The schedule variance is found by subtracting the planned value from the earned value. In this instance, it is $447,000 minus $558,750. 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. $7,000 is the cost variance for this project.

Answer option A is incorrect. $11,667 is the variance at completion for this project.

Answer option B is incorrect. 1.02 is the cost performance index for this project.

Once the project scope statement has been approved, the project manager and the project team should decompose the project scope statement into the WBS.

Answer option A is incorrect. Before the activity list may be created, the WBS is needed. The activity list is based on the work packages identified in the WBS.

Answer option C is incorrect. Creating the risk assessment for the project is part of project planning, but it is not the most appropriate process to complete at this time.

Answer option D is incorrect. Determining the project budget is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline. Determining the project budget is a part of project cost management.

Of all the constraints listed only this is an external dependency, which can directly affect the project manager ' s control over the project work. If the BGH company is late delivering the software portion of the project, it will likely have an effect on the project ' s ability to complete the project on time.

Answer option B is incorrect. While regulations may affect the project timing, this is not the best choice.

Answer option D is incorrect. The $1,250,000 is an example of cost constraint.

Answer option A is incorrect. This is only constraint if the project team members are not available, or do not have the required skills to complete the project work.

According to the question, you are required to find out the schedule variance (SV) of the project. 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. Now, putting the provided values on the formula:

SV = EV - PV

= 325 - 300

= 25

As the value of SV (which is 25) is a positive number, it means that the project is ahead of the planned schedule. What is BCWP (or EV)? Budgeted cost of work performed (BCWP) or Earned Value (EV) is the value of completed work. It is the budgeted amount for the work actually completed on the schedule activity during a given time period. What is BCWS (or PV)? Budgeted Cost of Work Scheduled (BCWS) or Planned Value (PV) is the authorized budget assigned to the scheduled work to be accomplished for a schedule activity or Work Breakdown Structure (WBS) component. What is ACWP (or AC)? Actual cost of work performed (ACWP) or Actual Cost (AC) is the total costs actually incurred and recorded in accomplishing work performed during a given time period for a schedule activity. It is the cost of the work to date, including direct and indirect costs. AC is money that has actually been expended to date.

A scheduling tool consists of the schedule components and the rules for connecting and using the components to characterize the process for completing a project. It is used to gather the schedule model and provide the means of adjusting various parameters and components that are typical in a modeling process.

The critical path is discovered by summing the duration of each activity node in each chain of activities in the project network diagram. In this figure, the critical path is ACFGJ, which is 26 days, the longest chain of activities in the project.

Answer option A is incorrect. This path ' s duration is 22 days.

Answer option D is incorrect. This path ' s duration is 23 days.

Answer option C is incorrect. This path ' s duration is 15 days.

The various phases of the decision making process are as follows: Problem definition: This phase explores, clarifies and defines the problem. Problem solution generation: This phase draws out the new idea generating process by brainstorming multiple solutions and rejecting premature decisions. Ideas to action: This phase defines the evaluation criteria, rate pros and cons of alternatives and helps in selecting the best solution. Solution action planning: This phase involves key participants to gain acceptance and commitment to make the solution work. Solution evaluation planning: This phase performs the post implementation analysis, evaluations and lessons learned. Evaluation of the outcome and process: This phase evaluates how well the problem was solved or project goals were achieved.

This is an example of rolling wave planning. Rolling wave planning focuses on the most imminent work in detail and creates estimates for the whole project and later work in broad estimates. Rolling wave planning is a form of progressive elaboration. Rolling wave planning is a technique for performing progressive elaboration planning where the work to be accomplished in the near future is planned in detail at a low level of the work breakdown structure. The work to be performed within another one or two reporting periods in the near future is planned in detail as work is being completed during the current period.

Answer option D is incorrect. Decomposition describes the breakdown of the project scope into work packages, and then the work packages are broken down into project activities.

Answer option C is incorrect. Phase gates describe the review process associated with the end of project phases.

Answer option A is incorrect. Milestone planning defines the project milestones, not the activities required to reach the milestones.

Of all the choices, the what-if scenario analysis allows you to determine the best approach to bring the schedule back into alignment with the project plan. What-if scenario analysis explains the analysis of the question " What if the situation represented by scenario ' X ' happens? " . This What-If Scenario Analysis shortly named as WIS

A. A schedule network analysis is performed using the schedule to compute the different scenarios, such as extending specific engineering durations, or delaying a major component delivery. Businesses use what-if scenarios to determine the effect different costs or investments have on profit and other financial indicators.

Answer option D is incorrect. Resource leveling can cause your project ' s duration to increase.

Answer option C is incorrect. Schedule analysis is the review of the schedule, but does not examine other possibilities for completing the project work.

Answer option B is incorrect. Root cause analysis could help you determine the reasons why the project is running late, but it is not the best choice for this question as it is not a control schedule process tool and technique.

According to the question, the schedule variance (SV) of the project is zero. A value of 0 indicates that the project is right on target. 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. The negative SV means that project is behind the schedule.

Answer option D is incorrect. This result can be drawn by looking at the cost variance (CV) of the project.

Answer option B is incorrect. The positive SV depicts that the project is ahead of the planned schedule.