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## PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

Proj 592 Week 8 Final Exam Answer

SET 1

Page: | 1 2 3 |
Question 1. | Question : | (TCO B) Estimating Procedures
(a) You are the project manager for a new high-rise office building. You are working on estimating the exterior landscaping for the new development. The landscaping requires the use of a special landscape stone. Based on recent experience, the most likely price for the material is \$120.00/ton. However, the price for this stone is volatile, and the price fluctuates over time based on market conditions and material availability. The most optimistic price estimate is \$100.00/ton, and the most pessimistic estimate is \$200.00/ton. What is the expected price of the material?
(b) In addition to price fluctuations, you are also uncertain of how much of the material will be required for the project. Scope changes and site conditions will affect the amount of material actually needed. The most likely amount required is 36 tons. However, as little as 32 tons or as much as 44 tons might be required.What is the expected amount of the material needed for the project? Round to two decimal places.
(c) Using the estimates from (a) & (b) what is the expected cost for the material over the life of the project using the COMPLEX method?

Question 2. | Question : | (TCO B) Contingency Allowance:
You are a project manager for the development of Motorola’s new 4G, HD, Touch Screen Cell Phone which is supposed to take the cell phone industry by storm. Listed below are the initial cost estimates for the materials and labor for one of the phones:
ITEM | COST ESTIMATE | TYPE OF ESTIMATE |
Case | \$15.00 | Order of Magnitude |
Handset | \$12.00 | Definitive |
Labor | \$2.00 | Definitive |
Speaker | \$2.50 | Budget |
Mouthpiece | \$5.50 | Budget |
Antenna | \$1.70 | Definitive |
Keypad | \$3.00 | Order of Magnitude |
Circuit boards (handset) | \$6.50 | Budget |
Circuit boards (base unit) | \$8.50 | Definitive |
Battery | \$1.20 | Order of Magnitude |
Charger | \$16.00 | Order of Magnitude |
Total cost | \$73.90 | NA |
The estimating department currently defines estimate accuracy as follows:
Order of Magnitude | -25%, +75% |
Budget | -10%, +25% |
Definitive | -5%, +10% |

(a) What contingency cost budget do you recommend for the product?
(b) The target retail price for the new telephone is \$165.00 per unit. The markup demanded by retailers is 50%. Based on cost factors, write a brief rationale for acceptance or rejection of the project, including any recommendations you have regarding the cost estimates.

Page: | 1 2 3 |

Question 3. | Question : | (TCO C) Work Breakdown Structure WBS
Eurocash has decided to develop a mutual fund comprised almost entirely of East European companies with a high growth potential. The process of developing a new mutual fund begins with concept development, which includes establishing a clear definition of the project’s objectives that is agreed upon by senior management and developing a marketing strategy.
* A business analysis is then performed that includes assessments of market feasibility, internal feasibility (budgetary resource requirements), and regulatory feasibility. * If the proposed fund passes the business analysis, the fund design is developed. * The design process consists of product design, service design, internal review and authorization, and SEC registration (assuming a U.S. market). * As the design process nears completion, generally recognized as a positive preliminary review by the SEC, employee training is performed. * After completion of the employee training and final regulatory approval, the product is launched, and post-launch reviews are conducted at predetermined intervals.

Prepare a work breakdown structure (WBS) for this project with activities corresponding to a two level task and sub-task hierarchy. Provide columns showing the WBS code and activities. Number and indent the WBS codes so that the level of each activity is clearly identified.

Question 4. | Question : | (TCO A) Budgeting processes and techniques
A company builds custom yachts for the high-end boating market. They develop and build these custom designs as a single individualized unit. The orders are generated by the marketing and sales department with help from the owners, who participate in the management of the company. Each new order is assigned to a project team which starts by making an estimate to the customer before a contract is signed. The project teams have a great deal of experience in these projects. As would be expected, the owners are hands-on and have opinions on the estimates. The marketing folks also provide suggestions on what the customer is willing to pay.
What are some processes and techniques that you would suggest to make the budgeting process work well? Start with general but also provide some specifics as relate to creating detailed project budgets. Be sure to justify why you think your recommendations will work.

Page: | 1 2 3 |
Question 1. | Question : | (TCO C) Schedule Crashing
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 13 days at minimum cost? State the number of days you will crash each activity.
(c) What is the additional cost to crash the project?
Critical path = B-C-D = 14
Activity | Normal time | Normal total cost | Crash time | Crash total cost |
A | 5 | 300 | 3 | 380 |
B | 3 | 250 | 1 | 330 |
C | 6 | 400 | 4 | 700 |
D | 5 | 150 | 3 | 250 |

Question 2. | Question : | (TCO E) Responsibility Assignment Matrix
Projects often cross many functional boundaries with team members reporting to different functional managers. This cross functional aspect can create problems with roles and responsibilities. You decide to use a Responsibility Assignment Matrix (RAM) to help with this situation. Your manager is wondering why you are spending your time on this tool when you already have resources assigned to tasks in your schedule.
(a) Why is the RAM such an effective tool for Project Managers?
(b) What are some of the typical responsibilities assigned on a RAM? |

Question 3. | Question : | (TCO E) Resource Allocation/Leveling
The following data were obtained from a project to expand a school: Activity | Duration | Predecessors | Resources / cost |
A | 2 Weeks | — | 2 Excavators/\$800 day each |
B | 3 Weeks | — | 2 Dump Trucks/\$600 day each |
C | 2 Weeks | B | 2 Concrete Mixers/\$250 day each |
D | 3 Weeks | A, C | 2 Cranes/\$2,000 day each |
E | 2 Weeks | B | 1 High-lift/\$500 day each |
F | 1 Weeks | B | 2 Excavators/\$800 day each |
G | 3 Weeks | F | 2 Cranes/\$2,000 day each |
The contractor has access to the listed quantity of machines of each type available at the listed cost ‘each’. The operations cannot be split. Additional equipment can be rented at a 50% cost premium if needed.
(a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), the resources in conflict and the quantity of resource involved.
(b) What is the least cost method of resolving the conflict(s), assuming the project duration must not be extended? What additional cost, if any, will be incurred?

Page: | 1 2 3 |
Question 1. | Question : | (TCO G) Estimate At Completion forecast (EAC)
A project has been estimated to take eight weeks and cost \$65,000. The critical path is A – D. Cost and earned value data are provided below:
| | EV | PV | | | AC | | | | Budget | BCWP | – BCWS | SV | SPI | – ACWP | CV | CPI |
A | \$8,500 | \$8,500 | \$8,500 | \$ – | 1.00 | \$7,500 | \$1,000 | 1.13 |
B | \$15,000 | \$15,000 | \$15,000 | \$ – | 1.00 | \$13,000 | \$2,000 | 1.15 |
C | \$6,800 | \$2,530 | \$2,700 | (\$170) | 0.94 | \$4,000 | (\$1,470) | 0.63 |
D | \$18,000 | \$900 | \$3,000 | (\$2,100) | 0.30 | \$1,200 | (\$300) | 0.75 |
E | \$16,000 | \$0 | \$0 | \$ – | | \$0 | \$ – | |
Project: | \$64,300 | 26,930 | 29,200 | (\$2,270) | 0.92 | \$25,700 | \$730 | 1.05 |
(i) Calculate the Estimate At Completion (EAC) considering future performance will be back on schedule and budget.
(ii) Calculate EAC considering that the project will continue to perform as it has to date.
(iii) Using either of these two numbers discuss the status of the project and if the project manager needs to take corrective actions. Justify your comments. |

Question 2. | Question : | (TCO F) Earned Value
The following data were obtained from a project to design a new software package: Activity | Duration | Predecessors | Budgeted Cost |
A | 3 Days | — | \$8,320 |
B | 6 Days | — | \$11,740 |
C | 4 Days | A | \$11,550 |

D | 2 Days | C, B | \$7,850 |
E | 3 Days | A | \$10,750 |
F | 2 Days | D, E | \$8,600 |
At the end of day 4, the status of the project is as follows: Activity | % Complete | Actual Cost |
A | 100% | \$7,200 |
B | 80% | \$10,370 |
C | 25% | \$8,250 |
D | 0% | \$0 |
E | 80% | \$8,560 |
F | 0% | \$0 |
(a) Calculate the Cost and Schedule Variances and Indexes (CV, SV, CPI, SPI) for tasks A, B, C, D, and E.
(b) Write a brief analysis of the status of the project at this time, including task level, project level, and critical path. |

