Module 10 - Chat GBT.pdf

1. What does Earned Value Management (EVM) integrate to assess project performance? - A) Scope, cost, and time data - B) Resource allocation and risk management - C) Communication and stakeholder management - D) Quality metrics and procurement data Correct Answer: A 2. Which key metric in EVM repr...

1. What does Earned Value Management (EVM) integrate to assess project performance? - A) Scope, cost, and time data - B) Resource allocation and risk management - C) Communication and stakeholder management - D) Quality metrics and procurement data Correct Answer: A 2. Which key metric in EVM represents the budgeted cost of work performed? - A) Planned Value (PV) - B) Earned Value (EV) - C) Actual Cost (AC) - D) Budget at Completion (BAC) Correct Answer: B 3. What is the Cost Baseline in EVM often represented by? - A) S-Curve - B) Histogram - C) Pie Chart - D) Scatter Plot Correct Answer: A 4. Which of the following describes Planned Value (PV) in EVM? - A) The value of the work actually performed - B) The budgeted cost of work scheduled - C) The actual costs incurred - D) The estimated completion cost Correct Answer: B 5. What is Schedule Variance (SV) in EVM? - A) SV = EV - PV - B) SV = PV - AC - C) SV = AC - EV - D) SV = PV - BAC Correct Answer: A 6. A positive Cost Variance (CV) in EVM indicates that: - A) The project is over budget - B) The project is under budget - C) The project is behind schedule - D) The project scope is increasing Correct Answer: B 7. What does a Schedule Performance Index (SPI) value greater than 1 indicate? - A) The project is behind schedule - B) The project is ahead of schedule - C) The project is over budget - D) The project is under budget Correct Answer: B 8. Which formula calculates Cost Performance Index (CPI)? - A) CPI = EV / AC - B) CPI = PV / EV - C) CPI = AC / PV - D) CPI = PV / AC Correct Answer: A 9. What does a CPI value less than 1.0 indicate? - A) The project is costing more than planned - B) The project is costing less than planned - C) The project is ahead of schedule - D) The project has no cost variance Correct Answer: A 10. In EVM, what is Estimate at Completion (EAC) used for? - A) To assess project quality - B) To forecast the expected total cost of the project - C) To determine the project team’s performance - D) To identify project risks Correct Answer: B 11. Which formula can be used for EAC when current cost performance is expected to continue? - A) EAC = BAC / CPI - B) EAC = BAC - EV - C) EAC = AC + ETC - D) EAC = EV / PV Correct Answer: A 12. What does a Burnup Chart represent in project metrics? - A) The amount of work left to do - B) Progress towards project completion - C) Project risks and mitigations - D) Cost over time Correct Answer: B 13. What does the vertical axis of a Burndown Chart typically represent? - A) Time - B) Effort remaining - C) Cost - D) Resources Correct Answer: B 14. In a Burndown Chart, if the actual work line is above the ideal line, what does it indicate? - A) The project is ahead of schedule - B) The project is behind schedule - C) The project is on budget - D) The project scope has decreased Correct Answer: B 15. What is the purpose of a change control process in project management? - A) To manage risks and identify opportunities - B) To monitor stakeholder communication - C) To identify, evaluate, and manage changes to project scope, cost, and schedule - D) To establish a project baseline Correct Answer: C 16. Who is typically responsible for approving project changes? - A) Project Team - B) Change Control Board (CCB) - C) Stakeholders - D) Functional Managers Correct Answer: B 17. What is scope creep? - A) The tendency for project costs to exceed the budget - B) Uncontrolled changes to the project scope - C) Changes made by the project sponsor - D) Scheduled project delays Correct Answer: B 18. In adaptive projects, how is change managed differently compared to predictive projects? - A) Changes are strictly limited - B) Changes are added to the Product Backlog and prioritized - C) Changes are rejected automatically - D) Changes are managed through fixed scope planning Correct Answer: B 19. What is a progress report used for in project management? - A) To describe what the team has accomplished in the last period - B) To determine the cost baseline - C) To allocate project resources - D) To finalize the project schedule Correct Answer: A 20. What does the Schedule Performance Index (SPI) measure? - A) Cost efficiency of budgeted resources - B) The variance between earned value and planned value - C) The project team's productivity - D) The accuracy of resource allocation Correct Answer: B 21. Which type of report forecasts project performance based on historical data? - A) Status report - B) Variance report - C) Forecast report - D) Progress report Correct Answer: C 22. Which document is used to track unresolved project issues? - A) Risk Register - B) Change Log - C) Issue Log - D) Stakeholder Register Correct Answer: C 23. What is the purpose of Key Performance Indicators (KPIs) in project reporting? - A) To assess project quality - B) To gauge the project’s performance quantitatively - C) To determine project risks - D) To identify stakeholders Correct Answer: B 24. Which KPI category measures how well resources are being utilized? - A) Time - B) Cost - C) Resource usage - D) Quality Correct Answer: C 25. What does the Cost Performance Index (CPI) value indicate if it is greater than 1.0? - A) The project is over budget - B) The project is under budget - C) The project is ahead of schedule - D) The project is behind schedule Correct Answer: B 26. What type of variance analysis is used to