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Questions BANK with accurate answers. PMP. 100% Verified. Rated A What is the earned value name for "How much you have spent to date?" - Actual Cost What are direct costs? - Costs incurred directly by the project What are fixed costs? - Costs that do not change with project activity W...

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  • October 17, 2022
  • 441
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • questions bank with accurate answers pmp 100 verified rated a
  • what is the earned value name for how much you have spent to date actual cost
  • what are direct costs costs incurred direc

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Questions BANK with accurate answers.
PMP. 100% Verified. Rated A

What is the earned value name for "How much you have spent to date?" - ✔✔Actual Cost



What are direct costs? - ✔✔Costs incurred directly by the project



What are fixed costs? - ✔✔Costs that do not change with project activity



What is a Management Reserve - ✔✔An amount of time or money set aside to cover unforeseen risks



What is the Cost Variance formula? How do you interpret the result? - ✔✔CV = EV - AC

Negative = over budget

Positive = under budget



What is the Schedule Variance formula? How do you interpret the result? - ✔✔SV = EV - PV

Negative = Behind schedule

Positive = Ahead of schedule



What is value analysis? - ✔✔Finding a less costly way to complete the work without affecting the
quality.



What is parametric estimating? - ✔✔Using mathematical relationships found in historical information to
create estimates (e.g. Dollars per foot)



What is total float? What's the formula for it? - ✔✔Total float is the amount of time an activity can be
delayed without delaying the project.

Float = LS - ES

,Float = LF - EF



What schedule network analysis technique uses buffers? - ✔✔Critical Chain



What does Present Value mean? - ✔✔The value today of future cash flows



Cost risk is greater for the buyer in what type of contract? - ✔✔Cost Reimbursable



What is the range of accuracy with a definitive estimate? - ✔✔+/- 10%



What does a benefit cost ratio of 2.5 mean? - ✔✔The benefits are 2.5 times the costs



A critical path activity will generally have how much float? - ✔✔Zero



Why would a project manager want to use resource leveling? - ✔✔To smooth the peaks and valleys of
monthly resource usage consumed by the project



What does a milestone chart show? - ✔✔Dates of significant events on the project



What is the duration of a milestone? - ✔✔Zero



What is analogous estimating? - ✔✔Top-down estimating



Why would you want to crash a project? - ✔✔To shorten the project duration.



The "what-if" scenario method of schedule network analysis makes use of what technique? - ✔✔Monte
Carlo analysis



What are sunk costs? - ✔✔Expended costs. Not to be considered.

,What does a finish-to-start relationship mean? - ✔✔An activity must finish before it's successor can start



What schedule network analysis technique involves crashing? - ✔✔Schedule compression



What does the Estimate at Completion tell you? - ✔✔What we currently expect the TOTAL project to
cost.



The types and quantities of resources required are calculated in what part of time management? -
✔✔Estimate Activity Resources



What does the schedule variance tell you? - ✔✔How far you are behind or ahead of schedule



What is the formula for estimate at completion? - ✔✔BAC/Cumulative CPI



What is the critical path? - ✔✔The longest path in the network; the shortest time to complete the
project



What estimating method would use optimistic time estimates? - ✔✔PERT three-point estimate



"How much work should be done" has what earned value name? - ✔✔Planned value



What is operations? - ✔✔an organizational function performing the ongoing execution of activities that
produce the same product or provide a repetitive service



What is a project? - ✔✔a temporary endeavor undertaken to create a unique product, service, or result



What is a program? - ✔✔a group of related projects managed in a coordinated way to obtain benefits
and control not available from managing them individually

, What is a portfolio? - ✔✔A collection of projects or programs and other work that are grouped together
to facilitate effective mgmt of that work to meet strategic business objectives



What is project management - ✔✔the application of knowledge, skills, tools and techniques to project
activities to meet the project requirements



What is program management? - ✔✔the centralized coordinated mgmt of a program to achieve the
program's strategic objectives and benefits



What is portfolio management? - ✔✔refers to the centralized mgmt of one or more portfolios which
includes identifying, prioritizing, authorizing, managing and controlling projects, programs, and other
related work to achieve specific strategic objectives



What is a project manager? - ✔✔the person assigned by the performing organization to achieve the
project's objectives



What is a project management office? - ✔✔an organizational body or entity assigned various
responsibilities related to the centralized and coordinated mgmt of those projects under its domain



What are enterprise environmental factors? - ✔✔internal or external environmental factors that
surround or influence a project's success



When is the end of a project reached? - ✔✔when project objectives have been achieved or when the
project is terminated because its objective cannot be met or the need for the project no longer exists



What are the five process groups and their definitions? - ✔✔initiating-those processes performed to
define a new project or a new phase of an existing project by obtaining authorization to start the project
or phase

planning-those processes required to establish the scope of the project, refine the objectives and define
the course of action required to attain the objectives that the project was undertaken to achieve

executing-those processes performed to complete the work defined in the project management plan to
satisfy the project specifications

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