SET 2

Final Exam Page 1
1. (TCO B) Estimating Procedures
(a) You are the project manager for a new high rise office building. You are working on estimating the exterior landscaping for the new development. The landscaping requires the use of a special landscape stone. Based on recent experience the most likely price for the material is \$120.00/ton. However, the price for this stone is volatile, and the price fluctuates over time based on market conditions and material availability. The most optimistic price estimate is \$80.00/ton, and the most pessimistic estimate is \$180.00/ton. (Note there are 3 data points in for this estimate.)What is the expected price of the material?
(b) In addition to price fluctuations, you are also uncertain of how much of the material will be required for the project. Scope changes and site conditions will affect the amount of material actually needed. The most likely amount required is 36 tons. However, as little as 28 tons, and as much as 56 tons might be required.What is the expected amount of the material needed for the project?
(c) Using the estimates from (a) & (b), what is the expected cost for the material over the life of the project using the COMPLEX method?(Points : 30)

2. (TCO B) Contingency Allowance:
You are a project manager for the development of Motorola’s new 4G, HD, Touch Screen Cell Phone which is supposed to take the cell phone industry by storm. Listed below are the initial cost estimates for the materials and labor for one of the phones:
ITEM | COST
ESTIMATE | TYPE OF ESTIMATE |
Case | \$10.00 | Order of Magnitude |
Handset | \$12.00 | Definitive |
Labor | \$2.00 | Definitive |
Speaker | \$2.50 | Budget |
Mouthpiece | \$5.50 | Budget |
Antenna | \$1.70 | Definitive |
Keypad | \$3.00 | Order of Magnitude |
Circuit boards (handset) | \$6.50 | Budget |
Circuit boards (base unit) | \$8.50 | Definitive |
Battery | \$1.20 | Order of Magnitude |
Charger | \$16.00 | Order of Magnitude |
Total | \$68.90 | NA |
The estimating department currently defines estimate accuracy as follows:
Order of Magnitude | -25%, +75% |
Budget | -10%, +25% |
Definitive | -5%, +10% |
(a) What contingency cost budget do you recommend for the product?
(b) The target retail price for the new telephone is \$165.00 per unit. The markup demanded by retailers is 75%. Based on cost factors, write a brief rationale for acceptance or rejection of the project, including any recommendations you have regarding the cost estimates. (Points : 30)

3. (TCO C) Work Breakdown Structure WBS
Eurocash has decided to develop a mutual fund comprised almost entirely of East European companies with a high growth potential. The process of developing a new mutual fund begins with concept development, which includes establishing a clear definition of the project’s objectives that is agreed upon by senior management and developing a marketing strategy.
* A business analysis is then performed that includes assessments of market feasibility, internal feasibility (budgetary resource requirements), and regulatory feasibility. * If the proposed fund passes the business analysis, the fund design is developed. * The design process consists of product design, service design, internal review and authorization, and SEC registration (assuming a U.S. market). * As the design process nears completion, generally recognized as a positive preliminary review by the SEC, employee training is performed. * After completion of the employee training and final regulatory approval, the product is launched, and post-launch reviews are conducted at predetermined intervals.
Prepare a work breakdown structure (WBS) for this project with activities corresponding to a two level task and sub-task hierarchy. Provide columns showing the WBS code and activities. Number and indent the WBS codes so that the level of each activity is clearly identified. (Points : 30)

4. (TCO A) Budgeting processes and techniques
A company builds custom yachts for the high-end boating market. They develop and build these custom designs as a single individualized unit. The orders are generated by the marketing and sales department with help from the owners, who participate in the management of the company. Each new order is assigned to a project team which starts by making an estimate to the customer before a contract is signed. The project teams have a great deal of experience in these projects.
As would be expected, the owners are hands-on and have opinions on the estimates. The marketing folks also provide suggestions on what the customer is willing to pay.
What are some processes and techniques that you would suggest to make the budgeting process work well? Start with general but also provide some specifics as relate to creating detailed project budgets. Be sure to justify why you think your recommendations will work. (Points : 30)

Page: 1 2 3 |
1. (TCO C) Schedule Crashing
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 13 days at minimum cost? State the number of days you will crash each activity.
(c) What is the additional cost to crash the project?
Critical path = B-C-D = 14
Activity | Normal time | Normal total cost | Crash time | Crash total cost |
A | 5 | 300 | 3 | 380 |
B | 3 | 250 | 1 | 330 |
C | 6 | 400 | 4 | 700 |
D | 5 | 150 | 3 | 250 |
(Points : 30)

2. (TCO E) Responsibility Allocation Matrix
Projects often cross many functional boundaries with team members reporting to different functional managers. This cross functional aspect can create problems with roles and responsibilities. You decide to use a Responsibility Assignment Matrix (RAM) to help with this situation. Your manager is wondering why you are spending your time on this tool when you already have resources assigned to tasks in your schedule.
(a) Why is the RAM such an effective tool for Project Managers?
(b) What are some of the typical responsibilities assigned on a RAM? (Points : 30)

3. (TCO E) Resource Allocation/Leveling
The following data were obtained from a project to design a new software package: Activity | Duration | Predecessors | Personnel / Cost |
A | 3 days | — | 1 Systems Analyst/\$260 day |
B | 6 days | — | 3 Programmers/\$200 day each |
C | 4 days | A | 3 Programmers/\$200 day each |
D | 2 days | C | 2 Hardware specialists/\$230 day each |
E | 3 days | A | 1 Systems Analyst/\$260 day |
F | 2 days | D, E | 1 Test Engineer/\$300 day |
Personnel Available | Quantity |
Systems Analysts | 1 |
Programmers | 3 |
Hardware Specialists | 2 |
Test Engineers | 2 |
The software manufacturer has only the above personnel available for the project. Additional personnel can be hired from an agency at an 80% cost premium if needed.
(a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), the personnel in conflict, and the number of people involved.
(b) Note that operations can be split if required: what is the least cost method of resolving the conflict(s), assuming the project duration must not be extended? What additional cost, if any, will be incurred? (Points : 30)

Page: 1 2 3
Page 3
1. (TCO G) Estimate At Completion forecast (EAC)
A project has been estimated to take eight weeks and cost \$65,000. The critical path is A – D. Cost and earned value data are provided below: | | EV | PV | | | AC | | |
| Budget | BCWP | – BCWS | SV | SPI | – ACWP | CV | CPI |
A | \$8,500 | \$8,500 | \$8,500 | \$ – | 1.00 | \$7,000 | \$1,500 | 1.21 |
B | \$15,000 | \$15,000 | \$15,000 | \$ – | 1.00 | \$13,000 | \$2,000 | 1.15 |
C | \$6,800 | \$2,530 | \$2,700 | (\$170) | 0.94 | \$4,000 | (\$1,470) | 0.63 |
D | \$18,000 | \$900 | \$3,000 | (\$2,100) | 0.30 | \$1,200 | (\$300) | 0.75 |
E | \$16,000 | \$0 | \$0 | \$ – | | \$0 | \$ – | |
Project: | \$65,000 | 26,930 | 29,200 | (\$2,270) | 0.92 | \$25,200 | \$ 730 | 1.07 |
(i) Calculate the Estimate At Completion (EAC) considering future performance will be back on schedule and budget.
(ii) Calculate EAC considering that the project will continue to perform as it has to date.
(iii) Using either of these two numbers discuss the status of the project and if the project manager needs to take corrective actions. Justify your comments.(Points : 30)

2. (TCO D) PMIS and cost accounting
An Earned Value system can be a very effective way to monitor projects. However, Earned Value Analysis requires a Project Cost Accounting System (PCAS).
(a) What are some of the benefits of PCAS?
(b) What are some of the software solutions for establishing a PCAS? (Points : 30)

3. (TCO F) Earned Value
The following data were obtained from a project to design a new software package: Activity | Duration | Predecessors | Budgeted Cost |
A | 3 Days | — | \$8,320 |
B | 6 Days | — | \$11,740 |
C | 4 Days | A | \$11,550 |
D | 2 Days | C, B | \$7,850 |
E | 3 Days | A | \$10,750 |
F | 2 Days | D, E | \$8,600 |
At the end of day 5, the status of the project is as follows: Activity | % Complete | Actual Cost |
A | 100% | \$7,200 |
B | 50% | \$6,370 |
C | 25% | \$8,250 |
D | 0% | \$0 |
E | 80% | \$8,560 |
F | 0% | \$0 |
(a) Calculate the Cost and Schedule Variances and Indexes (CV, SV, CPI, SPI) for tasks A, B, C, D, and E.
(b) Write a brief analysis of the status of the project at this time, including task level, project level, and critical path.(Points : 30)

Set 3

Week 8 : Final Exam – Final Exam

Page 1

Question 1. 1. (TCO A) Work Breakdown Structure (WBS)

A consumer electronics firm is planning an expansion into Milwaukee. Generally, the firm prefers to remodel large existing tenant spaces to suit its needs. After a site is selected from several alternatives, the corporate architect develops plans by reviewing the suitability of the existing structure and utilities. A modification and demolition plan is then developed. Interior finish plans are then developed from corporate standards and adjusted to each site.

