AACE-INTERNATIONAL-PSP practice question 14 of 30

At a minimum, periodic reporting must be done at what interval?

Full set: 211 questions
Answer options
A: Monthly.
B: As requested by the project manager.
C: As requested by the owner.
D: As specified in the contract documents. Correct answer
Correct Answer:
D. As specified in the contract documents.
Explanation

The minimum requirement for the frequency of periodic reporting is dictated by the legally binding agreement between the project parties, which is the contract. While monthly reporting is common, and project managers or owners may request additional updates, the contractually specified interval is the absolute minimum obligation that must be met. The contract documents define the formal communication plan, including the timing, content, and format of progress reports and schedule updates. This ensures that all parties have a clear and agreed-upon understanding of the reporting requirements throughout the project lifecycle.

Why Incorrect

A. Monthly is a common frequency but is not a universal minimum; contracts may specify weekly, bi-weekly, or other intervals.
B. Requests from the project manager are part of internal project management but do not define the formal, minimum obligation to external stakeholders.
C. Owner requests are important, but the formal minimum reporting cycle is established in the contract, not by ad-hoc requests.

References

1. AACE International. (2015). Total Cost Management Framework: An Integrated Approach to Portfolio, Program, and Project Management (2nd ed.). Section 9.1 – Project Performance Assessment. (Notes that the assessment plan is aligned with contractual requirements).

2. AACE International. (2018). Recommended Practice No. 23R-02: Identification of Contractual Responsibilities in Scheduling Specifications. AACE International. Section 2.0. (Details how contracts specify scheduling and reporting requirements).

3. Hollmann, J. K. (Ed.). (2015). AACE International's Skills & Knowledge of Cost Engineering (6th ed.). AACE International. Chapter 4.2, p. 4.2.4. (States that reporting requirements are usually defined in the contract documents).

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