AACE International Updated PSP Exam Questions and Answers by fearne

 Cost for 2000 Series Activities:

Activity 2001: $150,000.

Activity 2002: $25,000.

Activity 2003: $18,000.

Activity 2004: $96,000.

Total: 150,000+25,000+18,000+96,000=289,000150,000 + 25,000 + 18,000 + 96,000 = 289,000150,000+25,000+18,000+96,000=289,000.

 Total Project Cost:

Total cost: $7,308,000 (sum of all activities in "normal" schedule).

 Percentage Contribution:

289,0007,308,000×100≈3.95%\frac{289,000}{7,308,000} \times 100 \approx 3.95\%7,308,000289,000​×100≈3.95%.

 Verification with PSP Guidelines:

The PSP Study Guide emphasizes accuracy in percentage-based cost contributions as a critical analysis tool in project cost management (Ref: PSP Study Guide, Chapter 1B: Cost Breakdown Structure).

The linear scheduling velocity diagram uses time on one axis and location on the other. This graphically represents the progression of work at various locations over time.

Option C (time and rate of progress) and Option D (time and crew size) refer to related concepts but do not accurately describe the axes.

Option A (location and crew size) is unrelated.

This aligns with graphical techniques discussed for construction scheduling​.

 Assumptions in Planning:

Assumptions are placeholders until verified facts are available. Replacing them enhances schedule reliability and accuracy.

 Evaluation of Other Options:

A: Shifting risks is not a proactive solution.

C: Sole reliance on experience without verification is risky.

D: Internal memos clarify assumptions but do not replace facts.

 Verification with PSP Guidelines:

PSP emphasizes validating assumptions during the planning phase (Ref: PSP Study Guide, Chapter 1B: Planning Fundamentals).

 Time-Scaled Logic Diagrams:

Represent activities with respect to a time scale (e.g., a calendar).

Show logical relationships and durations in a visually aligned manner, aiding in analysis and reporting.

 Common Misconceptions:

They are not the same as pure logic diagrams (B).

While often created using computer software, manual versions are also possible, so (A) is incorrect.

They are not specifically for calculating activity durations (C).

 PSP Study Guide References:

The guide identifies time-scaled logic diagrams as a tool for better visualization of schedules, where activities align with calendar dates​.

 Conclusion: The correct answer is D, as time-scaled logic diagrams are drawn to align activities with a calendar.