New PMP Question & Answers with explanation
If earned value (EV) = 350, actual cost (AC) = 400, and planned value (pv) = 325, what is the cost variance (CV)?
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A project manager has completed a detailed wbs and cost estimates for each work package. To create a cost baseline from this data, the project manager will:
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The success of your new project requires several of your people to work in a foreign country for six months. The team informs you that in this country a payment is required to obtain visas. The payment for the visas is high. The economy has recently become volatile. Some stakeholders question the need for the project and the benefits it will produce. Leadership has told you that this project is aligned with the organization's direction for the year. What should you do?
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During the conceptual phase of a pipeline project, the project engineer estimates the following. The cost of the materials is most likely us $100,000, optimistically u $90,000, and pessimistically us $120,000. The cost for labor is most likely us $80,000, optimistically us $70,000, and pessimistically us $100,000. The cost for equipment is most likely us $60,000, optimistically us $50,000, and pessimistically us $70,000. The cost for construction management fees is most likely us $30,000, optimistically us $20,000, and pessimistically us $40,000. What is the probability of the project coming in under us $270,000?
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Value analysis is performed to get:
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