iPMAC_PMP_L08P_Schedule Management and Cost Management

You are a project manager overseeing the construction of a Baseball Stadium. The activity of laying the Grass Sod has an optimistic estimate of 10 days, pessimistic estimate of 16 days, and most likely estimate of 13 days. What is the duration within which this task must be completed?

• 10 days to 16 days   

• 7 days to 19 days   

• 12 days to 14 days 

• 11 days to 15 days

There are two activities on your schedule, which are: 1) Install server in lab 2) Move server into the data center. However, the second task can’t start until the server has run in the lab for 5 days without failure. This is an example of what?

• Fast Track

• Lead

• Crashing

• Lag

In a Finish to Start relationship between predecessor and successor activities, a project manager decides to schedule a successor activity 5 days before its predecessor is complete. This is accomplished by providing 5 days of:

• Lag

• Load

• Fast-tracking

• Lead

Your project schedule shows a 15 month finish, but your customer has just realized there is a regulatory requirement to complete the project by a certain date and insists this project must be finished in 12 months. Which of the following is the best approach?

• Tell the customer it can be done, then cut your estimates by 20%.

• Cut the scope by 20%, tell the customer the critical path has changed, and resubmit the schedule for review.

• Stand your ground. Cutting scope or time will result in an inferior project outcome.

• Inform the customer of the impacts, then crash the project.

The Cost Performance Index (CPI) of a project is 0.8 and you have a limited budget. You are planning to procure a product from the supplier. In this situation, you should:

• Ask the supplier to supply a product of slightly lower quality, since it will cost less.   

• Try innovative means to lower costs.   

• Remove non-critical tasks from the project schedule.   

• Try to crash the project as shortening the project schedule decreases costs.   

What are the 2 estimation methods that take the most time and the least time?

• Expert judgement, Three point estimate

• Analog, Expert judgement

• Bottom up, Analog

• Analog, Parametric

A project uses rounding of activity estimates data to the nearest $100, uses staff hours as the unit of measure for resources, and has a variance threshold of 10% deviation from the baseline plan. These would be typically documented in the:

• Cost management plan

• Scope Statement

• WBS

• Project charter

A project manager presented Earned value analysis data in a tabular format while providing a performance report. An alternative way in which the project manager could have presented the Earned value analysis data is by using:

• A linear graph

• An S-curve

• A logarithmic curve

• An Epsilon graph

Which of the following structures is helpful in tracking project costs and can be aligned with the organization’s accounting system?

• Project breakdown structure (PBS)

• Matrix breakdown structure (MBS)

• Work Breakdown Structure (WBS)

• Organizational breakdown structure (OBS)

Peter, a project manager, is updating the status of his project. Based on the performance indices, he expects the project to finish a month earlier than the planned finish date. However, he expects the project to exceed the budgeted costs. What can you say about the schedule performance index (SPI) of the project?

• The SPI is less than 1.0.

• The SPI equals the CPI.

• The SPI is greater than 1.0.

• The SPI is equal to 1.0.