• Building permits are handled by the general contractor (GC). The firm uses the GC for all of its construction in a region. The GC hires local subcontractors and provides on-site construction supervision.
• As construction begins, the firm also begins to assemble a new management team from existing management staff, making an attempt to use only staff that has an interest in relocating. Sales staff is hired locally.
• When construction is approximately 6 weeks from completion, inventory is ordered.

Prepare a WBS for this project with activities corresponding to a two-level task and subtask hierarchy. Provide columns showing the WBS code and activities. Number and indent the WBS codes so that the level of each activity is clearly identified. (Points : 25)

Question 2. 2. (TCO E) Using the network below and the additional information provided, find answers to the following questions.

(a) What is the crash cost per day per activity?
(b) Which activities should be crashed to meet a project deadline of 13 days at minimum cost? State the number of days you will crash each activity.
(c) What is the additional cost to crash the project?

Critical path = B-C-D = 15

Activity Normal time Normal total cost Crash time Crash total cost
A 4 \$300 3 \$360
B 3 \$250 1 \$330
C 7 \$400 4 \$550
D 5 \$150 3 \$250
(Points : 25)

Question 3. 3. (TCO E) There are many stakeholders and participants in projects, and they often get confused as to who is doing what. You decide to use an RACI to help with this situation. Your manager is wondering why you are spending your time on this tool when you already have resources assigned to tasks in your schedule.

(a) What do you tell management to justify your time creating the RACI?
(b) What are the best ways to create the RACI? (Points : 25)

Page 2

Question 1. 1. (TCO F) Earned Value

The following data were obtained from a project to design a new software package.
Activity Duration Predecessors Budgeted Cost
A 3 days — \$8,320
B 6 days — \$11,740
C 4 days A \$11,550
D 2 days C and B \$7,850
E 3 days A \$10,750
F 2 days D and E \$8,600

At the end of Day 5, the status of the project is as follows.
Activity % Complete Actual Cost
A 100% \$7,200
B 50% \$5,370
C 25% \$8,250
D 0% \$0
E 70% \$8,560
F 0% \$0

(a) Calculate the cost and schedule variances and indexes (CV, SV, CPI, SPI) for Tasks A, B, C, D, and E.

(b) Write a brief analysis of the status of the project at this time, including task level, project level, and critical path. (Points : 25)

Question 2. 2. (TCO C)
(a) You are the project manager for a new high-rise office building. You are working on estimating the exterior landscaping for the new development. The landscaping requires the use of a special landscape stone. Based on recent experience, the most likely price for the material is \$120.00/ton. However, the price for this stone is volatile, and the price fluctuates over time based on market conditions and material availability. The most optimistic price estimate is \$80.00/ton, and the most pessimistic estimate is \$180.00/ton.
What is the expected price of the material? Round to two decimal places.

(b) In addition to price fluctuations, you are also uncertain of how much of the material will be required for the project. Scope changes and site conditions will affect the amount of material actually needed. The most likely amount required is 36 tons. However, as little as 28 tons or as much as 56 tons might be required.
What is the expected amount of the material needed for the project?

(c) Using the estimates from (a) and (b), what is the expected cost for the material over the life of the project? (Points : 25)

Question 3. 3. (TCO E) Resource Allocation and Leveling

The following data were obtained from an in-house MIS project.
Activity Duration Predecessors Personnel/Cost
A 3 days — One systems snalyst/\$260 day
B 6 days — Two programmers/\$200 day each
C 3 days A Two programmers/\$200 day each
D 3 days B Two hardware specialists/\$280 day each
E 3 days B One hardware specialist/\$280 day
F 2 days C and D One test engineer/\$300 day

Personnel Available Quantity
Systems analysts 1
Programmers 4
Hardware specialists 2
Test engineers 1

The software manufacturer has only the above personnel available for the project. Additional personnel can be hired from an agency at a 90% cost premium if needed.

(a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), the personnel in conflict, and the number of people involved.

(b) Note that operations cannot be split. What is the least-cost method of resolving the conflict(s), assuming the project duration must not be extended? What additional cost, if any, will be incurred? (Points : 25)

Page 3

Question 1. 1. (TCO D) Change control is critical to a successful project. Describe the roles and responsibilities of two key components of a good change control process: the change control board and the project manager. (Points : 25)

Question 2. 2. (TCO G) Your project is progressing well in your estimation. Your team has collected the following data. From these data, calculate the project’s ETC. Assume spending will continue at the same rate.
Activity A is 60% complete at a cost so far of \$100,000. It was estimated to cost \$200,000 when finished. It is at the end of Week 3 of 5. Activity B is 85% complete at a cost so far of \$50,000. It was estimated to cost \$80,000 when finished. It is at the end of Week 4 of 5. Activity C is complete at a cost so far of \$110,000. It was estimated to cost \$100,000 when finished. (Points : 25)

Question 3. 3. (TCO B) You are the project manager for three different projects.

Project A: This project is behind schedule by 12 weeks. It was to have been completed in 3 months. The sponsor has additional funds to help complete the project on time if needed but does not want to increase risk to the project.
Project B: This project is scheduled to take 27 weeks to complete. You are in the planning stage of the project. You need to reduce the schedule for this project by 8 weeks. This project has a number of predecessors that were created by the project team’s preference. The sponsor insists on having all the work done on time without unduly increasing risk or costs to the project.
Project C: This project is in the execution stage of the project. It is behind schedule by 6 weeks; it was scheduled to be completed in 10 weeks. The sponsor is desperate to accomplish something on this project. The budget is limited to the original amount, and all soft predecessors have already been removed.

For each of the projects above, choose an appropriate schedule compression technique. Explain your choice. (Points : 25)

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## PROJ 592 Proj Cost and Schedule Control Week 6 Quiz Set 1 and set 2 A+ Answer

PROJ 592 Proj Cost and Schedule Control Week 6 Quiz Set 1 and set 2 A+ Answer

PROJ 592 Proj Cost and Schedule Control Week 6 Quiz Set 1 and set 2 A+ Answer

PROJ 592 Proj Cost and Schedule Control Week 6 Quiz Set 1 and set 2 A+ Answer

PROJ 592 Proj Cost and Schedule Control Week 6 Quiz Set 1 and set 2 A+ Answer

PROJ 592 Week 6 Quiz

Set 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:
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.

Set 2

Week 6 : Time and Cost Monitoring and Control Part 2 – Quiz

Question 1. 1. (TCO B) 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; and
(c) what the extra cost is 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

(Points : 20)

Question 2. 2. (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 marketing specialist
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 days that have conflict(s), which resources 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? (Points : 20)

Question 3. 3. (TCO F) The following data were obtained from an information systems project to upgrade and expand a local area network.
A 3 days — \$4,920
B 6 days — \$7,680
C 3 days A \$15,140
D 2 days B \$3,980
E 3 days B \$5,630
F 2 days C and 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 75% \$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. (Points : 20)

Question 4. 4. (TCO B) You are project manager for three different projects.

Project A: This project is behind schedule by 12 weeks. It was to have been completed in 3 months. The sponsor has additional funds to help complete the project on time if needed but does not want to increase risk to the project.
Project B: This project is scheduled to take 28 weeks to complete. You are in the planning stage of the project. You need to reduce the schedule for this project by 9 weeks. This project has a number of predecessors that were created by the project team’s preference. The sponsor insists on having all the work done on time without unduly increasing risk or costs to the project.
Project C: This project is in the execution stage of the project. It is behind schedule by 8 weeks; it was scheduled to be completed in 10 weeks. The sponsor is desperate to accomplish something on this project. The budget is limited to the original amount, and all soft predecessors have already been removed.

For each of the project above, choose an appropriate schedule compression technique. Explain your choice. (Points : 20)

Question 5. 5. (TCO F) Given the following information, calculate the CV, SV, CPI, and SPI for this project. Also provide recommendations to improve the project’s performance if needed.
Activity A: This activity is complete. It was completed in 6 weeks; it was supposed to be completed in 5 weeks. The original budget for this activity was \$400,000; in the end, it cost \$450,000.

