Exam Essentials

Explain variance analysis. Variance analysis compares actual project results from the schedule tracking or budget reporting to the planned results as documented in the baseline.

Describe the possible impacts to check for when evaluating a major change to the project scope. A major change to the project scope may impact project objectives, the critical path , the schedule end date, budget, project performance indicators, resources, and risks.

Understand the steps involved in responding to a significant variance from plan, such as increased overtime. The reason behind the variance needs to be identified to determine whether scope creep is occurring. The impact on the budget and schedule need to be determined, followed by a plan for corrective action.

Explain how to prevent scope creep when handling requests for changes. The change control process, which includes a thorough analysis of each request and a formal approval process, is used to manage all requests for a change to the project.

Understand the options to present to stakeholders when a project is not progressing as planned. The stakeholders need to be given options that include trade-offs on scope, schedule, budget, or quality. In some cases, project cancellation may also be an option.

Define estimate to complete (ETC), estimate at completion (EAC), and budget at completion (BAC). Estimate to complete (ETC) is a forecast of the cost of all remaining project work. Estimate at completion (EAC) is a projection of final project costs obtained by adding the ETC to the actual project costs to date. Budget at completion (BAC) is the amount of the project budget that remains after subtracting the actual costs spent to date.

Understand who the various standards bodies are that develop some of the essential standards used in IT. It's important to be aware that organizations such as ISO 9000 and ITIL help with quality and operational standards.

Be familiar with the Capability Maturity Model. Understand what CMM represents in helping organizations understand where they are in terms of how they implement projects.