Project Management Project Scheduling and Costing

Question 1

A project manager calculates the Schedule Performance Index (SPI) as 0.85. What does this indicate?

Accepted Answer

The project is behind schedule

Answer

An SPI less than 1.0 means the project is behind schedule, as less work was accomplished than planned.

Question 2

Which scheduling technique accounts for uncertainty by using optimistic, pessimistic, and most likely duration estimates?

Accepted Answer

Program Evaluation and Review Technique (PERT)

Answer

PERT uses three-point estimates (optimistic, pessimistic, most likely) to calculate expected durations and account for uncertainty.

Question 3

What is the purpose of a baseline in project cost management?

Accepted Answer

To define the approved version of the project budget used for comparison

Answer

The cost baseline is the approved time-phased budget against which actual project costs are compared and monitored.

Question 4

Fast-tracking a project schedule means:

Accepted Answer

Performing critical path activities in parallel that were originally planned sequentially

Answer

Fast-tracking overlaps activities that would normally be done sequentially, which compresses the schedule but may increase risk.

Question 5

A project has a Budget at Completion (BAC) of $200,000, Earned Value (EV) of $80,000, and Actual Cost (AC) of $100,000. What is the Cost Variance (CV)?

Accepted Answer

-$20,000

Answer

CV = EV – AC = $80,000 – $100,000 = –$20,000, indicating the project is over budget.

Project Management Practice Test

Project Management Practice Test

Project Management Project Scheduling and Costing