What is the term assigned to graphic in the figure given below?

The graphic shown in the figure is a communications bull's eye. The project manager must keep the project within the boundaries defined by the bull's eye or he will need to generate a performance report. This is an example of management by exception because the project manager only communicates with management when there is an exception, or variance, within the project. Answer options C, B, and D are incorrect. These are not valid terms for the communications bull's eye.
You are the project manager of the NHQ project. Your project has a budget of $1,258,456 and is scheduled to last for three years. Your project is currently forty percent complete though it should be forty-five percent complete. In order to reach this point of the project, you have spent $525,000. Management needs a performance report regarding the NHQ project. What is the planned value for this project?
The planned value is the percent complete that the project should have done. In this instance, it is:
Planned value = 45% of $1,258,456
=$566,305
Answer option B is incorrect. This is the project budget.
Answer option D is incorrect. $503,382 is the earned value for this project.
Answer option C is incorrect. -$54,044 is the variance at completion for your project.
Amy works as a project manager for Blue Well Inc. She is working on the SDI project, which has a BAC of $2,816,000. She is currently 20 percent complete with this project, though she should be 25 percent complete with the project work. The project has consumed $495,000 of the project budget to date. Management has asked her the project's Estimate To Complete (ETC) based on the current project performance. What is the ETC for this project?
The estimate to complete is about knowing how much more money the project will need to
complete its objectives.
The estimate to complete (ETC) is the expected cost needed to complete all the remaining work for a
scheduled activity, a group of activities,
or the project. ETC helps project managers predict what the final cost of the project will be upon
completion. The formula for the ETC is EAC-
AC. The EAC is BAC/CPI. Here it is,
CPI = EV/AC
= (0.20*2,816,000)/495,000
= 563200/495,000
= 1.1378
EAC = BAC/ CPI
= 2,816,000/1.1378
= 2,474,952 (Approx)
ETC = EAC - AC
= 2,474,952 - 495,000
= 1,979,952
Answer options C and A are incorrect. These are not the valid answers for this question.
Answer option D is incorrect. This is the estimate at completion based on the current project
performance.
Fred is the project manager of the NHA project. This project has a BAC of $2,456,900 and is sixty percent complete. Fred has crashed the project, which has driven the project costs to date to $1,525,140, but his project is five percent more complete than what was planned. What is the schedule variance for this project that Fred needs to report to the management?
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.
Which of the following statements best describes an activity in a project?
An activity is the effort needed to complete a work package. The activities are linked to the work
packages in the WBS.
An activity is the element of work performed throughout the various stages of a project. It is a group
of people, communications, processes,
and work items that correspond to a joint effort to achieve a goal. An activity is a way to manage the
work collectively with others in any
organization. The create WBS process identifies the deliverables at the lowest level in the WBS,
called the work package. Project work
packages are divided into smaller elements known as activities, which correspond to the work
required to complete the work package.
Answer option D is incorrect. This is a definition of all the work that the project team and manager
must complete in order to complete the
total activity list.
Answer options A and C are incorrect. These are not valid definitions of an activity.
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