PMI Updated PMP Exam Questions and Answers by corey

we need to calculate the planned value (PV), earned value (EV), and actual cost (AC) of the project at the end of the second iteration. PV is the budgeted amount of work that should have been completed by a certain point in time. EV is the value of the work that has been actually completed by a certain point in time. AC is the amount of money that has been actually spent by a certain point in time. The formulas are:

PV = (Budget at Completion / Total number of user stories) × Planned number of user stories EV = (Budget at Completion / Total number of user stories) × Actual number of user stories AC = Actual expenditure

The budget at completion (BAC) is the total value of all the user stories, which is 100 × $50 = $5,000. The planned number of user stories at the end of the second iteration is 40 (20 per iteration). The actual number of user stories delivered is 50. The actual expenditure is $2,000. Therefore:

PV = ($5,000 / 100) × 40 = $2,000 EV = ($5,000 / 100) × 50 = $2,500 AC = $2,000

To determine whether the project is on budget or not, we can compare the EV and the AC using the cost variance (CV) and the cost performance index (CPI). The formulas are:

CV = EV - AC CPI = EV / AC

If CV is positive or zero, the project is on budget or under budget. If CV is negative, the project is over budget. If CPI is greater than or equal to one, the project is on budget or under budget. If CPI is less than one, the project is over budget. In this case:

CV = $2,500 - $2,000 = $500 CPI = $2,500 / $2,000 = 1.25

Both CV and CPI indicate that the project is under budget.

To determine whether the project is on schedule or not, we can compare the EV and the PV using the schedule variance (SV) and the schedule performance index (SPI). The formulas are:

SV = EV - PV SPI = EV / PV

If SV is positive or zero, the project is on schedule or ahead of schedule. If SV is negative, the project is behind schedule. If SPI is greater than or equal to one, the project is on schedule or ahead of schedule. If SPI is less than one, the project is behind schedule. In this case:

SV = $2,500 - $2,000 = $500 SPI = $2,500 / $2,000 = 1.25

Both SV and SPI indicate that the project is ahead of schedule.

Therefore, the correct statement is that the project is under budget and on schedule.

The project manager should try to resolve the conflict between the supervisor and the workers by communicating the company culture and values, and how they affect the project objectives and stakeholder satisfaction. The project manager should also seek to understand the supervisor’s perspective and goals, and find a way to align them with the project team’s needs and expectations. This approach is consistent with the PMBOK Guide’s recommendations on managing stakeholder engagement, conflict management, and leadership skills12. References: 1: PMBOK Guide, 6th Edition, Chapter 13: Stakeholder Management 2: PMBOK Guide, 6th Edition, Appendix X3: Interpersonal and Team Skills

The acceptance criteria are the measurable and verifiable standards that must be met for the project deliverables to be accepted by the client. They are part of the project scope statement and the project contract, and they should be agreed upon by both parties before the project execution. If the acceptance criteria are not properly defined in the contract, it can lead to disputes and conflicts at the closing phase of the project, as the client may have different expectations and quality standards than the project manager. The other options are not as relevant or effective as defining the acceptance criteria in the contract. The client requirements are the needs and expectations of the client, but they are not the same as the acceptance criteria, which are more specific and measurable. The Manage Quality process is a process that ensures the quality standards are met and the quality activities are performed, but it does not define the acceptance criteria. The project manager should review the standard industry defect rate, but that is not enough to avoid the situation, as the client may have a different defect rate as their acceptance criterion. References:

PMBOK Guide, 7th edition, page 107

PMI-PBA Exam Content Outline, 2018, page 8