Unit 5 Review

Hollie is managing a bathroom renovation project that has a budget of $1,500 and is 40% complete. Hollie planned to spend $500 a month on the three-month project. Hollie is evaluating the status of the project at the end of the first month. What is the project's planned value?

• $500

• $600

• $1,000

• $1,500

The project manager would like to show the rate at which the project is progressing compared to what was planned. What indicator should she reference?

• Gantt chart

• Schedule variance

• Variance report

• Schedule performance index

Tucker is the construction project manager for a new school building. He measures the project's performance and progress by looking at the planned value, earned value, and actual cost. Which method is Tucker using to determine the project performance?

• Forecasting

• Performance review(s)

• Cost management plan

• Earned value management

Hollie is managing a bathroom renovation project that has a budget of $1,500 and is 40% complete. She planned to spend $500 a month on the three-month project. Hollie is evaluating the status of the project at the end of the first month. What is the project's budget at completion?

• $500

• $600

• $1,000

• $1,500

The project manager would like to determine the aggregate estimated costs from the individual work packages to create a detailed breakdown of projected costs. In which process is the project manager most likely participating?

• Control costs

• Estimate costs

• Determine budget

• Earned value management

Hollie is managing a bathroom renovation project. The project has a budget of $1,500 and is 40% complete. The project is a three-month project and Hollie planned to spend $500 a month on the project. Hollie is evaluating the status of the project at the end of the first month. What is the project's earned value?

• $500

• $600

• $1,000

• $1,500

A project manager has a number of experts approximating the expense of completing the project's activities. This process is known as:

• Determine the budget

• Controlling costs

• Analogous estimating

• Estimating costs

Mary sets a target for the project budget during the planning phase. While executing the project, she checks to make sure she is within budget. Mary determines that she needs to refine the scope of the project and change her timeline and costs for the project activities. Mary is using which tool to manage the cost of this project?

• Cost performance baseline

• Cost of quality

• Funding limit reconciliation

• Vendor bid analysis

Which metric should Carol use to determine her project's future cost efficiency?

• Cost performance index

• Schedule variance index

• Schedule performance index

• To-complete performance index

Glenn is determining the project cost baseline by calculating the costs approved for each of the project's work packages. Glenn is determining the:

• Actual cost

• Cost variance

• Earned value management

• Planned value