Question

4. a. To be effective, the risk management process should be applied throughout the project and at all levels of system decomposition and project organization b. focus on risks that senior management finds most critical include a meeting with key stakeholders to identify risks and develop response strategies d. be applied primarily during concept and closeout and to some extent during planning and implementation C. 5. Which of the following help to define the deliverables of a project a. Work Breakdown Structure b. PERT chart. C. Critical path analysis d. Project management plan a. 6. Using the following earned value metrics, calculate the SV, CV, and EAC for this project: PV=$5,000, EV=$5,250, AC=$5,500, BAC=$25,000 SV=-$250, CV=$250, EAC=$26,315 b. SV=$250, CV=-$500, EAC=$24,038 C. SV=-$250, CV=-$500, EAC=$24,038 d. SV=$250, CV=-$250, EAC=$26,315

Answer 1

4.

To be effective, the risk management process should

Correct answer is "a. be applied throughput the project and at all levels of system decomposition and project organization"

Rationale: Risk management is the process of identifying, analyzing and responding to any risk that arises over the life cycle of a project to help the project remain on track and meet its goal.

5.

Which of the following help to define the deliverables of the project

Correct answer is "a. Work Breakdown Structure"

Rationale: WBS (Work breakdown structure) define the main project deliverables and level i.e. define the deliverables of the project and break them down into components and have them decomposed into levels.

6.

As given,

PV= $5000

EV= $5250

AC= $5500

BAC= $25000

Schedule Variance (SV) = Earned Value – Planned Value

SV = EV – PV = $5250 - $5000 = $250

Cost Variance (CV) = Earned Value – Actual Cost

CV = EV – AC= $5250 - $5500 = - $250

CPI= EV/ AC = 5250/ 5500 = 0.95

EAC = BAC/ CPI = 25000/ 0.95 = $26315

Correct answer is "d. SV = $250, CV= - $250, EAC = $26,315"

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