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Question 1 of 30
1. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in determining the budget for a project. Which of the following is not among the tools and techniques used in the determine budget process?
Correct
Determine Budget: Tools and Techniques
1. Cost Aggregation
2. Reserve Analysis
3. Expert Judgment
4. Historical Relationships
5. Funding Limit ReconciliationIncorrect
Determine Budget: Tools and Techniques
1. Cost Aggregation
2. Reserve Analysis
3. Expert Judgment
4. Historical Relationships
5. Funding Limit Reconciliation -
Question 2 of 30
2. Question
You work in the financial department in an MNC and are well aware of the various inputs and outputs of the determine budget process of a project. Which among the following is not an output of the determine budget process?
Correct
Determine Budget: Outputs
1. Cost Baseline
2. Project Funding Requirements
3. Project Documents UpdatesIncorrect
Determine Budget: Outputs
1. Cost Baseline
2. Project Funding Requirements
3. Project Documents Updates -
Question 3 of 30
3. Question
Which among the following defines cost baseline?
Correct
The cost baseline is the approved version of the time-phased project budget, excluding any management reserves, which can only be changed through formal change control procedures and is used as a basis for comparison to actual results. It is developed as a summation of the approved budgets for the different schedule activities.
Incorrect
The cost baseline is the approved version of the time-phased project budget, excluding any management reserves, which can only be changed through formal change control procedures and is used as a basis for comparison to actual results. It is developed as a summation of the approved budgets for the different schedule activities.
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Question 4 of 30
4. Question
You work in the human resource department in an MNC and are well aware of the various inputs and outputs of the determine budget process of a project. Which among the following is not true for cost baseline?
Correct
The cost baseline is the approved version of the time-phased project budget, excluding any management reserves, which can only be changed through formal change control procedures and is used as a basis for comparison to actual results. It is developed as a summation of the approved budgets for the different schedule activities. Management reserves are added to the cost baseline to produce the project budget. As changes warranting the use of management reserves arise, the change control process is used to obtain approval to move the applicable management reserve funds into the cost baseline
Incorrect
The cost baseline is the approved version of the time-phased project budget, excluding any management reserves, which can only be changed through formal change control procedures and is used as a basis for comparison to actual results. It is developed as a summation of the approved budgets for the different schedule activities. Management reserves are added to the cost baseline to produce the project budget. As changes warranting the use of management reserves arise, the change control process is used to obtain approval to move the applicable management reserve funds into the cost baseline
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Question 5 of 30
5. Question
Which among the following defines control costs process?
Correct
Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk.
Incorrect
Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk.
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Question 6 of 30
6. Question
You are a project manager in your firm and are currently on the control cost process for one of your project. Which among the following is not true for control cost process?
Correct
Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk. The key to effective cost control is the management of the approved cost baseline and the changes to that baseline.
Incorrect
Control Costs is the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk. The key to effective cost control is the management of the approved cost baseline and the changes to that baseline.
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Question 7 of 30
7. Question
You work in the financial department in an MNC and are well aware of the various inputs and outputs of the control cost process of a project. Which among the following is not an input of the control cost process?
Correct
Control Costs: Inputs
1. Project Management Plan
2. Project Funding Requirements
3. Work Performance Data
4. Organizational Process AssetsIncorrect
Control Costs: Inputs
1. Project Management Plan
2. Project Funding Requirements
3. Work Performance Data
4. Organizational Process Assets -
Question 8 of 30
8. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in control costs process for a project. Which of the following is not among the tools and techniques used in the control costs process?
Correct
Control Costs: Tools and Techniques
1. Earned Value Management
2. Forecasting
3. To-Complete Performance Index (TCPI)
4. Performance Reviews
5. Project Management Software
6. Reserve AnalysisIncorrect
Control Costs: Tools and Techniques
1. Earned Value Management
2. Forecasting
3. To-Complete Performance Index (TCPI)
4. Performance Reviews
5. Project Management Software
6. Reserve Analysis -
Question 9 of 30
9. Question
Which among the following defines earned value management?
