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SV explained

One of your monthly reports claim that your project has a SV of -1000. How would you describe it to your sponsor?

A. The project is behind schedule
B. The project is ahead of schedule
C. Impossible to have a negative SV
D. Not enough information

Answer: A. The project is behind schedule
SV (schedule variance) is simply a measure of how the project is performing in terms of schedule. A positive number is good, ahead of schedule, while a negative number is bad, behind schedule. SV is derived from EV (earned value) minus PV (planned value).

CV explained

One of your monthly reports claim that your project has a CV of 2000. How would you describe it to your sponsor?

A. The project is $2000 over budget
B. The project is $2000 under budget
C. CV of anything over 1000 is irrelevant
D. Not enough information

Answer: B. The project is $2000 under budget
CV (cost variance) is simply a measure of how the project is performing in terms of cost. A positive number is good, under budget, while a negative number is bad, over budget. CV is derived from EV (earned value) minus AC (actual cost).

Enterprise environmental factors

While developing a charter, you are asked to consider enterprise environmental factors. These may include all of the following except:

A. Historical information
B. Marketplace conditions
C. Government standards
D. Industry standards

Answer: A. Historical information
Enterprise environmental factors can include government standards, industry standards, organization infrastructure, and marketplace conditions. Historical information is an organizational process asset.

Wait, what do you mean our RPF isn't good?

You released an RFP but several of the prospective suppliers have questions regarding some of the scope. You determine that the best way to listen to their concerns and convey your message is to have a(n):

A. Invitation for bid
B. Qualified supplier list
C. Bidder's conference
D. Independent estimate

Answer: C. Bidder's conference
A bidder's conference is a meeting with suppliers to ensure they have a good understanding of the procurement document.

Organizational process assets

You are a project manager for a new client. To help you get acclimated more quickly, she directs you to their organizational process assets in the company archives. You know that when you locate that directory, you will likely find:

A. Industry standards
B. Historical information
C. Financial data
D. Market conditions

Answer: B. Historical information
Organizational process assets typically include processes, policies, templates, and historical information. They are essential inputs and outputs for many processes.

Surprise! Project Managers may need management skills.

According to the PMBOK®, which of the following is not a management skill used by project managers for communicating?

A. Presentation skills
B. Resolving conflict
C. Negotiating
D. Writing skills

Answer: B. Resolving conflict
Management skills used by project managers include but are not limited to presentation skills, negotiating, writing skills, and public speaking Resolving conflict is an interpersonal skill.