4 Cost Quiz

You are the project manager of a software development project and you are reporting the performance of the project to the upper management. You have the following data: earned value (EV) = $2000, and actual cost (AC) = $1000. What is the value of schedule performance index (SPI)?

If the cost variance (CV) is -$1000 and Schedule performance index (SPI) = 1.1; then it can be assumed that the project is currently:

John is a project manager on a commercial construction project and has finished 8 months of a 12-month project. He has earned $1,000 of value per month into the project monthly thus far and expects to continue at that rate. He had only planned on earning $7,000 up to this point and has spent $4,000 thus far. John reviews this information and then determines that the schedule variance for the project is:

Your project is required to replace and install two new windows in each of the rooms of a 200-room office building. The layout of the rooms and the size of all the windows throughout the office building are all the same. The installation crew that you are managing can install 8 windows per day. Your project budget is $100 per window. You are 22 days into the project and you have spent $19,500.00 and have installed 160 Windows. Working under the assumption that work will continue at the same rate until the end of the project you calculate Estimate at Completion (EAC) and determine it to be?

You are the project manager for a software firm and you start the project with a budget of $115,000. Two months into the project, you have the statistics of Earned Value as $55,000 and the Actual Cost incurred as $75,000. You calculate your current CPI and realize you are going to be over budget. This was due to lack of skill in the resources of the team. You meet with your project sponsor and get approval to train your team on the skill set and have a new budget of $125,000 to meet this requirement. Using this information, calculate the TCPI (To Complete Cost Performance Index)

A project is scheduled for completion in 4 months, and costing $100,000. If at the end of second month, the project spent $50,000 and the earned value is $60,000, then the corresponding CPI is:

Philip is interning as an assistant to the project manager, Cindy. Cindy has tasked Philip to prepare the initial steps for putting the budget together. Philip asks what the definition of the budget is. Cindy tells him which of the following?

Tim's team is working on the control cost process. They are currently gathering the information they need to work on this. They have the project management plan, work performance data, and the necessary financial organizational assets. What output of the cost management planning process do they need?