Correct
Earned value management (EVM) is a methodology that combines scope, schedule, and resource measurements to assess project performance and progress. It is a commonly used method of performance measurement for projects.
Incorrect
Earned value management (EVM) is a methodology that combines scope, schedule, and resource measurements to assess project performance and progress. It is a commonly used method of performance measurement for projects.
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Question 10 of 30
10. Question
You are a project manager in a firm and have decided to use earned value management to control the costs for your project. Which among the following is not true for EVM?
Correct
Earned value management (EVM) is a methodology that combines scope, schedule, and resource measurements to assess project performance and progress. It is a commonly used method of performance measurement for projects. It integrates the scope baseline with the cost baseline, along with the schedule baseline, to form the performance baseline, which helps the project management team assess and measure project performance and progress. It is a project management technique that requires the formation of an integrated baseline against which performance can be measured for the duration of the project. The principles of EVM can be applied to all projects in any industry.
Incorrect
Earned value management (EVM) is a methodology that combines scope, schedule, and resource measurements to assess project performance and progress. It is a commonly used method of performance measurement for projects. It integrates the scope baseline with the cost baseline, along with the schedule baseline, to form the performance baseline, which helps the project management team assess and measure project performance and progress. It is a project management technique that requires the formation of an integrated baseline against which performance can be measured for the duration of the project. The principles of EVM can be applied to all projects in any industry.
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Question 11 of 30
11. Question
You are a project manager in a firm and have decided to use earned value management to control the costs for your project. Which among the following is not a key dimention for each work package and control account used in EVM?
Correct
EVM develops and monitors three key dimensions for each work package and control account:
• Planned value
• Earned value
• Actual costIncorrect
EVM develops and monitors three key dimensions for each work package and control account:
• Planned value
• Earned value
• Actual cost -
Question 12 of 30
12. Question
Which among the following defines planned value?
Correct
Planned value (PV) is the authorized budget assigned to scheduled work. It is the authorized budget planned for the work to be accomplished for an activity or work breakdown structure component, not including management reserve.
Incorrect
Planned value (PV) is the authorized budget assigned to scheduled work. It is the authorized budget planned for the work to be accomplished for an activity or work breakdown structure component, not including management reserve.
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Question 13 of 30
13. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in control costs process using earned value management. Which among the following is not true for planned value?
Correct
Planned value (PV) is the authorized budget assigned to scheduled work. It is the authorized budget planned for the work to be accomplished for an activity or work breakdown structure component, not including management reserve. This budget is allocated by phase over the life of the project, but at a given moment, planned value defines the physical work that should have been accomplished. The total of the PV is sometimes referred to as the performance measurement baseline (PMB). The total planned value for the project is also known as budget at completion (BAC).
Incorrect
Planned value (PV) is the authorized budget assigned to scheduled work. It is the authorized budget planned for the work to be accomplished for an activity or work breakdown structure component, not including management reserve. This budget is allocated by phase over the life of the project, but at a given moment, planned value defines the physical work that should have been accomplished. The total of the PV is sometimes referred to as the performance measurement baseline (PMB). The total planned value for the project is also known as budget at completion (BAC).
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Question 14 of 30
14. Question
Which among the following defines earned value?
Correct
Earned value (EV) is a measure of work performed expressed in terms of the budget authorized for that work. It is the budget associated with the authorized work that has been completed.
Incorrect
Earned value (EV) is a measure of work performed expressed in terms of the budget authorized for that work. It is the budget associated with the authorized work that has been completed.
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Question 15 of 30
15. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in control costs process using earned value management. Which among the following is not true for earned value?
