As a project manager, you are performing various project performance measurements to assess the magnitude of variation. You then attempt to determine the cause and decide whether corrective action is required. This would be known as:
A. Scope Analysis
B. Variance Analysis
C. Performance Reporting
D. Configuration Management
Variance analysis refers to cost performance measurements used to assess the magnitude of variation in comparison to the original cost baseline. What is the trend on the percentage range of acceptable variances as the project progresses?
A. The percentage range of acceptable variances will tend to decrease as the project progresses.
B. The percentage range of acceptable variances will tend to increase as the project progresses.
C. The percentage range of acceptable variances will tend to decrease first and then increase as the project progresses beyond 50% completion.
D. The percentage range of acceptable variances remain the same as the project progresses.
During the weekly change control board meeting, you invited the facilities manager to speak about the change request to increase the BTU’s to the air conditioning system in the new data center. This is an example of what type of tool and technique in the Perform Integrated Change Control process?
A. Variance Analysis
B. Expert Judgment
C. Project Management Methodology
D. Project Management Information System
You are working as a project manager for a high yield crop development project. Data from the weather agency shows an unfavorable weather pattern for next few months. As a senior project manager, you want to assess the feasibility of the schedule under adverse conditions and provide some insights to your team. This way, your team can prepare some reserves and plan risk responses if unfavorable conditions exist during execution. Which of the following techniques should you use to assess the feasibility of the schedule?
A. Pareto charts
B. Variance analysis
C. Crashing
D. Monte Carlo analysis
The project management team expects that during the course of the project, there could be delays in component delivery due to strikes, changes to the permitting processes or extensions of specific engineering durations. What analysis will help come up with contingency and response plans to mitigate these?
A. Contingency analysis
B. Variance analysis
C. What-If scenario analysis.
D. Schedule compression