GFEBS Project Systems Course Exam With 100% Correct Answers

GFEBS Project Systems Course Exam With 100% Correct Answers What is a project definition? - answerThe project definition contains data used for the entire project. It contains default values which can be passed on to the WBS elements, or influence them, such as: Project Profile Project Control values (e.g., user status profile) Organizational data Planning parameters Settlement Rules Unique Project Number The Project Profile is often called the "DNA" of a PS project; it determines many attributes of the project. The Project Profile cannot be changed after project creation. What is a Project Definition? (2 of 2) - answerIn the project definition, default values are maintained for a project, such as the settlement rule, Person Responsible, or Plant. The default values can then be copied for a new WBS elements created for this project. The default values will be copied into new WBS elements created for the project, but may be changed with the exception of Project Profile. What is a Work Breakdown Structure? - answerThe WBS forms the basis for all subsequent planning tasks in the project. The emphasis is placed on: Planning Description Funding and Availability Control Costs and Fund Consumption Reporting Monitoring of costs, basic dates, and the statuses Work Breakdown Structure (WBS) - answerIn a WBS, the groupings of work are described in the project as individual elements in a hierarchy. The work is broken down in the project, step- by-step, until the level of detail is reached necessary to carry it out. These groupings of works are WBS Elements. So in GFEBS, a Work Breakdown Structure is a hierarchical arrangement of WBS elements under a project definition. In GFEBS, there can only be one WBS directly below the Project Definition. This is known as the Level 1 WBS, and will have the same number (and usually name) as the Project Definition. WBS Elements - answerWBS elements are arranged hierarchically so that the most atomic work that can be described and funded with a single LOA (line of accounting) are at the bottom. Typically, execution (accrual of expenses) only occurs at this lowest level, though that does not have to be the case. Since the WBS is structured hierarchically, we're able to summarize and display the data for the corresponding higher-level WBS elements, or all the way up to the Project Definition level. Click on the note icon below for more information WBS Elements - Operative Indicators - answerGFEBS uses Operative Indicators to define characteristics that control functionality of a WBS - they define whether a given WBS can or cannot be used in some very important processes. Click on each image for each process. Click on the note icon for more information. Planning Element - answerWBS's that can have planned costs entered against them must be marked by checking the Planning Element operative indicator. Account Assignment Element - answerWBS's that can have actual costs accrued (executed) against them must be marked by checking the Account Assignment Element Operative Indicator. Billing Element - answerWBS's that can be referenced on a Sales order for a reimbursable must be marked by checking the Billing Element Operative Indicator. Which of the following is used to define the characteristics of a WBS element? - answerOperative Indicators A good project structures supports which of the following? - answerCost Reporting Funding / Funded Program De