PMI-SP PMI Scheduling Professional Questions and Answers

The project termination request is not an output of the control schedule. Early termination of a project is a closing process and usually does not stem from the project manager. The outputs of the control schedule process are as follows: Work Performance Measurements: The work packages and control accounts are documented and communicated to the stakeholders. Organizational Process Assets Updates: The assets that are updated are: corrective actions chosen and the reasons, causes of variance, and other types of lessons learned from project schedule control. Change Requests: It is processed for reviews and disposition through the Perform Integrated Change Control process. Project Management Plan Updates: The elements that need to be updated are: schedule baseline, schedule management plan, cost baseline. Project Document Updates: The elements that need to be updated in project document updates are: schedule data and project schedule.

The cost variance for the project is -$51,000. You can find the cost variance by using the formula earned value minus planned value. In this instance, it is: CV = EV - AC = (0.60* 2,456,900) - 1,525,140 = -51,000

Answer option C is incorrect. -$85,000 is the project's variance at completion.

Answer option A is incorrect. $122,845 is the project's schedule variance.

Answer option D is incorrect. There is a cost variance on this project of -$51,000.

Schedule data is an output of the Develop Schedule process. The nine inputs to the Develop Schedule process are: activity list, activity attributes, project schedule network diagrams, activity resource requirements, resource calendars, activity duration estimates, project scope statement, enterprise environmental factors, and organizational process assets.

Answer options C, A, and D are incorrect. These are the inputs to the Develop Schedule process.

An activity is the effort needed to complete a work package. The activities are linked to the work packages in the WBS. An activity is the element of work performed throughout the various stages of a project. It is a group of people, communications, processes, and work items that correspond to a joint effort to achieve a goal. An activity is a way to manage the work collectively with others in any organization. The create WBS process identifies the deliverables at the lowest level in the WBS, called the work package. Project work packages are divided into smaller elements known as activities, which correspond to the work required to complete the work package.

Answer option D is incorrect. This is a definition of all the work that the project team and manager must complete in order to complete the total activity list.

Answer options A and C are incorrect. These are not valid definitions of an activity.

Cost and schedule performance indexes should be as close to 1 as possible. A larger value, such as 2.12, means that the schedule duration estimates were likely bloated or incorrect to begin with.

Answer option B is incorrect. This is not the best choice for this question.

Answer option C is incorrect. The number should not be close to 100; it should be close to 1.

Answer option D is incorrect. While Mark may have crashed the schedule and driven up costs to achieve the SPI value, a more likely reason is that the time estimates were bloated.

Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula: SV = Earned Value (EV) - Planned Value (PV) If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target. The earned value in this instance is forty percent of the project budget, $778,000, and the planned value is $398,000 because George is to be fifty percent done at the end of the second quarter, as the work is spread evenly across all quarters. The schedule variance is -$77,800 for the project.

Answer option A is incorrect. .96 represents the cost performance index.

Answer option C is incorrect. -$34,500 represents the project's variance at completion if the project continues as is.

Answer option D is incorrect. -$13,800 is the cost variance for the project.

The procurement SOW consists of a description of some collateral services required, such as performance reporting or post- project operational support for the procured item. The procurement SOW is revised and refined as required when it moves through the procurement process until incorporated into a signed contract award.

An analogous estimate is a form of expert judgment because it relies on historical information. The historical information, assuming that it is accurate, serves as the conduit to the expert that created the historical information.

Answer option C is incorrect. A bottom-up estimate creates an activity duration estimate for each work package in the WBS.

Answer option A is incorrect. Parametric estimating uses a parameter, such as 10 hours per fixture installation, as a base to predict the duration of the project.

Answer option D is incorrect. A definitive estimate, also known as a bottom-up estimate, accounts for the cost of each work package.

The critical path is the path in the project network diagram with the longest duration. In project management, a critical path is the sequence of project network activities which add up to the longest overall duration. This determines the shortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the planned project completion date (i.e. there is no float on the critical path). In this instance path ACGIJ is the longest as it takes 23 days.

Answer options C and D are incorrect. These paths take 13 days.

Answer option A is incorrect. This path only takes 19 days.

