PMI Updated PMI-SP Exam Questions and Answers by leonidas

The planned value is the percentage of where the project should be times the budget at completion. In this instance, it is 45 percent of the $950,000. Here, it can be calculated as follows: PV = 45% of BAC = 0.45 * 950,000 = 427,500 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 A is incorrect. -$47,500 is the schedule variance (SV = EV-PV).

Answer option B is incorrect. This is the schedule performance index (SPI = EV/PV).

Answer option D is incorrect. This is the cost performance index (CPI = EV/AC).

The project risks are documented in the risk register - including the probability and impact information. The risk register is an output of the Identify Risks process. Risk register is a document that contains the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning. Description, category, cause, probability of occurring, impact on objectives, proposed responses, owner, and the current status of all identified risks are put in the risk register.

Answer option A is incorrect. The risk management plan addresses that how risks will be identified, monitored, and controlled.

Answer option D is incorrect. The activity attributes information is needed, but risks are not part of the activity attributes.

Answer option B is incorrect. The schedule management plan addresses how the schedule will be created, executed, and controlled.

The precedence diagramming method is not a tool and technique that will be used during the activity definition process. 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. 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 earliest Activity G can start is Day 17. This is because activities A, D, C, and F must all be completed before Activity G can start.

Answer option A is incorrect. Day 13 does not account for Activity F since Activity F is also a predecessor to Activity G.

Answer option C is incorrect. Day 22 is the earliest Activity G can finish.

Answer option B is incorrect. Day 7 is not a valid answer.