Explanation
A screenshot of a project schedule Description automatically generated
The correct answer is to match the scenario on the left with the action on the right as follows:
Team will measure the progress and convert it to equivalent dollar value -> Earned Value Analysis Team will measure project progress and compare it to base schedule -> Schedule Variance Team will show the project progress with measurement of cost & schedule -> Cost Performance Index and Schedule Performance Index Team will show a graphical representation of actual progress, trend progress, and the planned progress
-> S-Curve
Comprehensive and Detailed Explanation: According to the PMBOK Guide - Seventh Edition1, a monthly progress report is a type of performance report that provides information on the project's status, achievements, issues, and risks. It is used to communicate project progress to the client and other stakeholders, and to support decision making and corrective actions. A monthly progress report typically includes the following elements:
Project summary: A brief overview of the project's objectives, scope, deliverables, milestones, and key performance indicators (KPIs).
Project performance: A detailed analysis of the project's performance in terms of cost, schedule, quality, scope, and risks. This section may use various tools and techniques, such as:
Earned Value Analysis (EVA): A method to measure the project's progress and convert it to equivalent dollar value. It uses three key metrics: Planned Value (PV), Earned Value (EV), and Actual Cost (AC). EVA helps to determine the project's status, performance, and forecast.
Schedule Variance (SV): A measure of the difference between the planned and actual schedule of the project. It is calculated as SV = EV - PV. A positive SV indicates that the project is ahead of schedule, while a negative SV indicates that the project is behind schedule.
Cost Performance Index (CPI) and Schedule Performance Index (SPI): Two ratios that indicate how efficiently the project is using its resources and time. They are calculated as CPI = EV / AC and SPI = EV / PV. A CPI or SPI greater than 1 indicates that the project is performing better than planned, while a CPI or SPI less than 1 indicates that the project is performing worse than planned.
S-Curve: A graphical representation of the project's progress over time. It shows the cumulative values of PV, EV, and AC, and their trends and deviations. It helps to visualize the project's performance, status, and forecast.
Project issues and risks: A list of the current and potential issues and risks that affect the project, and their impact, probability, and mitigation strategies. This section may use a risk register or a risk matrix to document and prioritize the risks.
Project changes: A summary of the changes that occurred or are requested during the project, and their impact on the project's scope, cost, schedule, quality, and risks. This section may use a change log or a change request form to track and approve the changes.
Project action items: A list of the tasks or activities that need to be completed or followed up by the project team or stakeholders. This section may include the assignee, due date, status, and priority of each action item.
References: 1: PMBOK Guide - Seventh Edition | Project Management Institute