Correct
Earned value (EV) is a measure of work performed expressed in terms of the budget authorized for that work. It is the budget associated with the authorized work that has been completed. The EV being measured needs to be related to the PMB, and the EV measured cannot be greater than the authorized PV budget for a component. The EV is often used to calculate the percent complete of a project. Progress measurement criteria should be established for each WBS component to measure work in progress. Project managers monitor EV, both incrementally to determine current status and cumulatively to determine the long-term performance trends.
Incorrect
Earned value (EV) is a measure of work performed expressed in terms of the budget authorized for that work. It is the budget associated with the authorized work that has been completed. The EV being measured needs to be related to the PMB, and the EV measured cannot be greater than the authorized PV budget for a component. The EV is often used to calculate the percent complete of a project. Progress measurement criteria should be established for each WBS component to measure work in progress. Project managers monitor EV, both incrementally to determine current status and cumulatively to determine the long-term performance trends.
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Question 16 of 30
16. Question
Which among the following defines actual cost?
Correct
Actual cost (AC) is the realized cost incurred for the work performed on an activity during a specific time period. It is the total cost incurred in accomplishing the work that the EV measured.
Incorrect
Actual cost (AC) is the realized cost incurred for the work performed on an activity during a specific time period. It is the total cost incurred in accomplishing the work that the EV measured.
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Question 17 of 30
17. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in control costs process using earned value management. Which among the following is not true for actual cost?
Correct
Actual cost (AC) is the realized cost incurred for the work performed on an activity during a specific time period. It is the total cost incurred in accomplishing the work that the EV measured. The AC needs to correspond in definition to what was budgeted in the PV and measured in the EV (e.g., direct hours only, direct costs only, or all costs including indirect costs). The AC will have no upper limit; whatever is spent to achieve the EV will be measured.
Incorrect
Actual cost (AC) is the realized cost incurred for the work performed on an activity during a specific time period. It is the total cost incurred in accomplishing the work that the EV measured. The AC needs to correspond in definition to what was budgeted in the PV and measured in the EV (e.g., direct hours only, direct costs only, or all costs including indirect costs). The AC will have no upper limit; whatever is spent to achieve the EV will be measured.
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Question 18 of 30
18. Question
You work as a project manager in a firm and are currently on the process of controlling costs for your project. You have decided to implement earned value management for this task. Which among the following is not among the variances monitored in the process?
Correct
EVM develops and monitors three key dimensions for each work package and control account: planned value, earned value and actual cost.
Variances from the approved baseline will also be monitored:
• Schedule variance
• Cost variance
• Schedule performance index
• Cost performance indexIncorrect
EVM develops and monitors three key dimensions for each work package and control account: planned value, earned value and actual cost.
Variances from the approved baseline will also be monitored:
• Schedule variance
• Cost variance
• Schedule performance index
• Cost performance index -
Question 19 of 30
19. Question
Which among the following defines schedule variance?
Correct
Schedule variance (SV) is a measure of schedule performance expressed as the difference between the earned value and the planned value. It is the amount by which the project is ahead or behind the planned delivery date, at a given point in time.
Incorrect
Schedule variance (SV) is a measure of schedule performance expressed as the difference between the earned value and the planned value. It is the amount by which the project is ahead or behind the planned delivery date, at a given point in time.
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Question 20 of 30
20. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in control costs process using earned value management. Which among the following is not true for schedule variance?
Correct
Schedule variance (SV) is a measure of schedule performance expressed as the difference between the earned value and the planned value. It is the amount by which the project is ahead or behind the planned delivery date, at a given point in time. It is a measure of schedule performance on a project. It is equal to the earned value (EV) minus the planned value (PV). The EVM schedule variance is a useful metric in that it can indicate when a project is falling behind or is ahead of its baseline schedule. The EVM schedule variance will ultimately equal zero when the project is completed because all of the planned values will have been earned.
