PROJ 592 Project Cost and Schedule Control – DeVry
PROJ 592 Week 3 Quiz (Version 1)
1. Question : (TCO B) Three-point estimate: The SuperFlyer Corporation is developing a revolutionary flying disc. The new toy can fly straight over a great distance, which is exciting by itself. However, this disc will also return to the owner in response to their voice! Because this is an advance over anything that this company has done before, estimating the amount and cost of the hi-tech materials are difficult. The project manager recommends using a range estimating process to develop an estimate. The values below are submitted by the project team. Current estimates for cost of material are as follows:
3. Question : (TCO B) You have been requested to provide a contingency estimate for a project involving the manufacturing of a new television. You are provided with the following component and labor estimates, together with the type of estimate:………………………..
4. Question : (TCO A) We are now in week 3 and have only discussed the plan. It is as if we will never get to work and make this project happen. Why are we taking so much time to develop the project plan, and how does that fit with monitoring and control? For full credit you must provide specific reasons and justifications, not just generalities.
5. Question : (TCO A) An environmental consulting firm has been hired to clean up contaminated groundwater beneath the site of a former chemical factory. The clean-up design process consists of evaluating several alternatives, preparing a conceptual design for the most appropriate alternative, evaluating the conceptual design by performing a small scale pilot test on site, and, based on the results of the pilot test, preparing a final design. Installation of the clean-up system will be performed by subcontractors under the supervision of the consultant.
PROJ 592 Week 3 Quiz (Version 2)
1. Question : (TCO B) Three-point estimate: The SuperFlyer Corporation is developing a revolutionary flying disc. The new toy can fly straight over a great distance, which is exciting by itself. However, this disc will also return to the owner in response to their voice! Because this is an advance over anything that this company has done before, estimating the amount and cost of the hi-tech materials are difficult. The project manager recommends using a range estimating process to develop an estimate. The values below are submitted by the project team. Current estimates for cost of material are as follows:
2. Question : (TCO A) Single-project budgeting must fit into the overall budgeting process of the organization and the company as a whole. As a project manager for one of your company’s projects, you have been asked to provide a brief description of the top-down approach to the budgeting process. Explain the three basic steps in the top-down budgeting approach by identifying the organizational level (Upper Management, Functional Management, and Project Management) and type of budget prepared at each step. For each type of budget, explain why it is used at its level.
3. Question : (TCO B) You have been requested to provide a contingency estimate for a project involving the manufacturing of a new television. You are provided with the following component and labor estimates, together with the type of estimate:………………
4. Question : (TCO A) We have discussed the project plan and are taking considerable time developing processes for creating it. This seems to be in conflict with the description of the course, which is Monitoring and Control. Why are we taking so much time to develop the project plan, and how does it fit with monitoring and control? For full credit you must provide specific reasons and justifications and not just generalities.
5. Question : (TCO A) A consumer electronics firm is planning an expansion into Milwaukee. Generally, the firm prefers to remodel large existing tenant spaces to suit their needs. After a site is selected from several…………….
PROJ 592 Week 3 Quiz (Version 3)
1. Question : (TCO B) Three-point estimate: The SuperFlyer Corporation is developing a revolutionary flying disc. The new toy can fly straight over a great distance, which is exciting by itself. However, this disc will also return to the owner in response to their voice! Because this is an advance over anything that this company has done before, estimating the amount and cost of the hi-tech materials are difficult. The project manager recommends using a range estimating process to develop an estimate. The values below are submitted by the project team. Current estimates for cost of material are as follows:
2. Question : (TCO A) Your manager has asked you as a project manager, “How does the Bottom-Up budgeting process work? I hear the terms bottom up and top down.” Explain the 4 basic steps in the bottom-up budgeting approach by identifying the organizational level (Upper Management, Functional Management, and Project Management) and type of budget prepared at each step. For each type of budget, explain why it is used at this level.
3. Question : (TCO B) You have been requested to provide a contingency estimate for a project involving the manufacturing of a new television. You are provided with the following component and labor estimates, together with the type of estimate:
4. Question : (TCO A) Our company has a limited time to complete our project to develop a new product. We have been assigned as the project manager and are in the process of developing a project plan. The executives are impatient with us and are “encouraging” us to move on and get started on the “actual work.” Why are we taking so much time to develop the project plan, and how does that fit with monitoring and control? For full credit you must provide specific reasons and justifications, not just generalities.