Activity B: This activity is 50% complete. Its original budget was \$100,000. The costs to date are \$55,000. The original project plan had this activity scheduled for 5 weeks; currently it is entering its third week.

Activity C: This activity is 75% complete. Its costs so far are \$100,000. It is entering Week 4 of 5. It was planned to cost \$100,000 when completed.

Activity D: This activity is not started yet; it will start in 2 weeks. It is planned to cost \$400,000. Its costs to date are \$0. (Points : 20)

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## PROJ 592 Proj Cost and Schedule Control Week 5 Earned_Value_Assignment_Answers

PROJ 592 Proj Cost and Schedule Control Week 5 Earned_Value_Assignment_Answers

PROJ 592 Proj Cost and Schedule Control Week 5 Earned_Value_Assignment_Answers

PROJ 592 Proj Cost and Schedule Control Week 5 Earned_Value_Assignment_Answers

PROJ 592 Proj Cost and Schedule Control Week 5 Earned_Value_Assignment_Answers

Problems 5-1 through 5-2
5-1 Earned Value Calculation
Your project has four activities. Below is the current status of each activity.
Activity A was to have cost \$150,000 when complete. Its costs so far are \$45,000. It is 35% complete. The activity has completed 5 weeks of a planned 15-week schedule.

Activity B is at the end of week 2 of a planned 4-week effort. It is 45% complete. It was to cost \$100,000 when finished. Its costs to date are \$50,000.

Activity C is finished. It finished 2 weeks late. It cost \$100,000. And it was planned to have cost \$110,000.

Activity D is beginning its fourth of a planned 6-week schedule. It has cost \$200,000 so far. It was estimated to cost \$450,000 when finished. It is approximately 55% complete.

Using this data, calculate the following.

1. What are the PV, EV, and AC for each of the activities and the complete project?
2. What are the SV, CV, SPI, and CPI for each of the activities and the complete project?
3. Assess the project performance to date? Do you get to have the celebration?

5-2 Earned Value Calculation

Your project has four activities. Below is the current status of each activity.
Activity A was to have cost \$250,000 when complete. Its costs so far are \$165,000. It is 50% complete. The activity has completed 7 weeks of a planned 15-week schedule.

Activity B is at the end of week 2 of a planned 4-week effort. It is 65% complete. It was to cost \$190,000 when finished. Its costs to date are \$150,000.

Activity C is finished. It finished 2 weeks late. It cost \$200,000. And it was planned to have cost \$250,000.

Activity D is at the end of its fourth of a planned 6-week schedule. It has cost \$350,000 so far. It was estimated to cost \$500,000 when finished. It is approximately 55% complete.

Using this data, calculate the following.

1. What are the PV, EV, and AC for each of the activities and the complete project?
2. Calculate the CV, SV, CPI, and SPI for each activity and the total project.
3. What is your assessment of the project at this time?

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## PROJ 592 Proj Cost and Schedule Control Week 3 Quiz A+ Answer

PROJ 592 Proj Cost and Schedule Control Week 3 Quiz A+ Answer

PROJ 592 Proj Cost and Schedule Control Week 3 Quiz A+ Answer

PROJ 592 Proj Cost and Schedule Control Week 3 Quiz A+ Answer

PROJ 592 Proj Cost and Schedule Control Week 3 Quiz A+ Answer

Week 3 : Project Time Management – Quiz

Question 1. 1. (TCO B) Good project cost estimations are critical to a successful project. With that in mind, compare and contrast three-point and reserve analysis estimation techniques. Please provide an example of each. (Points : 20)

Question 2. 2. (TCO A) A company intends to establish a manufacturing facility by buying an existing factory from a company in the same industry. A state-of-the art manufacturing line with supporting utilities will be established in the refurbished factory.

Securing the building will involve negotiating the purchase and refurbishing and upgrading the building structure.

Utilities that have to be upgraded and new systems installed include an upgrade of the electrical system, installation of a new compressed air system, and an increase in the capacity of the plant wastewater treatment system.

Establishing the manufacturing line will require development of production equipment specifications, procurement, and installation of machines and materials handling systems. A systems test plan will be developed concurrently with preparation of the equipment specifications. To check out the manufacturing line, a systems test of the complete line will be performed by operating it to produce product. A separate project team is handling procurement and stocking of components and materials that will be needed for the systems test of the new line, as well as when it becomes fully operational.

Prepare a WBS listing for this project with activities corresponding to a two-level task and subtask hierarchy. Format the WBS listing with activity item indents and WBS codes (such as a numbering scheme) that will clearly identify the level of each activity. Provide columns showing the WBS code and activities.
(Points : 20)

Question 3. 3. (TCO E) You are assisting on a project for your organization. An RACI has been created for your project. Your project manager has asked you to interpret the below RACI.
Project Name: New marketing campaign RACI
Activity PM IT Market Test Group Marketing Sponsor Account Manager
1.1.1 Create new layout A R R C
2.1.1 Design campaign A R
3.1.1 Test market R A
4.1.1 Roll out campaign R I A
(Points : 20)

Question 4. 4. (TCO B) You are the project manager for three projects. You are about to estimate costs for these three projects. Given the below information on each project, recommend an appropriate estimation method and justify your answer for each.

Project A: This project will be a scale-up of a project done last year. All the same processes will be used. The costs for the material and other resources should be scalable based on last year’s costs.

Project B: This project is new to your company. You do not feel confident in estimating the project costs using internal resources. There are other companies that have done this type of work. Yet you still want the most accurate estimates possible.

Project C: The work of this project has not likely been done before by anyone. You are breaking technological barriers in this project. As such, it is imperative you get accurate cost estimates. (Points : 20)

Question 5. 5. (TCO C) 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 his or her voice! Because this is an advance over anything that this company has done before, estimating the amount and cost of the hi-tech materials is 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.
Optimistic cost of smart resin: \$5.00 per lb
Most likely cost of smart resin: \$6.00 per lb
Pessimistic cost of smart resin: \$7.50 per lb

Current estimates for total material requirements are as follows.
Optimistic quantity 20 lb / 100 units
Most likely quantity 25 lb / 100 units
Pessimistic quantity 35 lb / 100 units

(a) What is the expected price of the material per pound?
(b) What is the expected amount of material needed for 100 units?
(c) What is the expected cost for 100 units? (Points : 20)

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## PROJ 592 Proj Cost and Schedule Control Course Project All weeks Part 1_2 and 3 Answer

PROJ 592 Proj Cost and Schedule Control Course Project All weeks Part 1_2 and 3 Answer

PROJ 592 Proj Cost and Schedule Control Course Project All weeks Part 1_2 and 3 Answer

PROJ 592 Proj Cost and Schedule Control Course Project All weeks Part 1_2 and 3 Answer

PROJ 592 Proj Cost and Schedule Control Course Project All weeks Part 1_2 and 3 Answer

Course Project Part 1—Due Week 2
For Part 1 of the Course Project, assume you have been appointed project manager of a new project for your organization. Your first assignment is to create a scope statement and WBS for this project.
For this part of the Course Project, you select a project of your choosing. This selected project will be used in Project Part 1 and Project Part 2. I suggest you verify with your instructor the suitability of your selected project by the end of Week 1.
Select a project of personal interest. For example, select a project where you can identify realistic cost and scheduling concerns. Opening a small retail storefront or a franchise is one example. When selecting your project, keep in mind the goal of CP-1 is to create a scope statement and WBS. In Project Part 2, you will need to create a budget and schedule for this project. Choose something relatively straightforward. For example, simple start-ups, such as pizza or fast-food franchises, work well because information is readily available. It is preferred that you do NOT pick remodeling a house, but building a house or flipping a house is acceptable.
The CP-1 Project Proposal will be structured with the following sections.
• Cover page including assignment, project title, course, and student contact information
• Executive summary that summarizes the content from the entire document with quantifiable highlights, such as overall cost, duration, and so on
• Project scope statement describing the project
• Resource loaded WBS and schedule with proper grouping, indenting, and coding for approximately 25 to 40 line items
Submission Requirements
• The scope statement should be written following guidelines for writing a scope as found in the PMBOK® Guide in Chapter 5.
• The WBS should be created in MS Projects following standard indent and outdent practices used in WBS creation.
• The assignment should be submitted as two files: one MS Word file for the scope statement and one MS Project file containing the project WBS.