Schedule compression is a tool used as part of the Schedule Development process. The tools and techniques for schedule development are as follows:

Schedule network analysis

Critical path method

Critical chain method

Resource leveling

What-if scenario analysis

Applying leads and lags

Schedule compression

Scheduling tool

Answer options D, B, and C are incorrect. These are not tools and techniques for schedule development.

Herzberg's Motivation-Hygiene Theory, also known as Two Factor Theory, was developed by Frederick Herzberg, a psychologist who found that job satisfaction and job dissatisfaction acted independently of each other. Two Factor Theory states that there are certain factors in the workplace that cause job satisfaction, while a separate set of factors cause dissatisfaction. Two Factor Theory distinguishes between the following: Motivators (e.g. challenging work, recognition, responsibility) which give positive satisfaction, arising from intrinsic conditions of the job itself, such as recognition, achievement, or personal growth. Hygiene factors (e.g. status, job security, salary and fringe benefits) which do not give positive satisfaction, although dissatisfaction results from their absence. These are extrinsic to the work itself, and include aspects, such as company policies, supervisory practices, or wages/salary. Essentially, hygiene factors are needed to ensure an employee is not dissatisfied. Motivation factors are needed in order to motivate an employee to higher performance, Herzberg also further classified our actions and how and why we do them, for example, if you perform a work-related action because you have to, then that is classed as movement, but if you perform a work-related action because you want to, then that is classed as motivation.

Answer option C is incorrect. McGregor's X and Y theory describes the team members and their behavior on the project and how management responds.

Answer option B is incorrect. It describes the five layer of needs we all have.

Answer option D is incorrect. It explains the processes that an individual undergoes to make choices.

According to the question, you are required to calculate the cost performance index (CPI) of the project. Cost performance index (CPI) is used to calculate performance efficiencies. It is used in trend analysis to predict future performance. CPI is the ratio of earned value to actual cost. The CPI is calculated based on the following formula: CPI = Earned Value (EV) / Actual Cost (AC) If the CPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The CPI value of 1 indicates that the project is right on target. Now, putting the provided values in the formula: CPI = EV / AC = 325 / 410 = 0.792 As the CPI 0.792 is lesser than 1, it shows that the schedule performance is below expectation. What is BCWP (or EV)? Budgeted cost of work performed (BCWP) or Earned Value (EV) is the value of completed work. It is the budgeted amount for the work actually completed on the schedule activity during a given time period. What is BCWS (or PV)? Budgeted Cost of Work Scheduled (BCWS) or Planned Value (PV) is the authorized budget assigned to the scheduled work to be accomplished for a schedule activity or Work Breakdown Structure (WBS) component. What is ACWP (or AC)? Actual cost of work performed (ACWP) or Actual Cost (AC) is the total costs actually incurred and recorded in accomplishing work performed during a given time period for a schedule activity. It is the cost of the work to date, including direct and indirect costs. AC is money that has actually been expended to date.

There is no float available for Activity G because it is on the critical path. Float or total float (TF) is the total amount of time that a schedule activity may be delayed from its early start date without delaying the project finish date, or violating a schedule constraint. It is calculated by using the critical path method technique and determining the difference between the early finish dates and late finish dates.

Answer options B, A, and C are incorrect. There is no float available for Activity G because it is on the critical path.

The performance measurement baseline, which can be comprised of cost, scope, and schedule, is the foundation for creating a performance report.

Answer option B is incorrect. The scope baseline will only reflect the performance of the scope, whereas performance reports typically need scope, time, and cost as its foundation.

Answer option A is incorrect. Cost variances and the cost performance index are cost values that must be considered along with the scope performance and schedule performance.

Answer option D is incorrect. Only reporting performance on the schedule is not enough for a performance report. Laura should also report on scope and cost at a minimum.

The schedule variance is found by subtracting the planned value from the earned value. The earned value is the percentage of the project completeness multiplied by the BA

C. Planned value is the percentage of where the project should be at this time multiplied by the BA

C. Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula: SV = Earned Value (EV) - Planned Value (PV) If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target. In this example, EV = 40% of BAC = 300,000, and PV = 50% of BAC = 375,000 SV = 300,000 - 375,000 = -75,000

Answer options C, B, and D are incorrect. These are not the correct values for the schedule variance.