5. Question : (TCO A) An environmental consulting firm has been hired to clean up contaminated groundwater beneath the site of a former chemical factory. The clean-up design process consists of evaluating several alternatives, preparing a conceptual design for the most appropriate alternative, evaluating the conceptual design by performing a small scale pilot test on site, and, based on the results of the pilot test, preparing a final design………….
PROJ 592 Week 6 (Version 1)
1. Question : (TCO B) Crashing Problem Using the network below and the additional information provided, find: (a) The crash cost per day per activity? (b) Which activities should be crashed to meet a project deadline of 12 days at minimum cost? (c) What is the extra cost to crash the project? Activity Normal Time Crash Time Normal Cost Crash Cost A 5 3 $300 $600 B 3 2 $250 $450 C 6 4 $400 $500 D 5 3 $150 $400
2. Question : (TCO F) We have discussed at length the Earned Value Management process. I am sure all of you have used the traditional process of assessing projects where we compare actual dollars spent to the amount we had planned to spend. This was quick and easy, but it has its shortcomings, and the Earned Value Management process is said to be better. (a) Why is this traditional approach different from using earned value when assessing project performance? (b) Describe the EVM process used to determine how far our project is ahead of or behind schedule.
3. Question : (TCO E) The following information is extracted from a project to develop a state of the art alternative power energy storage device:
Activity Duration Predecessors Resources A 4 days — 1 Research Engineer B 3 days A 1 Marketing Specialist C 5 days A 1 Design Engineer D 3 days A 1 Design Engineer E 3 days B 1 Prototype Builder F 2 days D 1 Test Engineer The Owner has stipulated that in order to provide continuity throughout the project, the same individual must handle all activities under his or her discipline. Activities on this project cannot be split. (a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), which resources(s) are involved, and the quantity required. (b) Given the owner’s stipulation regarding project continuity, and the need to minimize project duration, how can this conflict be resolved? What will be the effect on the project duration?
4. Question : (TCO F) The following data were obtained from an Information Systems project to upgrade and expand a Local Area Network: Activity Duration Predecessors Task Budget A 3 Days — $4,920 B 6 Days — $7,680 C 3 Days A $15,140 D 2 Days B $4,980 E 3 Days B $5,630 F 2 Days C, D $2,270 At the end of Day 7, the status of the project is as follows: Activity % Complete Actual Cost
A 100% $4,200 B 100% $8,740 C 100% $18,250 D 55% $2,600 E 10% $560 F 0% $0 (a) Calculate the Cost and Schedule Variances and Indexes for tasks A, B, C, D, and E. (b) As project manager, write a brief summary of the status of the project at this time
5. Question : (TCO E) We have all been associated with projects with resource problems. As a project manager, you will be responsible for resolving these problems. Remember, resources are human and otherwise. If you can name it, it may be a resource. (a) When there are not enough resources available to fill all the needs in the project plan, what are some specific remedies a project manager can take to complete the project. How does each of these affect the project plan and performance? (b) Describe 5 of the many benefits to resource leveling.
PROJ 592 Week 6 (Version 2)
1. Question : (TCO B) Crashing Problem Using the network below and the additional information provided, find: (a) The crash cost per day per activity. (b) Which activities should be crashed to meet a project deadline of 12 days at minimum cost? (c) What is the extra cost to crash the project? Activity Normal Time Crash Time Normal Cost Crash Cost A 5 3 $300 $350 B 3 2 $250 $325 C 6 4 $400 $700 D 5 3 $150 $200
2. Question : (TCO F) We have discussed at length the Earned Value Management process. I am sure all of you have used the traditional process of assessing projects where we compare actual dollars spent to the amount we had planned to spend. This was quick and easy, but it has its shortcomings, and the Earned Value Management process is said to be better. (a) Why is this traditional approach different from using earned value when assessing project performance? (b) What are some of the basic requirements for the project plan in order for EVM to be able to work?
