Predictive Controls - Plan Based - Formula

Which of the following is the most effective way to document project controls for predictive, plan-based projects?

• • Keeping a detailed log of all project activities

• • Creating a comprehensive project management plan

• • Creating a Gantt chart to track project progress

• • Keeping a record of all project costs

Answer explanation

Predictive, plan-based projects rely on a detailed project management plan to guide the project from initiation to completion.

The project management plan should include all the necessary information to effectively manage the project, including the project scope, objectives, deliverables, schedule, budget, and quality standards.

Which of the following is NOT a project control activity?

• • Identifying and managing risks

• • Approving project change requests

• • Hiring new team members

• • Measuring performance against the project plan

Answer explanation

Project control activities are the processes and techniques used to monitor and manage project progress, identify issues, and make necessary adjustments to ensure that the project stays on track and meets its objectives.

Which of the following is the best way to track budget changes in a project management software?

• • Importing a spreadsheet of budget changes into the software

• • Utilizing the built-in budget tracking feature in the project management software

• • Integrating the software with financial management software

• • Manually updating the budget in the software every time a change occurs

Answer explanation

Utilizing the built-in budget tracking feature in the project management software is the best way to track budget changes because it allows for real-time updates and easy access to budget information for all team members.

When creating a status report in project management, which of the following is NOT a best practice?

• • Highlighting any achievements or milestones that have been reached

• • Including a detailed breakdown of all project expenses

• • Identifying any roadblocks or issues that are preventing progress

• • Providing clear and concise updates on the status of ongoing tasks

Answer explanation

Status reports are an essential tool in project management, as they help stakeholders stay informed about the progress of a project.

To create an effective status report, it is important to provide clear and concise updates on the status of ongoing tasks, identify any roadblocks or issues that are preventing progress, and highlight any achievements or milestones that have been reached.

Which of the following is the most effective method for utilizing status reports in a project?

• • Tailoring the frequency and level of detail in the reports to the needs and roles of each individual stakeholder

• • Creating them at the end of the project to document the progress

• • Using them only as a means of communicating issues or delays to the project manager

• • Sending them out on a weekly basis to all stakeholders regardless of their level of involvement

Answer explanation

Tailoring the frequency and level of detail in status reports to the needs and roles of each individual stakeholder is the most effective method for utilizing status reports in a project.

Which of the following is the most effective method for utilizing change request logs in a project?

• • Allowing all team members to submit change requests without any review or approval process

• • Keeping the change request log in a centralized location, and reviewing it regularly to ensure changes align with project objectives and scope.

• • Using a formal change request process, including review and approval by relevant stakeholders before implementing any changes

• • Keeping the change request log in a centralized location, but not actively reviewing it until the end of the project

Answer explanation

This approach ensures that any changes made align with the project objectives and scope, and that any potential impact on the project schedule and budget is evaluated before implementation.

Which of the following is the most effective method for utilizing a risk register in a project?

• • Updating the risk register when a new risk is identified

• • Regularly reviewing and updating the risk register and developing mitigation plans for identified risks

• • Ignoring the risk register completely and relying solely on intuition to manage risks

• • Keeping the risk register in a centralized location, but not actively reviewing it until the end of the project

Answer explanation

Regularly reviewing and updating the risk register and developing mitigation plans for identified risks is the most effective method for utilizing a risk register in a project

What is the main benefit of utilizing a Gantt chart in a project?

• • To provide a visual representation of the project schedule

• • To monitor project progress

• • To assign tasks to team members

• • To track project expenses

Answer explanation

The main benefit of utilizing a Gantt chart in a project is to provide a visual representation of the project schedule.

It illustrates the start and end dates of each task, the duration of each task, and the dependencies between tasks.

What is the formula used to calculate the cost performance index (CPI) in earned value management?

• • (EV - AC) / BAC

• • CPI = (BAC / EV)

• • CPI = (EV / AC)

• • (BAC - EV) / BAC

Answer explanation

The cost performance index (CPI) is a measure of how efficiently a project is being managed in terms of its costs.

It is calculated by dividing the earned value (EV) by the actual costs (AC).

What is the formula used to calculate the to-complete performance index (TCPI) in earned value management?

• • (EV - AC) / BCWS

• • (BAC - EV) / (BAC - AC)

• • (EV / AC) x 100

• • (BAC - EV) / BAC

Answer explanation

The TCPI is a measure of the cost performance that must be achieved with the remaining budget to meet a specified financial goal.