Comparing Planned Costs versus Actual Costs will give the project manager a quick understanding of the...
Comparing Planned Costs versus Actual Costs will give the project manager a quick understanding of the status of the project. true or false?
Homework Answers
Ans False
Planned cost vs actual cost cannot provide status of the project because manytimes the actual cost will overshoot the planned cost and it will not give any proper indication on status of completion. It requires analysis of milestones achieved against planned date and percentage completion of task based on number of activities.
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Comparing Planned Costs versus Actual Costs will give the
project manager a quick understanding of the...
A project manager in your organization announces that the project is under budget. The project manager provides a report...
A project manager in your organization announces that the project is under budget. The project manager provides a report that illustrates that the project spending is below that which was planned at this point in the project. On the other hand, the overall progress of the project for this time-period is unclear. What concerns, if any, would you have regarding the project budget status?
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At some point in the life of a project, the project manager determined the following data...
At some point in the life of a project, the project manager determined the following data on a $1,250,000 authorized budget project: amount of earned value $350,000. At that point, the value of the planned work was $750,000, and actual cost was $750,000. Using the data provided above, and assuming a linear cost function, the project manager can estimate that actual cost of the project would be closest to (figures rounded to nearest hundred thousand): $4,500,000 $2,700,000 $2,400,000 $2,100,000
For a project, in X day, planned value, earned value and actual cost of the tasks...
For a project, in X day, planned value, earned value and actual cost of the tasks are given in dollar in the table below. Planned $1000 to complete project. Task Actual Cost Work Performed Budgeted Cost Work Scheduled 50 70 30 100 50 2 3 4 5 Budgeted Cost Work Performed 50 70 30 50 0 Total: 250 a. Find schedule and cost variance. Explain what it means? b. Find schedule and cost performance index. c. Find estimate to complete...
A project manager bases his time and labor estimates on a learning rate of 78%. The...
A project manager bases his time and labor estimates on a learning rate of 78%. The actual learning rate turns out to be 72%. The manager, because of the increased learning, will complete his project in less time and with less labor use. True or False
Understanding the Project Management Methodologies The project methodology is determined by the type of organization and...
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At some point in the life of a project, the project manager determined the following data...
At some point in the life of a project, the project manager determined the following data on a $1,250,000 authorized budget project: amount of earned value $350,000. At that point, the value of the planned work was $750,000, and actual cost was $750,000. Based on this information, the Schedule Performance Index for this project was: 0.28 0.47 0.53 0.60
2. A sales project at month 5 had an actual cost of $34,000, a planned cost...
2. A sales project at month 5 had an actual cost of $34,000, a planned cost of $42,000, and a value completed of $39,000. Find the cost and schedule variances and the CPI and SPI
Why should the project manager have a solid understanding of customer satisfaction and quality management? By...
Why should the project manager have a solid understanding of customer satisfaction and quality management? By providing outstanding customer satisfaction and quality management, it guarantees that the project will be completed on schedule and within the allocated budget. It provides the project manager with a method to implement changes to processes that are not working. Most project managers are not responsible for quality management and do not endorse the concept. For the project manager, customer satisfaction is a great source...
For a project, in X day, planned value, earned value and actual cost of the tasks are given in dollar in the table below. Planned $1000 to complete project. Task Actual Cost Work Performed Budgeted Cost Work Scheduled 50 70 30 100 50 2 3 4 5 Budgeted Cost Work Performed 50 70 30 50 0 Total: 250 a. Find schedule and cost variance. Explain what it means? b. Find schedule and cost performance index. c. Find estimate to complete...
2. A sales project at month 5 had an actual cost of $34,000, a planned cost of $42,000, and a value completed of $39,000. Find the cost and schedule variances and the CPI and SPI
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