1. Why is it important to keep the risk register up to date?

2. Why is it important to document contract changes?

3. Why should project teams be watchful for constructive change orders?

4. What is involved in monitoring and controlling projects?

5. Given the following information for a one-year project; PV = $23,000, EV = $20,000, AC = $25,000, BAC = $120,000. Assume you have actual and earned value data at the end of the second month. Recall that PV is the planned value, EV is the earned value, AC is the actual cost, and BAC is the budget at completion. Answer the following question.

a. What is the cost variance, schedule variance, cost performance index (CPI), and schedule performance index (SPI) for the project?