Course Project Part 2—Due Week 4
In project Part 2, we create a schedule and accurate budget for your project. You need to focus on detailed cost estimating, scheduling, and cost justification. Estimating includes specific assumptions made during the estimating process, as well as quantities, unit prices, hourly rates for tasks, and accumulated totals. You must justify all of your costs; this includes direct, indirect, variable, fixed, and overhead.
The CP-2 Project Proposal will be structured with the following sections.
• Cover page including assignment, project title, course, and student contact information
• Executive summary summarizing the content from the entire document with quantifiable highlights, such as overall cost, duration, and so on
• Project scope statement describing the project
• Resource loaded WBS and schedule with proper grouping, indenting, and coding for approximately 25 to 40 line items. This also needs to include a work package, deliverables, and activities, activity relationships, activity durations, and activity resources.
• Cost estimates for each activity. Capital cost estimates should include building, franchise fees, equipment, and so on, if required for your project.
• Cost assumptions including a list of assumptions made when deriving your estimates
NOTE: Each section should include the detail as described above, along with a proper discussion about the included data as well as the project manager’s analysis and interpretation of the information.
Submission Requirements
• The assignment should be submitted as two files: one MS Word file for the scope statement and documentation sexcept for the WBS; and one MS Project file containing the project WBS, schedule, resource loading, and budget information.
• CP-2 must include a cover page.
• As a guide, the body of CP-2 should be between five and 10 pages in length (i.e., not including cover page, appendix, and MS Project file).

Course Project Part 3—Due Week 7
For CP-3, we will leave CP-2 behind and start fresh. CP-3 is a performance review of a new indoor theme park project. You will utilize the provided project information and data to create a new project schedule, which will represent your project at a specific point during implementation. You will load the information and data into Microsoft Project where the data will serve as the basis for project monitoring and control and earned value analysis. The output of the analysis, combined with a control plan, will be used to support the continuation of your project.
The CP-3 Project Performance Report will be structured with the following sections.
• Cover page including assignment, project title, course, and student contact information
• Executive summary summarizing the content from the entire document with quantifiable highlights, such as overall project cost and schedule performance and estimate to completion, and making the pitch to project stakeholders to continue the project
• Schedule 1 an MSP Gantt chart schedule (required) that incorporates the provided project data, established baseline, and proper review date representing the anticipated 50% completion date
• Performance analysis utilizing earned value data to analyze the project cost and schedule performance
• Estimate at completion including a forward-looking estimate of the project completion date and the final project costs
• Cost and schedule control plan providing a corrective action plan to bring the project back in line with your project baseline
• Revised estimate at completion including the corrective actions from the control plan along with the resulting cost impact and schedule impact
• Schedule 2 including revised MSP Gantt chart schedule (required) that reflects the impact of your corrective actions
Submission Requirements
• CP-3 must be submitted as a single document in MS Word. Information or details created with other tools like Excel or MS Project, such as tables, charts, or graphs, must be incorporated into the MS Word file submittal as an inserted object, such as a JPEG. (For help with MS Project, see the Video Tutorial link below.) Failure to follow this requirement will result in the return of the proposal for re-formatting to the requested MS Word format.
• You may insert objects into the body of your paper to support your discussion if they are half a page or less. Larger items should be included in an appendix with appropriate references to this information.
• CP-3 must include a cover page.
• As a guide, the body of CP-3 should be between five and 10 pages in length (i.e., not including cover page, appendix, etc.).

For getting the instant download solution, Please click on the “PURCHASE” link below to get “PROJ 592 Proj Cost and Schedule Control Course Project All weeks Part 1_2 and 3 Answer”.

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## PROJ 592 Proj Cost and Schedule Control Week 7 Course Project Part 3_Answer

PROJ 592 Proj Cost and Schedule Control Week 7 Course Project Part 3_Answer

PROJ 592 Proj Cost and Schedule Control Week 7 Course Project Part 3_Answer

PROJ 592 Proj Cost and Schedule Control Week 7 Course Project Part 3_Answer

PROJ 592 Proj Cost and Schedule Control Week 7 Course Project Part 3_Answer

Course Project Part 3—Due Week 7
For CP-3, we will leave CP-2 behind and start fresh. CP-3 is a performance review of a new indoor theme park project. You will utilize the provided project information and data to create a new project schedule, which will represent your project at a specific point during implementation. You will load the information and data into Microsoft Project where the data will serve as the basis for project monitoring and control and earned value analysis. The output of the analysis, combined with a control plan, will be used to support the continuation of your project.
The CP-3 Project Performance Report will be structured with the following sections.
• Cover page including assignment, project title, course, and student contact information
• Executive summary summarizing the content from the entire document with quantifiable highlights, such as overall project cost and schedule performance and estimate to completion, and making the pitch to project stakeholders to continue the project
• Schedule 1 an MSP Gantt chart schedule (required) that incorporates the provided project data, established baseline, and proper review date representing the anticipated 50% completion date
• Performance analysis utilizing earned value data to analyze the project cost and schedule performance
• Estimate at completion including a forward-looking estimate of the project completion date and the final project costs
• Cost and schedule control plan providing a corrective action plan to bring the project back in line with your project baseline
• Revised estimate at completion including the corrective actions from the control plan along with the resulting cost impact and schedule impact
• Schedule 2 including revised MSP Gantt chart schedule (required) that reflects the impact of your corrective actions
Submission Requirements
• CP-3 must be submitted as a single document in MS Word. Information or details created with other tools like Excel or MS Project, such as tables, charts, or graphs, must be incorporated into the MS Word file submittal as an inserted object, such as a JPEG. (For help with MS Project, see the Video Tutorial link below.) Failure to follow this requirement will result in the return of the proposal for re-formatting to the requested MS Word format.
• You may insert objects into the body of your paper to support your discussion if they are half a page or less. Larger items should be included in an appendix with appropriate references to this information.
• CP-3 must include a cover page.
• As a guide, the body of CP-3 should be between five and 10 pages in length (i.e., not including cover page, appendix, etc.).

For getting the instant download solution, Please click on the “PURCHASE” link below to get “PROJ 592 Proj Cost and Schedule Control Week 7 Course Project Part 3_Answer”.

For instant digital download of the above solution or tutorial, please click on the below link and make an instant purchase. You will be guided to the PAYPAL Standard payment page wherein you can pay and you will receive an email immediately with a download link. Please note that in case of technical glitch, the solutions will be emailed to you within 24 hours.

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## PROJ 592 Proj Cost and Schedule Control Course Project Part 2_Answer

PROJ 592 Proj Cost and Schedule Control Course Project Part 2_Answer

PROJ 592 Proj Cost and Schedule Control Course Project Part 2_Answer

PROJ 592 Proj Cost and Schedule Control Course Project Part 2_Answer

PROJ 592 Proj Cost and Schedule Control Course Project Part 2_Answer

Course Project Part 2—Due Week 4
In project Part 2, we create a schedule and accurate budget for your project. You need to focus on detailed cost estimating, scheduling, and cost justification. Estimating includes specific assumptions made during the estimating process, as well as quantities, unit prices, hourly rates for tasks, and accumulated totals. You must justify all of your costs; this includes direct, indirect, variable, fixed, and overhead.
The CP-2 Project Proposal will be structured with the following sections.
• Cover page including assignment, project title, course, and student contact information
• Executive summary summarizing the content from the entire document with quantifiable highlights, such as overall cost, duration, and so on
• Project scope statement describing the project
• Resource loaded WBS and schedule with proper grouping, indenting, and coding for approximately 25 to 40 line items. This also needs to include a work package, deliverables, and activities, activity relationships, activity durations, and activity resources.
• Cost estimates for each activity. Capital cost estimates should include building, franchise fees, equipment, and so on, if required for your project.
• Cost assumptions including a list of assumptions made when deriving your estimates
NOTE: Each section should include the detail as described above, along with a proper discussion about the included data as well as the project manager’s analysis and interpretation of the information.
Submission Requirements
• The assignment should be submitted as two files: one MS Word file for the scope statement and documentation sexcept for the WBS; and one MS Project file containing the project WBS, schedule, resource loading, and budget information.
• CP-2 must include a cover page.
• As a guide, the body of CP-2 should be between five and 10 pages in length (i.e., not including cover page, appendix, and MS Project file).

For instant digital download of the above solution or tutorial, please click on the below link and make an instant purchase. You will be guided to the PAYPAL Standard payment page wherein you can pay and you will receive an email immediately with a download link. Please note that in case of technical glitch, the solutions will be emailed to you within 24 hours.