Incorrect
Schedule variance (SV) is a measure of schedule performance expressed as the difference between the earned value and the planned value. It is the amount by which the project is ahead or behind the planned delivery date, at a given point in time. It is a measure of schedule performance on a project. It is equal to the earned value (EV) minus the planned value (PV). The EVM schedule variance is a useful metric in that it can indicate when a project is falling behind or is ahead of its baseline schedule. The EVM schedule variance will ultimately equal zero when the project is completed because all of the planned values will have been earned.
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Question 21 of 30
21. Question
Which among the following defines cost variance?
Correct
Cost variance (CV) is the amount of budget deficit or surplus at a given point in time, expressed as the difference between earned value and the actual cost. It is a measure of cost performance on a project. It is equal to the earned value (EV) minus the actual cost (AC).
Incorrect
Cost variance (CV) is the amount of budget deficit or surplus at a given point in time, expressed as the difference between earned value and the actual cost. It is a measure of cost performance on a project. It is equal to the earned value (EV) minus the actual cost (AC).
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Question 22 of 30
22. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in control costs process using earned value management. Which among the following is not true for cost variance?
Correct
Cost variance (CV) is the amount of budget deficit or surplus at a given point in time, expressed as the difference between earned value and the actual cost. It is a measure of cost performance on a project. It is equal to the earned value (EV) minus the actual cost (AC). The cost variance at the end of the project will be the difference between the budget at completion (BAC) and the actual amount spent. The CV is particularly critical because it indicates the relationship of physical performance to the costs spent.
Incorrect
Cost variance (CV) is the amount of budget deficit or surplus at a given point in time, expressed as the difference between earned value and the actual cost. It is a measure of cost performance on a project. It is equal to the earned value (EV) minus the actual cost (AC). The cost variance at the end of the project will be the difference between the budget at completion (BAC) and the actual amount spent. The CV is particularly critical because it indicates the relationship of physical performance to the costs spent.
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Question 23 of 30
23. Question
Which among the following defines schedule performance index?
Correct
The schedule performance index (SPI) is a measure of schedule efficiency expressed as the ratio of earned value to planned value. It measures how efficiently the project team is using its time.
Incorrect
The schedule performance index (SPI) is a measure of schedule efficiency expressed as the ratio of earned value to planned value. It measures how efficiently the project team is using its time.
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Question 24 of 30
24. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in control costs process using earned value management. Which among the following is not true for schedule performance index?
Correct
The schedule performance index (SPI) is a measure of schedule efficiency expressed as the ratio of earned value to planned value. It measures how efficiently the project team is using its time. It is sometimes used in conjunction with the cost performance index (CPI) to forecast the final project completion estimates. An SPI value less than 1.0 indicates less work was completed than was planned. An SPI greater than 1.0 indicates that more work was completed than was planned. Since the SPI measures all project work, the performance on the critical path also needs to be analyzed to determine whether the project will finish ahead of or behind its planned finish date.
Incorrect
The schedule performance index (SPI) is a measure of schedule efficiency expressed as the ratio of earned value to planned value. It measures how efficiently the project team is using its time. It is sometimes used in conjunction with the cost performance index (CPI) to forecast the final project completion estimates. An SPI value less than 1.0 indicates less work was completed than was planned. An SPI greater than 1.0 indicates that more work was completed than was planned. Since the SPI measures all project work, the performance on the critical path also needs to be analyzed to determine whether the project will finish ahead of or behind its planned finish date.
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Question 25 of 30
25. Question
Which among the following defines schedule performance index?
Correct
The cost performance index (CPI) is a measure of the cost efficiency of budgeted resources, expressed as a ratio of earned value to actual cost. It is considered the most critical EVM metric and measures the cost efficiency for the work completed.
Incorrect
The cost performance index (CPI) is a measure of the cost efficiency of budgeted resources, expressed as a ratio of earned value to actual cost. It is considered the most critical EVM metric and measures the cost efficiency for the work completed.
