, what does Planned Value (PV) represent?
In Earned Value Management, what does Planned Value (PV) represent?
Which method allows for overlapping tasks to shorten the project schedule?
Which method allows for overlapping tasks to shorten the project schedule?
What is the key factor that Earned Value Management (EVM) integrates?
What is the key factor that Earned Value Management (EVM) integrates?
What ratio does Rate of Performance (RP) measure?
What ratio does Rate of Performance (RP) measure?
Study Notes
Executing the Project
- Project team often increases in size during this phase
- Deliverables of the project are produced in this phase
- The project schedule should be monitored to ensure all activities are completed
Monitoring and Controlling the Project
- Costs should be compared to the Detailed Budget
- Costs can be affected by unexpected issues like work taking longer than estimated, unexpected problems, and price changes
- Earned value management (EVM) is a project performance measurement technique that integrates scope, time, and cost data
- Planned value (PV), also known as the budget, is the approved total cost estimate planned for a given time
- Actual cost (AC), is the sum of direct and indirect costs incurred on an activity during a given period
- Earned value (EV), is an estimate of the value of the completed physical work
Reporting the Status of the Project
- Project status report provides a snapshot of the project's status at a given time
- Project dashboards may also be used to communicate the status of a project
- Variance from project plans should be communicated to stakeholders
Project Quality During the Executing Phase
- Quality Management Plan was created during the Planning Phase
- Two main quality functions are performed during execution:
- Quality Assurance
- Quality Control
- Quality Assurance Plan contains the processes that should be followed during the project and any testing to verify deliverable quality
- Quality Control verifies deliverables according to the processes defined in the Quality Assurance Plan
Cost of Quality
- The cost of conformance includes delivering products that meet requirements
- The cost of nonconformance means taking responsibility for failures or not meeting quality expectations
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Description
Test your knowledge on key phases of project management, including executing, monitoring, and controlling projects. This quiz covers essential concepts like budget management, earned value management, and project status reporting. Perfect for students and professionals in the field of project management.
