MGMT 5220 FINAL EXAM ACTUAL LATEST

MGMT 5220 FINAL EXAM (ACTUAL / ) LATEST

QUESTIONS WITH VERIFIED CORRECT ANSWERS GRADE A+

scheduling variance provides a comparison between planned and actual performance but does not include actual costs

cost variance compares deviations only from the budget and doesn't provide a measure of comparison between work scheduled and work accomplished.

50/50 rule Assigns half completed as soon as an activity is started & 100% when an activity is finished.

• comes from SMEs

0/100 rule 1 / 4

• Project activity has a value of $0 until the activity is finished then value of 100% of the budget

• Works well for short duration activities(couple of days)

Project-driven organization reporting internals happen...weekly

Non-project-driven organization reporting internals happen...monthly

Progress reporting needs to answer four fundamental

questions:

• Where are we today (time and cost)?

• Where will we end up (time and cost)?

• What are the present and future risks?

4. Variance analysis: Are there any special problems that need

to be addressed and what can management do to help? 2 / 4

Management Reserve • An amount of the project budget withheld for management control purposes. (for unforeseen work) contingency fund

• not included in the performance measurement baseline

(PMB).

Lags the logical relationship between the start and finish of one activity and the start and finish of another activity

• allow for flexibility

Examples of lag Let cement dry, let computer run, travel time

Lag is NOT part of the activity, as there is no ___ involved 3 / 4

labor

Most common type of sequencing finish to start lag

Finish to Start lag requires the current activity to be finished before its successor can start.

• most common
• not the same as activity slack

Finish to Finish Lag • 2 tasks share a similar completion point

• the finish of the successor task is dependent on the finish of the predecessor task

Start to Start Lag

• / 4