Pass the PMI Certification PMI-SP Questions and answers with ExamsMirror

The consultant is an example of expert judgment, as he is helping you and the project team to create the project elements. Expert judgment is a technique based on a set of criteria that has been acquired in a specific knowledge area or product area. It is obtained when the project manager or project team requires specialized knowledge that they do not possess. Expert judgment involves people most familiar with the work of creating estimates. Preferably, the project team member who will be doing the task should complete the estimates. Expert judgment is applied when performing administrative closure activities, and experts should ensure the project or phase closure is performed to the appropriate standards.

Answer option A is incorrect. The consultant may be considered a direct expense because the fees can only be assigned to your project work, but this is not the best choice for the question.

Answer option B is incorrect. An external requirement is not a valid choice for this question.

Answer option C is incorrect. A temporary resource is not a valid project management term.

The path of ABDHJ will take 21 days to complete and cannot exceed 27 days or else the project will be late. If Activity B takes four additional days and Activity D takes two additional days, this adds (4+2= 6) six days to the path, bringing the path's duration to exactly (21+6 = 27) twenty seven days. There is no available float left for Activity E or H. 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 A, C, and B are incorrect. There is no float available because the path's duration has increased to 27 days.

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 BAC. Planned value is the percentage of where the project should be at this time multiplied by the BAC. In this example, EV = 40% of BAC = 260,000, and PV = 50% of BAC = 325,000 SV = 260,000 - 325,000 = -65,000

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 options B, C, and A are incorrect. These are not valid calculations of the schedule variance.

Crashing adds labor to the project. This approach adds costs to the project because you will have to pay for the added labor.

Answer option B is incorrect. Fast tracking allows entire phases to overlap in the project. This approach adds risks to the project.

Answer option D is incorrect. The critical chain method considers the availability of project resources.

Answer option A is incorrect. Adding lead time to activities allows activities to overlap and does not add project costs.

Conformance to schedule is a required adherence for the project's schedule. In this instance, the project manager must not allow the schedule to slip more than five percent.

Answer option B is incorrect. This is the description of the schedule performance index.

Answer option D is incorrect. This is the description of the cost performance index.

Answer option C is incorrect. This is not a valid statement about the project performance.

The role of operations manager is to perform various management roles in a core business area, such as research and development, design, manufacturing, provisioning, testing, or maintenance. The operations manager directly deals with constructing and maintaining the saleable products or services of the enterprise.

Answer option C is incorrect. A project manager is an expert in the field of project management. He is responsible for the entire project from inception to completion. The project manager leads the team and helps negotiate the multiple relationships within any project whether with clients, team members, firm principals or any variety of partners and functions as the hub of a project.

Answer option A is incorrect. The role of a functional manager is to perform various management roles within an administrative or functional area of the business, such as human resources, finance, accounting, or procurement. He is assigned his own permanent staff to carry out the ongoing work. He should have a clear directive to manage all tasks within his functional area of responsibility.

Answer option D is incorrect. Seller is also known as a vendor, supplier or contractor. They are external company's elements that enter into a contractual agreement to provide components or services necessary for the project.

The to-complete performance index can be found by using the formula (BAC-EV)/(BAC-AC) for a value of 1.07. The higher the value is from 1, the less likely the project will meet the BAC.

To-complete Performance Index (TCPI) is the measured projection of the anticipated performance required to achieve either the BAC or the EAC.

TCPI indicates the future required cost efficiency needed to achieve a target EAC (Estimate At Complete).Once approved, the EAC supersedes the BAC as the cost performance goal. Any significant difference between TCPI and the CPI needed to meet the EAC should be accounted for by management in their forecast of the final cost. The formula for TCPI is as follows:

TCPI = {(BAC-EV)/(BAC-AC)}

Answer option A is incorrect. 0.98 is the project's cost performance index.

Answer option D is incorrect. This is the project's schedule performance index.

Answer option B is incorrect. -$16,667 is the project's variance at completion.

The schedule performance index is found by dividing the earned value by the planned value. For Holly's project, it would be as follows:

SPI = EV/PV

= (0.85*9,850,400)/(0.95*9,850,400)

=8,372,840/9,357,880

=0.89

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 D is incorrect. Ten percent is not a valid calculation for this question.

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

Answer option A is incorrect. 1.07 is the to-complete performance index based on the BAC.

The rough order of magnitude (ROM) estimate is used early in the project when there is not much information available to create a time estimate. Rough order of magnitude estimates can have a range of variance as large as -25% to +75 percent. While ROM is mostly used with cost estimates, it can be used with time estimates too. Rough order of magnitude (ROM), also known as ball park estimate, is a rough approximation, made with a degree of knowledge and confidence that the estimated figure falls within a reasonable range of values. ROM range can vary from half to twice (-50 to +100) the actual cost.

Answer option B is incorrect. Broad estimate is not a valid time estimating type.

Answer option D is incorrect. Expert judgment is what the project manager used in this scenario to create the time estimate, but it is not a time estimating type.

Answer option A is incorrect. An analogous estimate is based on historical information from a similar project. For example, Project A took 8 months to complete and Project B, while similar but larger, will take 10 months to complete.

The Precedence Diagramming Method uses both predecessors and successors as nodes in the project network diagram. The PDM approach is the most common network diagram approach used.

Answer option C is incorrect. Dependency determination identifies the order of the project work.

Answer option B is incorrect. The schedule network template is a tool that uses a previous project network diagram as a base for the current project network diagram.

Answer option D is incorrect. Activity on the node places activities on circles within a network diagram. It is an example of the precedence diagramming method.