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## PROJ 592 Proj Cost and Schedule Control Course Project Part 1_Answer

PROJ 592 Proj Cost and Schedule Control Course Project Part 1_Answer

PROJ 592 Proj Cost and Schedule Control Course Project Part 1_Answer

PROJ 592 Proj Cost and Schedule Control Course Project Part 1_Answer

PROJ 592 Proj Cost and Schedule Control Course Project Part 1_Answer

Course Project Part 1—Due Week 2
For Part 1 of the Course Project, assume you have been appointed project manager of a new project for your organization. Your first assignment is to create a scope statement and WBS for this project.
For this part of the Course Project, you select a project of your choosing. This selected project will be used in Project Part 1 and Project Part 2. I suggest you verify with your instructor the suitability of your selected project by the end of Week 1.
Select a project of personal interest. For example, select a project where you can identify realistic cost and scheduling concerns. Opening a small retail storefront or a franchise is one example. When selecting your project, keep in mind the goal of CP-1 is to create a scope statement and WBS. In Project Part 2, you will need to create a budget and schedule for this project. Choose something relatively straightforward. For example, simple start-ups, such as pizza or fast-food franchises, work well because information is readily available. It is preferred that you do NOT pick remodeling a house, but building a house or flipping a house is acceptable.
The CP-1 Project Proposal will be structured with the following sections.
• Cover page including assignment, project title, course, and student contact information
• Executive summary that summarizes the content from the entire document with quantifiable highlights, such as overall cost, duration, and so on
• Project scope statement describing the project
• Resource loaded WBS and schedule with proper grouping, indenting, and coding for approximately 25 to 40 line items
Submission Requirements
• The scope statement should be written following guidelines for writing a scope as found in the PMBOK® Guide in Chapter 5.
• The WBS should be created in MS Projects following standard indent and outdent practices used in WBS creation.
• The assignment should be submitted as two files: one MS Word file for the scope statement and one MS Project file containing the project WBS.

For instant digital download of the above solution or tutorial, please click on the below link and make an instant purchase. You will be guided to the PAYPAL Standard payment page wherein you can pay and you will receive an email immediately with a download link. Please note that in case of technical glitch, the solutions will be emailed to you within 24 hours.

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## PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

PROJ 592 Proj Cost and Schedule Control Week 8 Final Exam Complete A+ Set 1_set 2 and set 3 Answer

Proj 592 Week 8 Final Exam Answer

SET 1

Page: | 1 2 3 |
Question 1. | Question : | (TCO B) Estimating Procedures
(a) You are the project manager for a new high-rise office building. You are working on estimating the exterior landscaping for the new development. The landscaping requires the use of a special landscape stone. Based on recent experience, the most likely price for the material is \$120.00/ton. However, the price for this stone is volatile, and the price fluctuates over time based on market conditions and material availability. The most optimistic price estimate is \$100.00/ton, and the most pessimistic estimate is \$200.00/ton. What is the expected price of the material?
(b) In addition to price fluctuations, you are also uncertain of how much of the material will be required for the project. Scope changes and site conditions will affect the amount of material actually needed. The most likely amount required is 36 tons. However, as little as 32 tons or as much as 44 tons might be required.What is the expected amount of the material needed for the project? Round to two decimal places.
(c) Using the estimates from (a) & (b) what is the expected cost for the material over the life of the project using the COMPLEX method?

Question 2. | Question : | (TCO B) Contingency Allowance:
You are a project manager for the development of Motorola’s new 4G, HD, Touch Screen Cell Phone which is supposed to take the cell phone industry by storm. Listed below are the initial cost estimates for the materials and labor for one of the phones:
ITEM | COST ESTIMATE | TYPE OF ESTIMATE |
Case | \$15.00 | Order of Magnitude |
Handset | \$12.00 | Definitive |
Labor | \$2.00 | Definitive |
Speaker | \$2.50 | Budget |
Mouthpiece | \$5.50 | Budget |
Antenna | \$1.70 | Definitive |
Keypad | \$3.00 | Order of Magnitude |
Circuit boards (handset) | \$6.50 | Budget |
Circuit boards (base unit) | \$8.50 | Definitive |
Battery | \$1.20 | Order of Magnitude |
Charger | \$16.00 | Order of Magnitude |
Total cost | \$73.90 | NA |
The estimating department currently defines estimate accuracy as follows:
Order of Magnitude | -25%, +75% |
Budget | -10%, +25% |
Definitive | -5%, +10% |

(a) What contingency cost budget do you recommend for the product?
(b) The target retail price for the new telephone is \$165.00 per unit. The markup demanded by retailers is 50%. Based on cost factors, write a brief rationale for acceptance or rejection of the project, including any recommendations you have regarding the cost estimates.

Page: | 1 2 3 |

Question 3. | Question : | (TCO C) Work Breakdown Structure WBS
Eurocash has decided to develop a mutual fund comprised almost entirely of East European companies with a high growth potential. The process of developing a new mutual fund begins with concept development, which includes establishing a clear definition of the project’s objectives that is agreed upon by senior management and developing a marketing strategy.
* A business analysis is then performed that includes assessments of market feasibility, internal feasibility (budgetary resource requirements), and regulatory feasibility. * If the proposed fund passes the business analysis, the fund design is developed. * The design process consists of product design, service design, internal review and authorization, and SEC registration (assuming a U.S. market). * As the design process nears completion, generally recognized as a positive preliminary review by the SEC, employee training is performed. * After completion of the employee training and final regulatory approval, the product is launched, and post-launch reviews are conducted at predetermined intervals.

Prepare a work breakdown structure (WBS) for this project with activities corresponding to a two level task and sub-task hierarchy. Provide columns showing the WBS code and activities. Number and indent the WBS codes so that the level of each activity is clearly identified.

Question 4. | Question : | (TCO A) Budgeting processes and techniques
A company builds custom yachts for the high-end boating market. They develop and build these custom designs as a single individualized unit. The orders are generated by the marketing and sales department with help from the owners, who participate in the management of the company. Each new order is assigned to a project team which starts by making an estimate to the customer before a contract is signed. The project teams have a great deal of experience in these projects. As would be expected, the owners are hands-on and have opinions on the estimates. The marketing folks also provide suggestions on what the customer is willing to pay.
What are some processes and techniques that you would suggest to make the budgeting process work well? Start with general but also provide some specifics as relate to creating detailed project budgets. Be sure to justify why you think your recommendations will work.

Page: | 1 2 3 |
Question 1. | Question : | (TCO C) Schedule Crashing
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 13 days at minimum cost? State the number of days you will crash each activity.
(c) What is the additional cost to crash the project?
Critical path = B-C-D = 14
Activity | Normal time | Normal total cost | Crash time | Crash total cost |
A | 5 | 300 | 3 | 380 |
B | 3 | 250 | 1 | 330 |
C | 6 | 400 | 4 | 700 |
D | 5 | 150 | 3 | 250 |

Question 2. | Question : | (TCO E) Responsibility Assignment Matrix
Projects often cross many functional boundaries with team members reporting to different functional managers. This cross functional aspect can create problems with roles and responsibilities. You decide to use a Responsibility Assignment Matrix (RAM) to help with this situation. Your manager is wondering why you are spending your time on this tool when you already have resources assigned to tasks in your schedule.
(a) Why is the RAM such an effective tool for Project Managers?
(b) What are some of the typical responsibilities assigned on a RAM? |

Question 3. | Question : | (TCO E) Resource Allocation/Leveling
The following data were obtained from a project to expand a school: Activity | Duration | Predecessors | Resources / cost |
A | 2 Weeks | — | 2 Excavators/\$800 day each |
B | 3 Weeks | — | 2 Dump Trucks/\$600 day each |
C | 2 Weeks | B | 2 Concrete Mixers/\$250 day each |
D | 3 Weeks | A, C | 2 Cranes/\$2,000 day each |
E | 2 Weeks | B | 1 High-lift/\$500 day each |
F | 1 Weeks | B | 2 Excavators/\$800 day each |
G | 3 Weeks | F | 2 Cranes/\$2,000 day each |
The contractor has access to the listed quantity of machines of each type available at the listed cost ‘each’. The operations cannot be split. Additional equipment can be rented at a 50% cost premium if needed.
(a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), the resources in conflict and the quantity of resource involved.
(b) What is the least cost method of resolving the conflict(s), assuming the project duration must not be extended? What additional cost, if any, will be incurred?

