Characteristics of work Package Question and Answer 2022

Running head: PROJECT MANAGEMENT
Project management
Name of the Student
Name of the University
Author’s Note

PROJECT MANAGEMENT
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Table of Contents
1. Multiple choice............................................................................................................................2
2. Short answer................................................................................................................................5
2.1 Characteristics of work package............................................................................................5
2.2 Cost baseline and difference between cost baseline and the performance measurement
baseline........................................................................................................................................5
2.3 Cost estimating ratios and the way in which it is used..........................................................6
2.4 Relationship among project cost, schedule and scope...........................................................6
2.5 Way in which earned value give clear picture of schedule...................................................6
2.6 Cost account and the ways in which it is used.......................................................................7
2.7 Reasons for resisting changes within performance measurement baseline...........................7
2.8 Cost of quality and the way in which cost is represented in project cost baseline................8
2.9 Description of two methods that are used for determining the earned value credit..............8
2.10 Reasons of having two measures for same thing.................................................................8
2.11 EV analysis date..................................................................................................................9
2.12 Calculation of budgeted hourly rate....................................................................................9
3. Project exercise..........................................................................................................................10
References......................................................................................................................................12

PROJECT MANAGEMENT
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1. Multiple choice
Question 1: You are ready to create the WBS. All of the following statements are true
except:
C) Rolling wave refers to how all levels collectively roll up to reflect the work of the project and
only the work of the project.
Question 2: The approved cost baseline does not include:
B) Summary Level Planning Budget
Question 3: As the project finance manager, you have given the project manager a
numbering system to assign to the WBS for a new project. Which of the following is true?
C) The numbering system is a unique identifier known as the WBS dictionary, which is used to
track the descriptions of individual work elements.
Question 4: You know all of the following statements are true regarding the Control Costs
process except:
A) A description of how cost changes should be managed and controlled is found in the cost
management plan.
Question 5: You are the project finance manager and you’re preparing your cost
management plan. You know all the following are true regarding this plan except:
D) Control thresholds should be described in the plan as to how estimates will adhere to
rounding ($100 or $1000, and so on).

PROJECT MANAGEMENT
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Question 6: Which of the following statements is true?
D) Sprint costs are basically the personnel costs of the agile team over the length of the
anticipated sprint
Question 7: Which of the following is displayed as an S-curve?
B) Cost baseline
Question 8: A negative result from a Cost Variance (CV) calculation means which of the
following:
A) AC is higher than EV
Question 9: Which WBS elements are specifically assigned resources, durations, and logical
relationships by estimators and schedulers?
D) All elements at the X.X.X level (e.g., 2.1.1, 2.1.2, etc.)
Question 10: With respect to the process for developing a cost baseline, all of the following
statements are true except:
C) This process assigns cost estimates for expected future operating costs.
Question 11 & 12: Control account work
Control
Account
Scheduled
Start
Scheduled
Completion
Budgeted
Value
EV Progress Rule
1 4/3/2019 7/30/2019 10,000 Percent Complete with Gates (Note 1)
2 6/5/2019 7/6/2019 3,000 Fixed Formula: 50/50
3 6/26/2019 7/6/2019 1,000 Fixed Formula: 0/100