The graphic shown in the figure is a communications bull's eye. The project manager must keep the project within the boundaries defined by the bull's eye or he will need to generate a performance report. This is an example of management by exception because the project manager only communicates with management when there is an exception, or variance, within the project.

Answer options C, B, and D are incorrect. These are not valid terms for the communications bull's eye.

In severe cases, new schedule duration estimates with new forecasted start and finish dates are needed. In these instances, it is an example of using the control schedule process. Control schedule process is a method of monitoring the status of the project to update project progress and deal with the changes to the schedule baseline. It is concerned with: Determining the current status of the project Influencing the factors that create schedule changes Determining that the project schedule has changed Managing the actual changes as they occur Control schedule is a component of the Perform Integration Change Control process.

Answer option B is incorrect. The activity resources would only address the addition or replacement of resources needed to complete the project work.

Answer option A is incorrect. This is a tempting choice, but according to the PMBOK, new schedules are part of the control schedule process.

Answer option D is incorrect. Develop schedule is not the best choice for this question. It is a process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule.

Constructability analysis takes into account the location, logistics, resource availability analysis, the average price of general labor in the area, and labor productivity studies from previous similar projects in the area. Constructability analysis is a process that starts in the initial planning phases and persists all over the entire planning cycle and into the implementation phase of the project. Constructability analysis during the planning process examines the methods and cost of installed equipment and materials, technology, site conditions, resources, and related infrastructure. The benefit of constructability analysis is to reduce both the time and cost of a project. Constructability analysis is repeatedly performed throughout the life-cycle of a project in order to optimize cost, plan, and schedule while mitigating risk. It is a very important process that needs to be performed early in planning to allow alternatives to be considered and integrated into the design.

Answer option A is incorrect. This comes under the quality assurance phase.

The schedule performance index shows how well the project is performing on its schedule goals. The SPI can be found by dividing the earned value by the planned value. In this instance, it is $2,025,000 divided by $2,250,000 for .90. The closer to 1, the better the performance. Schedule performance index (SPI) is the measure of schedule efficiency on a project. It is used in trend analysis to predict future performance. SPI is the ratio of earned value to planned value. The SPI is calculated based on the following formula: SPI = Earned Value (EV) / Planned Value (PV) If the SPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The SPI value of 1 indicates that the project is right on target.

Answer option B is incorrect. 0.98 is the cost performance index.

Answer option A is incorrect. 1.02 is the to-complete performance index.

Answer option D is incorrect. -$108,120 is the variance at completion based on current performance.

Project scope is the effort that must be required to gather a client's plan, goals for space, purpose, properties, impact, and stage of eminence. Scope management sets the boundaries for the project and is the foundation on which the other project elements are built. Scope management helps to organize the work responsibilities and their requirements for successful completion. Managing the project scope is primarily concerned with defining and controlling what is and what is not included in the project.

A statement of work (SOW) is a document that captures and defines the work activities, deliverables and timeline that a vendor will execute against in performance of work for a customer. Detailed requirements and pricing are usually specified in it, along with many other terms and conditions. SOW is a narrative description of products or services to be supplied by the project. For internal projects, the project initiator or sponsor provides the statement of work based on business needs, product, or service requirements. For external projects, the statement of work can be received from the customer as part of a bid document.

Answer option B is incorrect. Scope of statement gives the narrative description of the project scope.

Answer option A is incorrect. Project charter is a document that formally authorizes a project manager to work on a project.

Answer option D is incorrect. WBS is a tool that defines a project and groups the project discrete work in a way that helps organize and define the total work scope.

The change management system comprises several components that guide the change request through the process. When a change request is made, it will affect the project scope. The Configuration Management System evaluates the change request, and documents the features and functions of the change on the project scope. What is Configuration Management System? Configuration Management System is a subsystem of the overall project management system. It is a collection of formal documented procedures used to identify and document the functional and physical characteristics of a product, result, service, or component of the project. It also controls any changes to such characteristics, and records and reports each change and its implementation status. It includes the documentation, tracking systems, and defined approval levels necessary for authorizing and controlling changes. Audits are performed as part of configuration management to determine if the requirements have been met.