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Question 1. | Question : | (TCO G) Estimate At Completion forecast (EAC)
A project has been estimated to take eight weeks and cost \$65,000. The critical path is A – D. Cost and earned value data are provided below:
| | EV | PV | | | AC | | | | Budget | BCWP | – BCWS | SV | SPI | – ACWP | CV | CPI |
A | \$8,500 | \$8,500 | \$8,500 | \$ – | 1.00 | \$7,500 | \$1,000 | 1.13 |
B | \$15,000 | \$15,000 | \$15,000 | \$ – | 1.00 | \$13,000 | \$2,000 | 1.15 |
C | \$6,800 | \$2,530 | \$2,700 | (\$170) | 0.94 | \$4,000 | (\$1,470) | 0.63 |
D | \$18,000 | \$900 | \$3,000 | (\$2,100) | 0.30 | \$1,200 | (\$300) | 0.75 |
E | \$16,000 | \$0 | \$0 | \$ – | | \$0 | \$ – | |
Project: | \$64,300 | 26,930 | 29,200 | (\$2,270) | 0.92 | \$25,700 | \$730 | 1.05 |
(i) Calculate the Estimate At Completion (EAC) considering future performance will be back on schedule and budget.
(ii) Calculate EAC considering that the project will continue to perform as it has to date.
(iii) Using either of these two numbers discuss the status of the project and if the project manager needs to take corrective actions. Justify your comments. |

Question 2. | Question : | (TCO F) Earned Value
The following data were obtained from a project to design a new software package: Activity | Duration | Predecessors | Budgeted Cost |
A | 3 Days | — | \$8,320 |
B | 6 Days | — | \$11,740 |
C | 4 Days | A | \$11,550 |

D | 2 Days | C, B | \$7,850 |
E | 3 Days | A | \$10,750 |
F | 2 Days | D, E | \$8,600 |
At the end of day 4, the status of the project is as follows: Activity | % Complete | Actual Cost |
A | 100% | \$7,200 |
B | 80% | \$10,370 |
C | 25% | \$8,250 |
D | 0% | \$0 |
E | 80% | \$8,560 |
F | 0% | \$0 |
(a) Calculate the Cost and Schedule Variances and Indexes (CV, SV, CPI, SPI) for tasks A, B, C, D, and E.
(b) Write a brief analysis of the status of the project at this time, including task level, project level, and critical path. |

SET 2

Final Exam Page 1
1. (TCO B) Estimating Procedures
(a) You are the project manager for a new high rise office building. You are working on estimating the exterior landscaping for the new development. The landscaping requires the use of a special landscape stone. Based on recent experience the most likely price for the material is \$120.00/ton. However, the price for this stone is volatile, and the price fluctuates over time based on market conditions and material availability. The most optimistic price estimate is \$80.00/ton, and the most pessimistic estimate is \$180.00/ton. (Note there are 3 data points in for this estimate.)What is the expected price of the material?
(b) In addition to price fluctuations, you are also uncertain of how much of the material will be required for the project. Scope changes and site conditions will affect the amount of material actually needed. The most likely amount required is 36 tons. However, as little as 28 tons, and as much as 56 tons might be required.What is the expected amount of the material needed for the project?
(c) Using the estimates from (a) & (b), what is the expected cost for the material over the life of the project using the COMPLEX method?(Points : 30)

2. (TCO B) Contingency Allowance:
You are a project manager for the development of Motorola’s new 4G, HD, Touch Screen Cell Phone which is supposed to take the cell phone industry by storm. Listed below are the initial cost estimates for the materials and labor for one of the phones:
ITEM | COST
ESTIMATE | TYPE OF ESTIMATE |
Case | \$10.00 | Order of Magnitude |
Handset | \$12.00 | Definitive |
Labor | \$2.00 | Definitive |
Speaker | \$2.50 | Budget |
Mouthpiece | \$5.50 | Budget |
Antenna | \$1.70 | Definitive |
Keypad | \$3.00 | Order of Magnitude |
Circuit boards (handset) | \$6.50 | Budget |
Circuit boards (base unit) | \$8.50 | Definitive |
Battery | \$1.20 | Order of Magnitude |
Charger | \$16.00 | Order of Magnitude |
Total | \$68.90 | NA |
The estimating department currently defines estimate accuracy as follows:
Order of Magnitude | -25%, +75% |
Budget | -10%, +25% |
Definitive | -5%, +10% |
(a) What contingency cost budget do you recommend for the product?
(b) The target retail price for the new telephone is \$165.00 per unit. The markup demanded by retailers is 75%. Based on cost factors, write a brief rationale for acceptance or rejection of the project, including any recommendations you have regarding the cost estimates. (Points : 30)

3. (TCO C) Work Breakdown Structure WBS
Eurocash has decided to develop a mutual fund comprised almost entirely of East European companies with a high growth potential. The process of developing a new mutual fund begins with concept development, which includes establishing a clear definition of the project’s objectives that is agreed upon by senior management and developing a marketing strategy.
* A business analysis is then performed that includes assessments of market feasibility, internal feasibility (budgetary resource requirements), and regulatory feasibility. * If the proposed fund passes the business analysis, the fund design is developed. * The design process consists of product design, service design, internal review and authorization, and SEC registration (assuming a U.S. market). * As the design process nears completion, generally recognized as a positive preliminary review by the SEC, employee training is performed. * After completion of the employee training and final regulatory approval, the product is launched, and post-launch reviews are conducted at predetermined intervals.
Prepare a work breakdown structure (WBS) for this project with activities corresponding to a two level task and sub-task hierarchy. Provide columns showing the WBS code and activities. Number and indent the WBS codes so that the level of each activity is clearly identified. (Points : 30)

4. (TCO A) Budgeting processes and techniques
A company builds custom yachts for the high-end boating market. They develop and build these custom designs as a single individualized unit. The orders are generated by the marketing and sales department with help from the owners, who participate in the management of the company. Each new order is assigned to a project team which starts by making an estimate to the customer before a contract is signed. The project teams have a great deal of experience in these projects.
As would be expected, the owners are hands-on and have opinions on the estimates. The marketing folks also provide suggestions on what the customer is willing to pay.
What are some processes and techniques that you would suggest to make the budgeting process work well? Start with general but also provide some specifics as relate to creating detailed project budgets. Be sure to justify why you think your recommendations will work. (Points : 30)

Page: 1 2 3 |
1. (TCO C) Schedule Crashing
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 13 days at minimum cost? State the number of days you will crash each activity.
(c) What is the additional cost to crash the project?
Critical path = B-C-D = 14
Activity | Normal time | Normal total cost | Crash time | Crash total cost |
A | 5 | 300 | 3 | 380 |
B | 3 | 250 | 1 | 330 |
C | 6 | 400 | 4 | 700 |
D | 5 | 150 | 3 | 250 |
(Points : 30)

2. (TCO E) Responsibility Allocation Matrix
Projects often cross many functional boundaries with team members reporting to different functional managers. This cross functional aspect can create problems with roles and responsibilities. You decide to use a Responsibility Assignment Matrix (RAM) to help with this situation. Your manager is wondering why you are spending your time on this tool when you already have resources assigned to tasks in your schedule.
(a) Why is the RAM such an effective tool for Project Managers?
(b) What are some of the typical responsibilities assigned on a RAM? (Points : 30)

3. (TCO E) Resource Allocation/Leveling
The following data were obtained from a project to design a new software package: Activity | Duration | Predecessors | Personnel / Cost |
A | 3 days | — | 1 Systems Analyst/\$260 day |
B | 6 days | — | 3 Programmers/\$200 day each |
C | 4 days | A | 3 Programmers/\$200 day each |
D | 2 days | C | 2 Hardware specialists/\$230 day each |
E | 3 days | A | 1 Systems Analyst/\$260 day |
F | 2 days | D, E | 1 Test Engineer/\$300 day |
Personnel Available | Quantity |
Systems Analysts | 1 |
Programmers | 3 |
Hardware Specialists | 2 |
Test Engineers | 2 |
The software manufacturer has only the above personnel available for the project. Additional personnel can be hired from an agency at an 80% cost premium if needed.
(a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), the personnel in conflict, and the number of people involved.
(b) Note that operations can be split if required: what is the least cost method of resolving the conflict(s), assuming the project duration must not be extended? What additional cost, if any, will be incurred? (Points : 30)