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Question 26 of 30
26. Question
You work in the human resource department in your firm and have been asked to assist a certain project manager in control costs process using earned value management. Which among the following is not true for cost performance index?
Correct
The cost performance index (CPI) is a measure of the cost efficiency of budgeted resources, expressed as a ratio of earned value to actual cost. It is considered the most critical EVM metric and measures the cost efficiency for the work completed. A CPI value of less than 1.0 indicates a cost overrun for work completed. A CPI value greater than 1.0 indicates a cost underrun of performance to date. The CPI is equal to the ratio of the EV to the AC.
Incorrect
The cost performance index (CPI) is a measure of the cost efficiency of budgeted resources, expressed as a ratio of earned value to actual cost. It is considered the most critical EVM metric and measures the cost efficiency for the work completed. A CPI value of less than 1.0 indicates a cost overrun for work completed. A CPI value greater than 1.0 indicates a cost underrun of performance to date. The CPI is equal to the ratio of the EV to the AC.
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Question 27 of 30
27. Question
Which among the following describes estimate at completion?
Correct
EACs are typically based on the actual costs incurred for work completed, plus an estimate to complete (ETC) the remaining work. It is incumbent on the project team to predict what it may encounter to perform the ETC, based on its experience to date. The EVM method works well in conjunction with manual forecasts of the required EAC costs. The most common EAC forecasting approach is a manual, bottom-up summation by the project manager and project team.
Incorrect
EACs are typically based on the actual costs incurred for work completed, plus an estimate to complete (ETC) the remaining work. It is incumbent on the project team to predict what it may encounter to perform the ETC, based on its experience to date. The EVM method works well in conjunction with manual forecasts of the required EAC costs. The most common EAC forecasting approach is a manual, bottom-up summation by the project manager and project team.
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Question 28 of 30
28. Question
You are a project manager and have decided to use forecasting for the controlling costs process for your project. Which among the following is not a method of calculating the EAC?
Correct
The project manager’s manual EAC is quickly compared with a range of calculated EACs representing various risk scenarios. When calculating EAC values, the cumulative CPI and SPI values are typically used. While EVM data quickly provide many statistical EACs, only three of the more common methods are described as follows:
• EAC forecast for ETC work performed at the budgeted rate.
• EAC forecast for ETC work performed at the present CPI.
• EAC forecast for ETC work considering both SPI and CPI factors.Incorrect
The project manager’s manual EAC is quickly compared with a range of calculated EACs representing various risk scenarios. When calculating EAC values, the cumulative CPI and SPI values are typically used. While EVM data quickly provide many statistical EACs, only three of the more common methods are described as follows:
• EAC forecast for ETC work performed at the budgeted rate.
• EAC forecast for ETC work performed at the present CPI.
• EAC forecast for ETC work considering both SPI and CPI factors. -
Question 29 of 30
29. Question
Which among the following defines to-complete performance index?
Correct
The to-complete performance index (TCPI) is a measure of the cost performance that is required to be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the remaining budget. TCPI is the calculated cost performance index that is achieved on the remaining work to meet a specified management goal, such as the BAC or the EAC.
Incorrect
The to-complete performance index (TCPI) is a measure of the cost performance that is required to be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the remaining budget. TCPI is the calculated cost performance index that is achieved on the remaining work to meet a specified management goal, such as the BAC or the EAC.
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Question 30 of 30
30. Question
You work in the human resource department in an MNC and are well aware of the various inputs and outputs of the control costs process of a project. Which among the following is not an output of the control costs process?
Correct
Control Costs: Outputs
1. Work Performance Information
2. Cost Forecasts
3. Change Requests
4. Project Management Plan Updates
5. Project Documents Updates
6. Organizational Process Assets UpdatesIncorrect
Control Costs: Outputs
1. Work Performance Information
2. Cost Forecasts
3. Change Requests
4. Project Management Plan Updates
5. Project Documents Updates
6. Organizational Process Assets Updates