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Questions and Answers
What is the primary purpose of variance analysis?
What is the primary purpose of variance analysis?
- Creating a new baseline for future performance
- Determining the cause of difference between baseline and actual performance (correct)
- Predicting future performance based on past data
- Comparing the performance of different teams
What is the key benefit of the process mentioned in the text?
What is the key benefit of the process mentioned in the text?
- It brings objectivity to the acceptance process and increases the chance of final product acceptance (correct)
- It guarantees the success of the final product
- It reduces the cost of the final product
- It speeds up the delivery of the final product
Which document is not an input for Validate Scope process?
Which document is not an input for Validate Scope process?
- Requirements documentation
- Work performance data
- Scope baseline (correct)
- Project management plan
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Study Notes
Variance Analysis
- Primarily used to assess differences between planned and actual performance in financial metrics.
- Helps identify reasons for discrepancies, providing insights for managerial decision-making.
Key Benefit of Variance Analysis
- Enhances budgetary control by highlighting areas needing attention, allowing for timely corrective actions.
- Supports more informed future forecasting and planning processes by revealing patterns in data.
Validate Scope Process Inputs
- Does not require the project charter as an input document; instead focuses on work performance data, project management plan, and requirements documentation.
- Ensuring all stakeholder requirements are met is crucial for successful project completion.
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