Which one of the following statements best defines an estimate?The value of useful work done at any given point in a project to give a measureof progress.An approximation of project time and cost targets, refined throughout theproject life cycle.A situation that affects or influences the outcome of the project expressed intime or cost terms.A prediction of a future condition or event based on information or knowledgeavailable now.

Introduction: An excellent opportunity to organize your business and personal goals is a project.…

Answered: Which one of the following statements…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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You are conducting a small IT project. The duration of this project is 30 days, and you have allocated $60,000 for it. Your manager asked you to check how the project is doing financially at the end of day 25. You have spent $40,000 and completed 95% of the work. Calculate the following values for the project so far. The cost variance (CV). The cost performance index (CPI). How is the project doing, is it under budget or over budget? Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?
This refers to the identification of what generates the project itself. As we said, it may be an opportunity, a need, a shortcoming or a failure. The fact is to define it as well as possible and evaluate its execution. a.Planning b.Evaluation c.Problem Statement d.Design
All of the following represent the purpose of the project schedule BEFORE the project starts, EXCEPT: (multiple answers can be picked) To create 'what-if' scenarios to analyze alternatives To force detailed thinking To identify the critical path To identify the needed resources To identify who needs to do what and when To keep track of the budget for the project To show the project status To establish the timeframe and organize activities 0000000
Risk management involves identification, assessment, control, and response to project risks to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. Risk identification includes determining which risks may adversely affect the project objective and estimating what the potential impacts of each risk might be if they occur. Describe the steps involved to manage risk on a project. How can a risk assessment matrix help in this process? What risks for a project have the highest priority? Does the priority for a risk change as the project progress?
If partway through the project we discover that more money has actually been spent to that point than was planned: we do not know if the situation is good or bad until we examine earned value we know the project is in trouble because there is a cost overrun we know we are ahead of schedule on the project we know the project is in trouble because there is a budget shortfall we should attempt to convince management to cancel the project immediately
A_ is a group of related projects grouped together to facilitate effective management of their work to meet business objectives. O a. Project plan O b. Programme O c. Mega Project O d. Strategy
B and C are incorrect.
The ideal outcome of the planning process group is to complete a project successfully by delivering the agreed-upon project scope within time, cost, and quality constraints Select one: True False Initiating involves developing a project charter, which is part of the project ______ management knowledge area. Select one: a. scope b. risk c. communications d. integration Estimate activity resources output Select one: a. Activity list, activity attributes, milestone list, project management plan updates b. Project schedule network diagrams, project documents updates c. Activity resource requirements, resource breakdown structure, project documents updates d. Schedule management plan As time progresses, the scope of a project should become ... Select one: a. more clear and specific b. more vague c. more ambiguous d. more difficult
Which of the following are major characteristics of projects? Choose all that apply. Has a defined life span with a beginning and an end Requires all project activities to be completed by the same team Has specific performance, time, and cost requirements Has an established objective
1. Which of the following is NOT an objective of the Monitor Risks process? a. Determine if implemented risk responses are effective b. Project assumptions are still valid c. Determine if risk management policies are being followed d. Determine methods to eliminate all residual risks
You are the project manager of the NHQ Project, which is part of the HQQ Program to construct a condominium building. Samuel, the program manager, has required that you document any variances to costs, schedule, scope, and quality expectations as part of the program governance. You believe that your project team now has an internal failure cost that needs to be documented for Samuel. Which of the following is an example of internal failure cost? Group of answer choices Project team training Rework Random quality audits Quality audits
Which one of the following best describes why IT projects frequently fail at least to some degree? a. Increasing number and range of project stakeholders b. Increasing complexity of ICTs c. Increasing number of issues around data ownership, resources, and priorities d. All of the above

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