Answer option D is incorrect. Integrated Change Control, part of the change control system, does not document changes to the features and functions of the project scope. It evaluates the change's impact on eight knowledge areas: scope, time, cost, quality, human resources, communication, risk, and procurement. What is Perform Integrated Change Control? Perform Integrated Change Control is the process of reviewing all change requests, approving changes, and controlling changes to the deliverables and organizational process assets in a project. Perform Integrated Change Control has to do with influencing the things that cause change, determining that the change is required or has happened, and managing the change.

Answer option A is incorrect. Verify scope is a process of formalizing acceptance of the completed project deliverables. It is an inspection- driven process the stakeholders will complete to inspect the project scope deliverables. It is typically performed at the end of the phase and at the end of the project.

Answer option C is incorrect. The Project Management Information System (PMIS) is an information system consisting of the tools and techniques used to gather, integrate, and disseminate the outputs of project management processes. It is used to support all aspects of the project from initiating through closing, and can include both manual and automated systems. It is the parent of the change control process. It is a system that includes all of the change control processes for scope, time, cost, and procurement. Configuration management is part of the PMIS.

A good project manager must have all of the above mentioned skills. Out of these, the communication skills are the most important skills for a project manager. Communications skills are part of general management skills and are used to exchange information. Communication has many dimensions: Written and oral, listening, and speaking Internal (within the project) and external (customer, the media, the public) Formal (reports, briefings) and informal (memos, ad hoc conversations) Vertical (up and down the organization) and horizontal (with peers) Communication is the most important skill that a project manager must posses. It is the single most important characteristics of a top-class project manager. Project managers must communicate well in order to integrate and maximize the performance of team members. Oral and written communications are the backbone of every successful project. During different phases of a project, a project manager requires to communicate through different manners (for example, documentation, meeting updates, etc.) and he must ensure that the information communicated is explicit, clear, and complete.

Answer options E, C, A, and B are incorrect. All these mentioned skills make a person a good project manager. Communication skills top the list. What are organizational skills? Organizational skills are part of management skills to organize various aspects of a project in order to complete it successfully. A good project manager uses these skills to successfully organize his meetings, as well as to keep documentations, quotes, contracts, etc., which can be fetched at any given moment. Organizational skills also include planning and time management skills. What are budgeting skills? Budgeting skills include the knowledge of finance and accounting principles. A project manager must possess these skills in order to perform cost estimates for project budgeting. Reading and understanding quotes, preparing purchase orders, and reconciling purchase invoices are all part of budgeting skills. In order to make the budget of a project, the project manager must have excellent budgeting skills. What are problem solving skills? Problem solving skills include the ability to define and analyze problems, and to take decisions in order to solve the problems by implementing those decisions. Every project manager must possess strong problem solving skills. Problem solving is a two-fold process: Defining the problem Taking a decision and then implementing it A project manager is responsible for determining the best course of action to take in order to resolve the problem. What are negotiating and influencing skills? Negotiating skills includes demanding and convincing others for the rightful thing or act. A project manager needs this skill to negotiate on projects in almost every area such as scope definitions, budgets, contracts, resource assignments, schedules, etc. Influencing skills include the convincing power of a person. It is an ability to change minds and the course of events. A good project manager requires these skills to utilize them in all areas of project management.

Cost performance index (CPI) is used to calculate performance efficiencies. It is used in trend analysis to predict future performance. CPI is the ratio of earned value to actual cost. The CPI is calculated based on the following formula: CPI = Earned Value (EV) / Actual Cost (AC) If the CPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The CPI value of 1 indicates that the project is right on target. In this instances it is $270,000 divided by $335,000 for a CPI of .81.

Answer option B is incorrect. .67 is actually the schedule performance index.

Answer option D is incorrect. -$65,000 is the cost variance for the project.

Answer option A is incorrect. -$135,000 is the schedule variance of the project.

The Develop Project Charter process documents the formal authorization of a project or a phase. It also documents initial requirements that satisfy the stakeholder's needs and expectations. It is used to validate the decisions made during the previous iteration of the Develop Project Charter process. The various inputs of this process are as follows: Project statement of work

Business case

Contract

Enterprise environmental factors

Organizational process assets

The output of the Develop project Charter process is as follows:

Project charter

Answer option A is incorrect. Procurement document is the input of the Identify Stakeholders process.

