The last duty of a project manager is to archive the project records as part of the organizational

process assets.

Answer option B is incorrect. The cost summary is included in the final project report.

Answer option C is incorrect. The project variance is included in the final project report as it shows

cost performance.

Answer option D is incorrect. A project office is an organization within the company that oversees

and supports project. Marty would not close

the project office.

There is positive variance of $122,845 on Fred's project. Variances can be either positive or negative.

Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that

the schedule is ahead or behind what was planned for this period in time. The schedule variance is

calculated based on the following formula:

SV = Earned Value (EV) - Planned Value (PV)

If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater

than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the

project is right on target.

Answer option C is incorrect. This is the project's variance at completion.

Answer option D is incorrect. This is the cost variance for the project.

Answer option A is incorrect. This is not a valid answer for the project.

According to the question, the SPI of your project is 1.325. This figure is greater than 1. Hence, it

shows that the schedule performance is better than expected.

What is SPI?

Schedule performance index (SPI) is the measure of schedule efficiency on a project. It is used in

trend analysis to predict future performance. SPI is the ratio of earned value to planned value. The

SPI is calculated based on the following formula:

SPI = Earned Value (EV) / Planned Value (PV)

If the SPI value is greater than 1, it indicates better than expected performance, whereas if the value

is less than 1, it shows poor performance. The SPI value of 1 indicates that the project is right on

target. Answer option C is incorrect. SPI has nothing to do with cost performance.

Answer options B and D are incorrect. An SPI value less than 1 or 0 indicates that the schedule

performance is either below expectation or is right on target.

The project management team defines which activities are external to the project.

An external dependency is any nonproject activity that is external to the project but has a direct

impact on the project activities. An external

dependency may be an inspector or any agency that may have to give prior approval before the

project can move forward. These

dependencies are external to the organization and are determined by the project management team

to find which dependencies are external

all through the process of sequencing the activities.

Answer option C is incorrect. The project manager may be part of the project management team,

but this is not the best choice.

Answer option A is incorrect. The project team does not define this relationship.

Answer option B is incorrect. The project sponsor would not define the external dependencies.

The Identify Stakeholders process identifies all people or organizations that are impacted by the

project. It also documents relevant information regarding their interests, involvement, and impact

on project success. Stakeholder register and stakeholder management strategy are outputs of this

process. Answer option C is incorrect. Project charter is one of the inputs of the Identify

Stakeholders process. Answer option A is incorrect. Scope baseline is one of the outputs of the

Create Work Breakdown Structure (WBS) process. Answer option B is incorrect. Project scope

statement is one of the outputs of the Define Scope process.

Templates are used to identify the typical schedule milestones in the Define Activity process. The

tools and techniques used in defining the activity process are as follows: Decomposition: It is used to

further divide the project work package into a more smaller and convenient form called activities.

Rolling Wave Planning: It is a form of progressive elaboration planning where the work to be

accomplished in the near term is planned in detail and future work is planned at a higher level of

WBS. Templates: It is an activity list or a part of the activity list taken from the previous project and

used in a new project. Expert Judgement: The skilled members in a project team or other experts

who develop project scope statements can help provide knowledge in defining activities.

Crashing is the addition of project resources to complete effort-driven activities in faster time. By

adding more labor the activity can be completed faster.

Crashing is a schedule compression technique to obtain the greatest amount of compression for the

least incremental cost. Crashing works

for activities where additional resources will shorten the duration. Approving overtime, bringing in

additional resources, paying to expedite

delivery to activities on the critical path are examples of crashing.

Answer option A is incorrect. An activity of fixed duration, such as printing 100,000 brochures in a

printing press, won't be completed faster by

adding more effort.

Answer option D is incorrect. Activities need not be risk-free to use project crashing.

Answer option C is incorrect. All effort-driven activities are susceptible to the Law of Diminishing

Returns. By adding more labor the value of

the yield of the work decreases because of the cost of the labor added to the project work.

Of all six processes, the control schedule process will take the majority of the time in the project

time management knowledge area.

Control schedule process is a method of monitoring the status of the project to update project

progress and deal with the changes to the

schedule baseline. It is concerned with:

Determining the current status of the project

Influencing the factors that create schedule changes

Determining that the project schedule has changed

Managing the actual changes as they occur

Control schedule is a component of the Perform Integration Change Control process.

Answer options B, A, and D are incorrect. These processes will not take the longest to complete.

The Critical Chain method examines the availability of project resources to determine when the

resource may be utilized without conflicting

with other activities.

The Critical Chain method is a project management technique in which schedule network analysis is

used for the purpose of modifying and

determining a set of project schedules to account for more inadequate than estimated project

financial resources. This method tends to keep

the resources levelly loaded, but requires the resources to be flexible in their start times and to

quickly switch between tasks and task chains

to keep the whole project on schedule. In the Critical Chain method, projects are completed more

rapidly and with better scheduling

consistency.

Answer option C is incorrect. The Critical Path method examines the duration of the critical path to

determine the finish date for the project. It

does not consider when project activities are available.

Answer option B is incorrect. Resource utilization simply means that the resource is scheduled for

work.

Answer option D is incorrect. A resource leveling heuristic is a guideline, such as a maximum of 35

hours per week, per resource. It is a rule

that usually signals the maximum amount of hours a resource may be utilized on the project.

Parametric estimates are created for repetitive tasks, such as four hours per unit installed; 1,000

units to install would equate to 4,000 hours.

A template does not address this type of time estimating directly. A template for time estimating is

an analogous estimate type.

A template for any project is an activity list or a part of the activity list from a previous project. The

template contains the activity attributes

information and other vivid information that are helpful to define activities. It is also used to classify

schedule milestones.

Answer option D is incorrect. Templates can include activity attribute information.

Answer option A is incorrect. Templates do indicate milestones.

Answer option C is incorrect. Templates can save time for the project manager and the project team.