Page: 1 2 3
Page 3
1. (TCO G) Estimate At Completion forecast (EAC)
A project has been estimated to take eight weeks and cost \$65,000. The critical path is A – D. Cost and earned value data are provided below: | | EV | PV | | | AC | | |
| Budget | BCWP | – BCWS | SV | SPI | – ACWP | CV | CPI |
A | \$8,500 | \$8,500 | \$8,500 | \$ – | 1.00 | \$7,000 | \$1,500 | 1.21 |
B | \$15,000 | \$15,000 | \$15,000 | \$ – | 1.00 | \$13,000 | \$2,000 | 1.15 |
C | \$6,800 | \$2,530 | \$2,700 | (\$170) | 0.94 | \$4,000 | (\$1,470) | 0.63 |
D | \$18,000 | \$900 | \$3,000 | (\$2,100) | 0.30 | \$1,200 | (\$300) | 0.75 |
E | \$16,000 | \$0 | \$0 | \$ – | | \$0 | \$ – | |
Project: | \$65,000 | 26,930 | 29,200 | (\$2,270) | 0.92 | \$25,200 | \$ 730 | 1.07 |
(i) Calculate the Estimate At Completion (EAC) considering future performance will be back on schedule and budget.
(ii) Calculate EAC considering that the project will continue to perform as it has to date.
(iii) Using either of these two numbers discuss the status of the project and if the project manager needs to take corrective actions. Justify your comments.(Points : 30)

2. (TCO D) PMIS and cost accounting
An Earned Value system can be a very effective way to monitor projects. However, Earned Value Analysis requires a Project Cost Accounting System (PCAS).
(a) What are some of the benefits of PCAS?
(b) What are some of the software solutions for establishing a PCAS? (Points : 30)

3. (TCO F) Earned Value
The following data were obtained from a project to design a new software package: Activity | Duration | Predecessors | Budgeted Cost |
A | 3 Days | — | \$8,320 |
B | 6 Days | — | \$11,740 |
C | 4 Days | A | \$11,550 |
D | 2 Days | C, B | \$7,850 |
E | 3 Days | A | \$10,750 |
F | 2 Days | D, E | \$8,600 |
At the end of day 5, the status of the project is as follows: Activity | % Complete | Actual Cost |
A | 100% | \$7,200 |
B | 50% | \$6,370 |
C | 25% | \$8,250 |
D | 0% | \$0 |
E | 80% | \$8,560 |
F | 0% | \$0 |
(a) Calculate the Cost and Schedule Variances and Indexes (CV, SV, CPI, SPI) for tasks A, B, C, D, and E.
(b) Write a brief analysis of the status of the project at this time, including task level, project level, and critical path.(Points : 30)

Set 3

Week 8 : Final Exam – Final Exam

Page 1

Question 1. 1. (TCO A) Work Breakdown Structure (WBS)

A consumer electronics firm is planning an expansion into Milwaukee. Generally, the firm prefers to remodel large existing tenant spaces to suit its needs. After a site is selected from several alternatives, the corporate architect develops plans by reviewing the suitability of the existing structure and utilities. A modification and demolition plan is then developed. Interior finish plans are then developed from corporate standards and adjusted to each site.

• Building permits are handled by the general contractor (GC). The firm uses the GC for all of its construction in a region. The GC hires local subcontractors and provides on-site construction supervision.
• As construction begins, the firm also begins to assemble a new management team from existing management staff, making an attempt to use only staff that has an interest in relocating. Sales staff is hired locally.
• When construction is approximately 6 weeks from completion, inventory is ordered.

Prepare a WBS for this project with activities corresponding to a two-level task and subtask hierarchy. Provide columns showing the WBS code and activities. Number and indent the WBS codes so that the level of each activity is clearly identified. (Points : 25)

Question 2. 2. (TCO E) Using the network below and the additional information provided, find answers to the following questions.

(a) What is the crash cost per day per activity?
(b) Which activities should be crashed to meet a project deadline of 13 days at minimum cost? State the number of days you will crash each activity.
(c) What is the additional cost to crash the project?

Critical path = B-C-D = 15

Activity Normal time Normal total cost Crash time Crash total cost
A 4 \$300 3 \$360
B 3 \$250 1 \$330
C 7 \$400 4 \$550
D 5 \$150 3 \$250
(Points : 25)

Question 3. 3. (TCO E) There are many stakeholders and participants in projects, and they often get confused as to who is doing what. You decide to use an RACI to help with this situation. Your manager is wondering why you are spending your time on this tool when you already have resources assigned to tasks in your schedule.

(a) What do you tell management to justify your time creating the RACI?
(b) What are the best ways to create the RACI? (Points : 25)

Page 2

Question 1. 1. (TCO F) Earned Value

The following data were obtained from a project to design a new software package.
Activity Duration Predecessors Budgeted Cost
A 3 days — \$8,320
B 6 days — \$11,740
C 4 days A \$11,550
D 2 days C and B \$7,850
E 3 days A \$10,750
F 2 days D and E \$8,600

At the end of Day 5, the status of the project is as follows.
Activity % Complete Actual Cost
A 100% \$7,200
B 50% \$5,370
C 25% \$8,250
D 0% \$0
E 70% \$8,560
F 0% \$0

(a) Calculate the cost and schedule variances and indexes (CV, SV, CPI, SPI) for Tasks A, B, C, D, and E.

(b) Write a brief analysis of the status of the project at this time, including task level, project level, and critical path. (Points : 25)

Question 2. 2. (TCO C)
(a) You are the project manager for a new high-rise office building. You are working on estimating the exterior landscaping for the new development. The landscaping requires the use of a special landscape stone. Based on recent experience, the most likely price for the material is \$120.00/ton. However, the price for this stone is volatile, and the price fluctuates over time based on market conditions and material availability. The most optimistic price estimate is \$80.00/ton, and the most pessimistic estimate is \$180.00/ton.
What is the expected price of the material? Round to two decimal places.

(b) In addition to price fluctuations, you are also uncertain of how much of the material will be required for the project. Scope changes and site conditions will affect the amount of material actually needed. The most likely amount required is 36 tons. However, as little as 28 tons or as much as 56 tons might be required.
What is the expected amount of the material needed for the project?

(c) Using the estimates from (a) and (b), what is the expected cost for the material over the life of the project? (Points : 25)

Question 3. 3. (TCO E) Resource Allocation and Leveling

The following data were obtained from an in-house MIS project.
Activity Duration Predecessors Personnel/Cost
A 3 days — One systems snalyst/\$260 day
B 6 days — Two programmers/\$200 day each
C 3 days A Two programmers/\$200 day each
D 3 days B Two hardware specialists/\$280 day each
E 3 days B One hardware specialist/\$280 day
F 2 days C and D One test engineer/\$300 day

Personnel Available Quantity
Systems analysts 1
Programmers 4
Hardware specialists 2
Test engineers 1

The software manufacturer has only the above personnel available for the project. Additional personnel can be hired from an agency at a 90% cost premium if needed.

(a) Identify any resource conflicts in the above project. State the activities involved, the time frame of the conflict(s), the personnel in conflict, and the number of people involved.

(b) Note that operations cannot be split. What is the least-cost method of resolving the conflict(s), assuming the project duration must not be extended? What additional cost, if any, will be incurred? (Points : 25)

Page 3

Question 1. 1. (TCO D) Change control is critical to a successful project. Describe the roles and responsibilities of two key components of a good change control process: the change control board and the project manager. (Points : 25)

Question 2. 2. (TCO G) Your project is progressing well in your estimation. Your team has collected the following data. From these data, calculate the project’s ETC. Assume spending will continue at the same rate.
Activity A is 60% complete at a cost so far of \$100,000. It was estimated to cost \$200,000 when finished. It is at the end of Week 3 of 5. Activity B is 85% complete at a cost so far of \$50,000. It was estimated to cost \$80,000 when finished. It is at the end of Week 4 of 5. Activity C is complete at a cost so far of \$110,000. It was estimated to cost \$100,000 when finished. (Points : 25)

Question 3. 3. (TCO B) You are the project manager for three different projects.

Project A: This project is behind schedule by 12 weeks. It was to have been completed in 3 months. The sponsor has additional funds to help complete the project on time if needed but does not want to increase risk to the project.
Project B: This project is scheduled to take 27 weeks to complete. You are in the planning stage of the project. You need to reduce the schedule for this project by 8 weeks. This project has a number of predecessors that were created by the project team’s preference. The sponsor insists on having all the work done on time without unduly increasing risk or costs to the project.
Project C: This project is in the execution stage of the project. It is behind schedule by 6 weeks; it was scheduled to be completed in 10 weeks. The sponsor is desperate to accomplish something on this project. The budget is limited to the original amount, and all soft predecessors have already been removed.

For each of the projects above, choose an appropriate schedule compression technique. Explain your choice. (Points : 25)

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