The schedule variance is found by subtracting the planned value from the earned value. In this instance, it is $447,000 minus $558,750. Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula: SV = Earned Value (EV) - Planned Value (PV) If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target.

Answer option C is incorrect. $7,000 is the cost variance for this project.

Answer option A is incorrect. $11,667 is the variance at completion for this project.

Answer option B is incorrect. 1.02 is the cost performance index for this project.

The difference between the buffer needed and the buffer remaining can determine whether corrective action is appropriate.

Answer option C is incorrect. This is not an accurate description of how the critical chain determines the need for corrective action.

Answer option B is incorrect. This is not an accurate description of how the critical chain determines the need for corrective action.

Answer option A is incorrect. This is not an accurate description of how the critical chain determines the need for corrective action.

This is an example of rolling wave planning. Rolling wave planning focuses on the most imminent work in detail and creates estimates for the whole project and later work in broad estimates. Rolling wave planning is a form of progressive elaboration. Rolling wave planning is a technique for performing progressive elaboration planning where the work to be accomplished in the near future is planned in detail at a low level of the work breakdown structure. The work to be performed within another one or two reporting periods in the near future is planned in detail as work is being completed during the current period.

Answer option D is incorrect. Decomposition describes the breakdown of the project scope into work packages, and then the work packages are broken down into project activities.

Answer option C is incorrect. Phase gates describe the review process associated with the end of project phases.

Answer option A is incorrect. Milestone planning defines the project milestones, not the activities required to reach the milestones.

The cost variance is the earned value minus the actual costs. In this project, you have spent less than what the project is worth, so the project has a positive cost variance. Cost variance (CV) is a measure of cost performance on a project. The variance notifies if costs are higher than budgeted or lower than budgeted. The cost variance is calculated based on the following formula: CV = Earned Value (EV) - Actual Cost (AC) A positive value means that spending is less than budgeted, whereas a negative value indicates that costs are higher than originally planned for the project.

Answer option B is incorrect. -$111,750 is the cost variance of the project.

Answer option A is incorrect. This is the variance at completion for the project.

Answer option C is incorrect. There is a cost variance, albeit a positive one.

The estimate to complete wants to know how much more money the project will need to complete its objectives. The estimate to complete (ETC) is the expected cost needed to complete all the remaining work for a scheduled activity, a group of activities, or the project. ETC helps project managers predict what the final cost of the project will be upon completion. The formula for the ETC is EAC- AC. The EAC is BAC/CPI.

Answer option A is incorrect. This is the estimate at completion based on the current project performance.

Answer option C is incorrect. This is the current schedule variance.

Answer option B is incorrect. 1.02 is the to-complete performance index based on the BAC.

Of all the choices, only fast tracking is an option that would not increase project costs. Fast tracking allows phases of the project to overlap, but it does increase project risks. Fast tracking is a technique for compressing project schedule. In fast tracking, phases are overlapped that would normally be done in sequence. It is shortening the project schedule without reducing the project scope.

Answer option B is incorrect. Crashing adds labor to the project and increases project costs.

Answer option C is incorrect. Effort-driven activity analysis examines activities whose duration may be reduced by adding labor. This approach, however, increases project costs, as it is a form of project crashing.

Answer option D is incorrect. Rewards and recognitions are good incentives for the project team, but simply offering the reward does not decrease the duration of the project.

This is an example of analogous estimate as you are creating an analogy between two similar projects. This estimating approach is also known as a top-down estimate type, and is somewhat unreliable.

Answer option C is incorrect. Expert judgment relies on experts, consultants, or subject matter experts to guide your project decisions. An analogous estimate is a form of expert judgment, but this is not the best choice for this question.

Answer option B is incorrect. A bottom-up estimate creates an activity duration estimate for each work package in the WBS. It is the longest estimate type to create, but it also the most reliable.

Answer option D is incorrect. A rough order of magnitude estimate is a quick estimate, usually for project costs, that often has a broad range of variance attached to the estimate.

