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Exam (elaborations)

PMP Exam Question and Answers (Latest Update)

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PMP Exam Question and Answers (Latest Update) Earned Value (EV) Correct Answer-The measure of work performed expressed in terms of the budget authorized for that work. BAC x % Work Completed Planned Value (PV) Correct Answer-The portion of the approved total cost estimate planned to be spe...

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  • August 29, 2024
  • 60
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • pmp exam question and answers latest update
  • earned value ev correct answer the measure of wo

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PMP Exam Question and Answers (Latest
Update)
Earned Value (EV) Correct Answer-The measure of work performed
expressed in terms of the budget authorized for that work. BAC x % Work
Completed


Planned Value (PV) Correct Answer-The portion of the approved total cost
estimate planned to be spent on an activity during a given period. Planned %
Complete x BAC


Actual Cost (AC) Correct Answer-The realized cost incurred for the work
performed on an activity during a specific time period.


Budget at Completion (BAC) Correct Answer-The sum of all budgets
established for the work to be performed.


Estimate to Complete (ETC) Correct Answer-The expected cost to finish all the
remaining project work. EAC - AC


Estimate at Completion (EAC) Correct Answer-The expected total cost of
completing all work expressed as the sum of the actual cost to date and the
estimate to complete. BAC / CPI


Cost Performance Index (CPI) Correct Answer-A measure of the cost
efficiency of budgeted resources expressed as the ratio of earned value to actual
cost. EV / AC


Schedule Performance Index (SPI) Correct Answer-A measure of schedule
efficiency expressed as the ratio of earned value to planned value. EV / PV

, PMP Exam Question and Answers (Latest
Update)

To-Complete Performance Index (TCPI) Correct Answer-A measure of the cost
performance that is required to be achieved with the remaining resources in
order to meet a specified management goal, expressed as the ratio of the cost to
finish the outstanding work to the remaining budget. (BAC - EV) / (BAC - AC)


Cost Variance (CV) Correct Answer-EV - AC
Negative is over budget; positive is under budget


Schedule Variance (SV) Correct Answer-EV - PV
Negative is behind schedule; positive is ahead of schedule


Variance at Completion (VAC) Correct Answer-A projection of the amount of
budget deficit or surplus, expressed as the difference between the budget at
completion and the estimate at completion. BAC - EAC


Economic Value Added (EVA) Correct Answer-Net operating profit after taxes
minus (capital x cost of capital); a measure of the economic value of an
investment or project


Future Value (FV) Correct Answer-the value of future cash flows discounted
at the appropriate discount rate FV = PV(1+r)^n


Return on Invested Capital (ROIC) Correct Answer-Net income after tax /
Invested Tax (smaller is better)

, PMP Exam Question and Answers (Latest
Update)
Order of Magnitude Estimate Correct Answer-A high-level estimate of the
time and cost of a project based on the actual cost and duration of a similar
project. -50% to +100%


Conceptual Estimate Correct Answer-a cost estimate based on very little
design information and using gross unit pricing to determine the project cost. -
30% to +50%


Preliminary Estimate Correct Answer--20% to +30% estimate range


Definitive Estimate Correct Answer--15% to +20% estimate range


Control Estimate Correct Answer--10% to +15% estimate range


Delphi Technique Correct Answer-A decision-making technique in which
group members do not meet face-to-face but respond in writing to questions
posed by the group leader. Prevents biasing opinions and groupthink.


Nominal Group Technique Correct Answer-Brainstormed ideas are voted
upon and sorted by priority


Scope Baseline Correct Answer-The approved version of a scope statement,
work breakdown structure (WBS), and its associated WBS dictionary, that can be
changed only through formal change control procedures and is used as a basis
for comparison.

, PMP Exam Question and Answers (Latest
Update)
Baseline Correct Answer-The original plan plus all approved changes (scope,
schedule, cost)


Functional Organization Correct Answer-Departmentalization around
specialized activities such as production, marketing, and human resources.


Projectized Organization Correct Answer-Any organizational structure in
which the project manager has full authority to assign priorities, apply
resources, and direct the work of persons assigned to the project.


Matrix Organization Correct Answer-An organization in which specialists
from different parts of the organization are brought together to work on specific
projects but still remain part of a line-and-staff structure. Strong, Balanced, and
Weak, where in strong PM has power.


Project Scope Statement Correct Answer-The description of the project
scope, major deliverables, assumptions, and constraints. Includes product scope
description, acceptance criteria and project exclusions.


Work Breakdown Structure (WBS) Correct Answer-A hierarchical
decomposition of the total scope of work to be carried out by the project team
to accomplish the project objectives and create the required deliverables.


Lead Correct Answer-Starting an activity prior to the finish of the preceding
activity

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