3. Question : (TCO E) The following information is extracted from a project to develop a state of the art alternative power energy storage device: Activity Duration Predecessors Resources A 4 days — 1 Research Engineer B 3 days A 1 Test Engineer C 5 days A 1 Design Engineer D 2 days A 1 Marketing Specialist E 3 days B 1 Prototype Builder F 4 days D 1 Test Engineer The Owner has stipulated that in order to provide continuity throughout the project, the same individual must handle all activities under his or her discipline. Activities on this project cannot be split. (a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), which resources(s) are involved, and the quantity required. (b) Given the owner’s stipulation regarding project continuity and the need to minimize project duration, how can this conflict be resolved? What will be the effect on the project duration?
4. Question : (TCO F) The following data were obtained from an Information Systems project to upgrade and expand a Local Area Network: Activity Duration Predecessors Task Budget A 3 Days — $4,920 B 6 Days — $7,680 C 3 Days A $15,140 D 2 Days B $4,980 E 3 Days B $5,630 F 2 Days C, D $2,270 At the end of Day 7, the status of the project is as follows: Activity % Complete Actual Cost A 100% $4,200 B 100% $8,740 C 100% $18,250 D 55% $2,600 E 10% $560 F 0% $0 (a) Calculate the Cost and Schedule Variances and Indexes for tasks A, B, C, D, and E. (b) As project manager, write a brief summary of the status of the project at this time
5. Question : (TCO E) We have discussed resource allocation and resource leveling and the purpose and benefits of each. We have all been associated with projects with resource issues. As project managers, we are responsible for resolving these issues. Remember, resources are human, capital, monetary, and otherwise. If you can name it, it may be a resource. (a) Define resource allocation and resource leveling and describe the difference between them. (b) When there are not enough resources available to fill all the needs in the project plan, what are some specific remedies a project manager can take to complete the project? How does each of these affect the project plan and performance?
PROJ 592 Week 6 (Version 3)
1. Question : (TCO B) Crashing Problem Using the network below and the additional information provided, find: (a) The crash cost per day per activity. (b) Which activities should be crashed to meet a project deadline of 12 days at minimum cost? (c) What is the extra cost to crash the project?
Activity Normal Time Crash Time Normal Cost Crash Cost A 5 3 $300 $350 B 3 2 $250 $325 C 6 4 $400 $700 D 5 3 $150 $200
2. Question : (TCO F) We have discussed at length the Earned Value Management process. I am sure all of you have used the traditional process of assessing projects where we compare actual dollars spent to the amount we had planned to spend. This was quick and easy, but it has its shortcomings, and the Earned Value Management process is said to be better. (a) Why is this traditional approach different from using earned value when assessing project performance? (b) What are some of the basic requirements for the project plan in order for EVM to be able to work?
3. Question : (TCO E) The following information is extracted from a project to develop a state of the art alternative power energy storage device: Activity Duration Predecessors Resources A 4 days — 1 Research Engineer B 3 days A 1 Marketing Specialist C 5 days A 1 Design Engineer D 3 days A 1 Design Engineer E 3 days B 1 Prototype Builder F 2 days D 1 Test Engineer The Owner has stipulated that in order to provide continuity throughout the project, the same individual must handle all activities under his or her discipline. Activities on this project cannot be split. (a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), which resources(s) are involved, and the quantity required. (b) Given the owner’s stipulation regarding project continuity, and the need to minimize project duration, how can this conflict be resolved? What will be the effect on the project duration?
4. Question : (TCO F) The following data were obtained from an Information Systems project to upgrade and expand a Local Area Network: Activity Duration Predecessors Task Budget A 3 Days — $4,920 B 6 Days — $7,680 C 3 Days A $15,140 D 2 Days B $4,980 E 3 Days B $5,630 F 2 Days C, D $2,270 At the end of Day 7, the status of the project is as follows:
Activity % Complete Actual Cost A 100% $4,200 B 100% $8,740 C 100% $18,250 D 55% $2,600 E 10% $560 F 0% $0 (a) Calculate the Cost and Schedule Variances and Indexes for tasks A, B, C, D, and E. (b) As project manager, write a brief summary of the status of the project at this time
5. Question : (TCO E) We have discussed resource allocation and resource leveling and the purpose and benefits of each. We have all been associated with projects with resource issues. As project managers, we are responsible for resolving these issues. Remember, resources are human, capital, monetary, and otherwise. If you can name it, it may be a resource. (a) Define resource allocation and resource leveling and describe the difference between them. (b) Describe 5 of the many benefits to resource leveling. Format your answer in sections in accordance with the parts of the question above.
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