The code of accounts is a hierarchical numbering system that uniquely identifies each deliverable of the WBS and segments the WBS by levels of numbering.

Answer option C is incorrect. Component numbering is not a valid term for project management.

Answer option B is incorrect. A chart of accounts is a financial tracking and assignment tool for common deliverables and activities an organization performs for its customers.

Answer option D is incorrect. Activity linkage sequencing is not a valid project management term.

The change in the amount of labor Ned is allowed to use will cause his project schedule to increase thereby affecting the project end date. Crashing the project will allow Ned to add more resources while still keeping each resource to a maximum of 25 hours per week.

Answer option D is incorrect. Ned likely does not have control over descoping decisions.

Answer option C is incorrect. Reducing the project labor is what resource leveling does.

Answer option B is incorrect. Adding risk mitigation won't necessarily help Ned finish the project faster.

According to the question, the cost variance of the project is 30, which is a positive figure. A positive value means that cost is less than planned. What is CV? Cost variance (CV) is a measure of cost performance on a project. The variance notifies if costs are higher than budgeted or lower than budgeted. The cost variance is calculated based on the following formula: CV = Earned Value (EV) - Actual Cost (AC) A positive value means that spending is less than budgeted, whereas a negative value indicates that costs are higher than originally planned for the project.

Answer option C is incorrect. If the CV is zero, it shows that cost is right on target.

Answer option A is incorrect. This result is depicted by viewing the schedule variance (SV), not the CV.

Answer option B is incorrect. If the CV is a negative value, it depicts that the costs are higher than planned.

The planned value is the percent complete that the project should have done. In this instance, it is: Planned value = 45% of $1,258,456 =$566,305

Answer option B is incorrect. This is the project budget.

Answer option D is incorrect. $503,382 is the earned value for this project.

Answer option C is incorrect. -$54,044 is the variance at completion for your project.

The stakeholder register does not contain the project management team's classification information. The stakeholder register is a project management document that contains a list of the stakeholders associated with the project. It assesses how they are involved in the project and identifies what role they play in the organization. The information in this document can be very perceptive and is meant for limited exchange only. It also contains relevant information about the stakeholders, such as their requirements, expectations, and influence on the project.

Answer options D, C, and A are incorrect. These are the parts of the stakeholder register.

The project's schedule performance index (SPI) can be found by using the formula; earned value/planned value. The earned value is the percent of the project completed times the BAC. The planned value is the percentage of where the project should be times the budget at completion. In this instance, the formula reads: $450,000/562500 = 0.80. Schedule performance index (SPI) is the measure of schedule efficiency on a project. It is used in trend analysis to predict future performance. SPI is the ratio of earned value to planned value. The SPI is calculated based on the following formula: SPI = Earned Value (EV) / Planned Value (PV) If the SPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The SPI value of 1 indicates that the project is right on target.

Answer option A is incorrect. This value is the project's Cost Performance Index (CPI).

Answer option D is incorrect. This value is the schedule variance for the project.

Answer option C is incorrect. $562,500 is the planned value for the project.

According to the question, you are required to find out the schedule variance (SV) of the project. Schedule variance (SV) is a measure of schedule performance on a project. The variance notifies that the schedule is ahead or behind what was planned for this period in time. The schedule variance is calculated based on the following formula:

SV = Earned Value (EV) - Planned Value (PV)

If the resulting schedule is negative, it indicates that the project is behind schedule. A value greater than 0 shows that the project is ahead of the planned schedule. A value of 0 indicates that the project is right on target. Now, putting the provided values on the formula:

SV = EV - PV

= 325 - 300

= 25

As the value of SV (which is 25) is a positive number, it means that the project is ahead of the planned schedule. What is BCWP (or EV)? Budgeted cost of work performed (BCWP) or Earned Value (EV) is the value of completed work. It is the budgeted amount for the work actually completed on the schedule activity during a given time period. What is BCWS (or PV)? Budgeted Cost of Work Scheduled (BCWS) or Planned Value (PV) is the authorized budget assigned to the scheduled work to be accomplished for a schedule activity or Work Breakdown Structure (WBS) component. What is ACWP (or AC)? Actual cost of work performed (ACWP) or Actual Cost (AC) is the total costs actually incurred and recorded in accomplishing work performed during a given time period for a schedule activity. It is the cost of the work to date, including direct and indirect costs. AC is money that has actually been expended to date.