determine if the project is on schedule? - A) Cost Variance (CV) - B) Schedule Variance (SV) - C) Earned Value (EV) - D) Budget at Completion (BAC) Correct Answer: B 27. In EVM, what is Actual Cost (AC)? - A) The cost that should have been incurred by a given date - B) The cost incurred for the work completed to date - C) The total estimated cost of the project - D) The forecasted cost at completion Correct Answer: B 28. What is the purpose of a variance report? - A) To track changes to the project scope - B) To compare actual performance to planned performance - C) To allocate project resources - D) To determine stakeholder needs Correct Answer: B 29. What does Estimate to Complete (ETC) represent in project forecasting? - A) The total cost at project completion - B) The cost required to complete the remaining project work - C) The actual cost of completed work - D) The baseline project budget Correct Answer: B 30. Which report type is used to communicate project progress to a broad audience? - A) Status report - B) Burnup chart - C) Dashboard - D) Risk register Correct Answer: C 31. Which of the following is an example of a positive risk response strategy? - A) Mitigate - B) Avoid - C) Exploit - D) Transfer Correct Answer: C 32. What does a burnup chart typically include to indicate progress? - A) Ideal trajectory, completed line, and total scope - B) Work left to complete, time remaining, and cost to complete - C) Team performance, resource allocation, and risks - D) Project quality, schedule changes, and scope increases Correct Answer: A 33. Which change request status indicates that a change will be implemented at a later time? - A) Approve - B) Reject - C) Defer - D) Escalate Correct Answer: C 34. What does the term "information radiator" refer to in project reporting? - A) Reports provided during project meetings - B) Big visual boards displayed in high-traffic areas to show project progress - C) Stake holder satisfaction surveys - D) Project management software Correct Answer: B 35. Which document lists all changes made to the project, including their status? - A) Issue Log - B) Change Log - C) Stakeholder Register - D) Risk Register Correct Answer: B 36. What is a key benefit of variance analysis in project reporting? - A) It helps project managers understand differences between planned and actual performance - B) It allocates resources for future activities - C) It determines stakeholder satisfaction - D) It identifies new project risks Correct Answer: A 37. In project metrics, what is a velocity chart used for? - A) To measure how much work the team can complete in each iteration - B) To assess the overall project cost - C) To determine resource requirements - D) To track procurement activities Correct Answer: A 38. What is the significance of a Schedule Performance Index (SPI) value of 1.0? - A) The project is ahead of schedule - B) The project is behind schedule - C) The project is exactly on schedule - D) The project is under budget Correct Answer: C 39. What is the purpose of a cost variance analysis? - A) To determine if the project is meeting scope requirements - B) To ensure costs do not exceed authorized funding - C) To prioritize stakeholder needs - D) To identify project risks Correct Answer: B 40. Which project metric helps determine the remaining amount of work versus available time? - A) Cost Performance Index (CPI) - B) Burnup Chart - C) Burndown Chart - D) Variance Report Correct Answer: C 41. What does the Estimate at Completion (EAC) formula AC + (BAC - EV) assume about cost variances? - A) They are likely to continue in the future - B) They are considered atypical - C) They have no impact on project completion - D) They are external influences only Correct Answer: B 42. What does a negative Schedule Variance (SV) indicate? - A) The project is behind schedule - B) The project is under budget - C) The project is ahead of schedule - D) The project is over budget Correct Answer: A 43. Which of the following can be used as an input for project reporting? - A) Earned Value - B) Lessons Learned - C) Work Breakdown Structure - D) Critical Path Analysis Correct Answer: B 44. What is the Cost Variance (CV) if EV = $149,100 and AC = $139,100? - A) $10,000 - B) -$10,000 - C) $20,000 - D) -$20,000 Correct Answer: A 45. What is an important step in the change control process after a change is approved? - A) Documenting the change in the communication plan - B) Adjusting project baselines as per the approved change - C) Eliminating any remaining project risks - D) Creating a new work breakdown structure Correct Answer: B 46. What does a positive CPI value indicate about project cost? - A) Costs are higher than planned - B) Costs are on target - C) Costs are lower than planned - D) Costs are not yet known Correct Answer: C 47. In EVM, which value is calculated as EV - PV? - A) Cost Variance (CV) - B) Schedule Variance (SV) - C) Planned Value (PV) - D) Estimate at Completion (EAC) Correct Answer: B 48. What is the significance of BAC in EVM? - A) It represents the current cost of the project - B) It is the original total budget for the project - C) It measures the earned value of completed work - D) It predicts future project costs Correct Answer: B 49. In reporting, what does "forecasting" focus on? - A) Historical performance - B) Future performance based on current trends - C) Current issues and challenges - D) Stakeholder involvement Correct Answer: B 50. What does SPI = EV / PV help determine? - A) If the project is within budget - B) If the project is meeting its schedule goals - C) If the project needs a new risk assessment - D) If the project team is properly allocated Correct Answer: B