EVM Calculation & Critical Path
This is the formula to calculate Cost Performance Index (CPI).
What is CPI = EV / AC?
This type of contract places the most risk on the seller.
What is a Fixed-Price contract?
All change requests must be processed through this process to be approved or rejected.
What is Perform Integrated Change Control?
This approach is best suited for projects with well-defined scope and minimal expected changes.
What is the Traditional (Waterfall) approach?
This document formally authorizes the existence of a project.
What is the project charter?
Your project has a Planned Value (PV) of $100,000 and an Earned Value (EV) of $90,000. This is your Schedule Performance Index (SPI).
What is 0.9?
This contract type allows for payment of actual costs plus a set fee.
What is Cost-Plus-Fixed-Fee (CPFF)?
This board reviews and approves/rejects change requests in formal projects.
What is the Change Control Board (CCB)?
In Agile, work is delivered in these time-boxed iterations.
What are sprints?
This document outlines how a project will be executed, monitored, and controlled.
What is the project management plan?
If your Critical Path has a duration of 45 days and Task B, which is not on the critical path, is delayed by 5 days, this is the impact on the project finish date.
What is no impact?
You are working on a high-risk R&D project with undefined scope. This is the most appropriate contract type.
What is Time and Materials (T&M)?
You receive an approved change that impacts scope and schedule. This must be updated next.
What is the project management plan and baselines?
You need upfront stakeholder approval, but also want to adapt as new requirements emerge. This is the best delivery approach.
What is a hybrid approach?
This hierarchical structure breaks down the total scope of work into manageable sections.
What is the Work Breakdown Structure (WBS)?
You are managing a project with the following activities and durations:
Activity A (3 days) → starts the project
Activity B (5 days) → follows A
Activity C (4 days) → also follows A
Activity D (2 days) → follows B and C
What is the critical path and total project duration?
What is A → B → D, with a total duration of 10 days?
In this contract type, the seller is paid for allowable costs plus an incentive for achieving specific objectives.
What is Cost-Plus-Incentive-Fee (CPIF)?
You implement a change without formal approval. This is an example of what?
What is scope creep?
In this approach, change is expected and welcomed throughout the project lifecycle.
What is Agile?
This is the process group focused on completing the work defined in the project management plan to meet the project objectives.
What is the Executing process group?
Given: EV = $75K, AC = $85K, PV = $80K. This is the status of the project in terms of schedule and cost.
What is behind schedule and over budget?
Your contract includes a price ceiling. If actual costs exceed this, the seller must absorb the overrun. This contract type is called:
What is Fixed-Price-Incentive-Fee (FPIF)?
You identify a change that affects multiple components of the project management plan and baselines. This document must be updated to reflect the approved changes and guide future decisions.
What is the change log?
A project team uses predictive planning for infrastructure setup and Agile for software development. This is an example of:
What is a hybrid lifecycle?
This artifact identifies and analyzes stakeholders to develop management strategies.
What is the stakeholder register?