This is an example of corrective action. The project team will fix the mistake and they have learned from their mistake so it won't happen again.

Answer option C is incorrect. Risk mitigation is defined as monies spent or actions taken to reduce the probability and impact of an identified risk event.

Answer option A is incorrect. A risk response is an action to counteract an identified risk.

Answer option B is incorrect. There may be some team development happening in this instance but we don't have enough information to know for certain. Team development is an activity that brings the whole team cohesion, interdependency, and trust.

This is an example of decomposition. Frank and the project team are subdividing the work packages into smaller, more manageable units called activities. The tools and techniques used in defining the activity process are as follows: Decomposition: It is used to further divide the project work package into a more smaller and convenient form called activities. Rolling Wave Planning: It is a form of progressive elaboration planning where the work to be accomplished in the near term is planned in detail and future work is planned at a higher level of WBS. Templates: It is an activity list or a part of the activity list taken from the previous project and used in a new project. Expert Judgement: The skilled members in a project team or other experts who develop project scope statements can help provide knowledge in defining activities.

The planned value is the worth of the project if it were on time. In this instance, the project should be 50 percent complete, so the planned value is half of the project budget - $2,250,000. Planned value (PV) is the authorized budget assigned to the schedule work to be accomplished for a schedule activity or work breakdown structure component. It serves as a baseline against which actual performance is measured. The theory of planned value is of vital importance to the project management team and it is important to keep careful track of this. The term planned value can also be in some situations referred to by the project management team and the project management team leader as the budgeted cost of work scheduled (BCWS).

Answer option C is incorrect. This is the budget at completion.

Answer option A is incorrect. This is the earned value for the project.

Answer option B is incorrect. There is enough information to know.

The variance at completion can be found by subtracting the estimate at completion from the budget at completion. In this instance, it is:

Variance at completion = EAC - BAC

= $1,258,456 - $1,312,500.

= -$54,044

Answer option C is incorrect. You can calculate the variance at completion.

Answer option A is incorrect. This is the cost variance for the project.

Answer option B is incorrect. This is the schedule variance for the project.

When it comes to creating the project's activity duration estimating, the critical path is not yet a concern. The critical path will be determined by the duration of the project activities and the sequencing of the project events. A critical path is the sequence of project activities, which add up to the longest overall duration. This determines the shortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the planned project completion date (i.e. there is no float on the critical path). A project can have several, parallel, near critical paths. An additional parallel path through the network with the total durations shorter than the critical path is called a sub-critical or non-critical path. These results allow managers to prioritize activities for the effective management of project completion, and to shorten the planned critical path of a project by pruning critical path activities, by "fast tracking" (i.e., performing more activities in parallel), and/or by "crashing the critical path" (i.e., shortening the durations of critical path activities by adding resources).

Answer option C is incorrect. The resource calendar must be considered for the availability of the project resource.

Answer option A is incorrect. The project calendar must be considered to determine when the project work is allowed to take place in the different sites.

Answer option D is incorrect. Time zone differences must be considered for communication demands and coordination of events between the geographical sites.

The finish-to-start relationship type is the most common in a project network diagram. It means that the predecessor activity must finish before its successor activity can start. For example, the carpet must be installed before the painting activity can begin. What is precedence diagramming method (PDM) in sequence activities? Precedence diagramming method (PDM) is used in critical path methodology for building a project schedule network diagram that uses boxes or rectangles, referred to as nodes, to represent activities, and join each other with arrows that show the logical relationship that exists between them. This technique is also known as Activity-On-Node (AON).It includes four types of dependencies or logical relationships: Finish-to-start(FS): The initiation of the successor activity depends upon the completion of the predecessor activity. Finish-to-finish(FF): The completion of the successor activity depends upon the completion of the predecessor activity. Start-to-start(SS): The initiation of the successor activity depends upon the initiation of the predecessor activity. Start-to-finish(SF): The completion of the successor activity depends upon the initiation of the predecessor activity.