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Guide: Variance Analysis in Project Management

Variance Analysis is a crucial concept in the PMBOK Guide Seventh Edition. It is a quantitative investigation of the difference between actual and planned behavior. This analysis helps to maintain control over a project's scope by managing potential and actual changes to the elaborated scope statement.

The importance of Variance Analysis lies in its utilization for explaining the performance efficiency, the cause of the variance, and potential adjustments needed. For instance, if a project is running behind schedule or exceeding its allocated budget, variance analysis can help identify the reason behind this and what actions are necessary to realign the project with its initial plan.

Exam Tips: Answering Questions on Variance Analysis
1. Understand the concept - Before diving into the questions, ensure you have a clear understanding of the concept of variance analysis.
2. Review the PMBOK Guide - All the answers lie within the PMBOK Guide, make sure you read it thoroughly.
3. Practice - The more questions you practice, the better understanding you will have of how to answer in the actual exam.
4. Stay Calm - Don’t panic in the exam hall. Read the question carefully and try to apply your knowledge correctly. Remember, if you have revised well, you can answer any question the exam has to offer.

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Variance Analysis practice test

Variance Analysis is a technique used in project management to identify and analyze the differences between planned and actual project performance, particularly concerning the project scope, time and cost. It involves comparing the planned work, costs or schedule against the actual progress, identifying deviations or variances, tracing the causes behind these variances and determining appropriate corrective actions. Variance analysis helps to monitor the project performance, mitigate risks, improve resource allocation, and ensure that the project stays on track towards achieving its objectives. It also provides valuable insights for future projects, enabling organizations to continuously improve their project management processes and practices.

Time: 5 minutes   Questions: 5

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Project Management Professional Preparation Package (2024)

  • Earn 35 PDUs needed for your PMP certification
  • 12955 Superior-grade Project Management Professional practice questions.
  • Accelerated Mastery: Deep dive into critical topics to fast-track your mastery.
  • Unlock Effortless PMP preparation: 5 full exams.
  • 100% Satisfaction Guaranteed: Full refund with no questions if unsatisfied.
  • Bonus: If you upgrade now you get upgraded access to all courses
  • Risk-Free Decision: Start with a 7-day free trial - get premium features at no cost!