Not all potential projects can be executed in an organisation due to a range of conditions one being limited resources. Therefore, it would be prudent of the project team to use a range of project used to select appropriate projects. selection methods to choose projects that would be most beneficial or profitable to the organisation. Return on Investment is O A. A financial tool OB. An example of program management O C. A closing task O D. A method of scheduling
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- (12) Cost budgeting can be best described by which of the following? A The process of developing the future trends along with the assessment of proba bilities, uncertainties, and inflation that could occur during the project B. The process of assembling and predicting costs of a project over its life cycle C. The process of establishing budgets, standards, and a monitoring system by whi ch the investment cost of the project can be measured and managed D. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis (13) The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline is called A Determine Budget B. Control Costs C. Estimate Costs D. Plan Cost Manag ement (14) Cost Variance (CV) is which of the following equations? A CV = EV - PV B. CV = EV - AC C. CV = EV / AC D. A and c (15) To assist in budget control, it is suggested that an estimate be created at the level of the…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 difficultConstraints are those factors that can limit a project. Which of the following are considered constraints (choose all that apply)? a. Quality b. Strategic Plan c. Risks d. Requirements e. People and Materials f. Project Management Information System
- Give an explanation of how earned value management (EVM) may be used to keep expenses under control and monitor the overall effectiveness of a project, and then hypothesise as to why it is not utilised more often. How can one determine if the data for cost variation, schedule variance, cost performance index, and schedule performance index are healthy or unhealthy? What are some basic rules of thumb?While prioritizing projects, projects are reconsidered in terms of their benefits first and then a. Resource Cost b. Efficiency Cost c. Labor Cost d. Quality CostYou are managing a large construction project that’s been broken down intosub-projects (or phases). Each of these sub-projects is scheduled to takebetween three and six months to complete. At the end of each sub-project,you plan to go through the closing processes and document lessons learned.Which of the following BEST describes what you must do at the beginning ofeach sub-project or phase?A. Develop the preliminary scope statement for the phaseB. Make sure you don’t involve the team, to avoid introducing too much projectmanagement overheadC. Use the Earned Value Technique to decide whether or not to finish the projectD. Release all resources from the project and contact sellers to renegotiate allcontracts
- The bottom-up estimating technique encompasses the following basic steps. Choose 4 of the 5 answers 1. Estimates resources for each piece of work or work package. 2. Decomposes activities into smaller units of work. 3. It does consider the fixed cost of project activities. 4. Aggregates all estimates into a total quantity. 5. Considers work, material, and cost resources needed for each project activity.The four types of project closures are: Group of answer choices a. finite, infinite, continuous, discrete b. crashed, finished, successful, unsuccessful c. none of these d. normal, premature, perpetual, failedAll projects utilise several different resources to successfully complete the project successfully tothe customer or sponsors requirements.Resources add another dimension to planning and scheduling. This includes people, materials,equipment, tool, facilities and so forth.The quantity and availability of these resources are often limited and cause project to face risks orconstraints which needs to be managed carefully.With the above statements , differentiate between Resource smoothing and resourcelimited scheduling then to substantiate your answer by providing at least two (2) situations whereresource limited scheduling may occur
- Financial data of a highway construction project is given . You are questioned to develop a plan such that both cost and project duration would be at optimum status. A,C,E,H are the activities that have no float. Office rent $ 50/- per day Bills $ 30/- per day Miscellaneous expenses $78/- per dayA _______________ is a group of related projects grouped together to facilitate effective management of their work to meet business objectives. a. Programme b. Strategy c. Mega Project d. Project planThe management and oversight of scope modifications within the project has an impact on the deliverables that are generated as a result. Provide suggestions on how to decrease the frequency of requests for changes to a project's scope as well as a discussion of the change control procedure.