PMI PMI-SP - PMI Scheduling Professional

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 project's scope baseline is not derived or provided by the project's activity list. The scope baseline is made of the project's WBS, WBS Dictionary, and the Project Scope Statement. The activity list provides for estimating, scheduling, executing, and monitoring and controlling the project work. The scope baseline is an element of the project management plan. The contents of the scope baseline include the following: Project scope statement: It includes the product scope description and the project deliverables, and defines the product user acceptance criteria. WBS: It defines each deliverable and the decomposition of the deliverables into work packages. WBS dictionary: It contains the detailed description of work and technical documentation for each WBS element.

Answer option D is incorrect. Estimates do provide a basis for creating time and cost estimates.

Answer option B is incorrect. Activities are executed in the project.

Answer option C is incorrect. Activities are scheduled as part of project planning.

The schedule variance for a project can be found by subtracting the planned value from the earned value. In this instance, it would be as follows:

SV = EV - PV

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

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

=-985,040

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 B is incorrect. $130,901 is the cost variance.

Answer option A is incorrect. $163,626 is the variance at completion for this project.

Answer option D is incorrect. 0.16 is the difference between the schedule performance index of .84 and a perfect schedule.

A stakeholder analysis matrix is a simple table that identifies stakeholders, their attitude towards the project, their perceived threats and concerns, and strategies the project manager can use to gain stakeholder support and remove obstacles.

Answer option A is incorrect. Stakeholder identification tools are not a precise answer for this question.

Answer option D is incorrect. The communications management plan is a broad plan and may reference the stakeholder analysis matrix, but it is not the best answer for this question.

Answer option B is incorrect. In some cases the project manager could rely on expert judgment, but in all projects the project manager can use a stakeholder analysis matrix.

The Integration Change Control process is a part of Project Integration Management knowledge area group. It falls under the Monitoring and Controlling process group. Monitoring and controlling is a process group or stage that starts when the project is in the executing stage. This process overlaps the executing stage. Monitoring and controlling consists of those processes performed to observe project execution so that potential problems can be identified in a timely manner and corrective action can be taken, when necessary, to control the execution of the project. The key benefit is that project performance is observed and measured regularly to identify variances from the project management plan. Monitoring and controlling includes: Measuring the ongoing project activities (where we are). Monitoring the project variables (cost, effort, ...) against the project management plan and the project performance baseline (where we should be). Identify corrective actions to properly address issues and risks (How can we get on track again). Influencing the factors that could circumvent integrated change control so only approved changes are implemented. In multi-phase projects, the monitoring and controlling process also provides feedback between project phases, in order to implement corrective or preventive actions to bring the project into compliance with the project management plan. What is Project Integration Management? Project Integration Management is one of the nine Project Management Knowledge areas. It comprises the following processes:

Develop Project Charter

Develop Preliminary Project Scope Statement

Develop Project Management Plan

Direct and Manage Project Execution

Monitor and Control Project Work

Integrated Change Control

Close Project

These processes occur throughout the project and are repeated quite often during the working of the project. They ensure that the various elements of the project are properly coordinated.

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 instance, it's

EV = 0.40 * 750,000

= 300,000

CPI = EV/AC

= 300,000/325,000

= 0.92

This is also known as a hammock activity, as the SS and FF relationship hangs off of the activities in the project network diagram. A hammock activity is a schedule or project planning term for grouping of subtasks that "hangs" between two end dates it is fixed to. It groups subtasks that are not related in the hierarchical sense of a Work Breakdown Structure. It also groups subtasks that are not related in a logical sense of a dependency where one subtask must wait for another. A hammock activity usually refers to report information that is time-dependent and lasts from the initial to the latest date of the activities it encompasses. By using a hammock activity, the top management is able to see an overview of the project without being besieged by details.

Answer option D is incorrect. Finish-to-start is the most common relationship between project activities in the project network diagram.

Answer option A is incorrect. Project management overhead describes the work that supports the project objectives, but is not linked directly to the project deliverables.

Answer option C is incorrect. A subproject is a discrete set of work that contributes to the project, but branches off the primary project work. A subcontract portion of the project is an example of a subproject.

The outputs to the determine budget process are as follows: Cost performance baseline: The cost performance baseline is an authorized time-phased budget at completion. Project funding requirements: The project funding requirements are determined from total funding requirements and periodic funding requirements. Project document updates: The project document updates consists of risk register, cost estimates and project schedule.

Answer option B is incorrect. Scope baseline is an input to the determine budget process.

This is an example of a resource requirement. The project needs four electrical engineers even though the resources are not within your department. Your organization could be a matrix structure, or it could hire resources from outside the organization.

Answer option D is incorrect. A resource constraint is evident when the project requires the electrical engineer and she is not available. A requirement, as in this scenario, is simply the identification of the needed resource even if the resource is not available in your department.

Answer option B is incorrect. This is not an example of a risk, unless the resource is constrained by other projects, schedules, or work and may not be available at all when needed.

Answer option A is incorrect. An assumption would be believing the resource is available for the project without confirming the availability of the resource.

The change management system is comprised of several components that guide the change request through the process. When a change request is made that 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.