PMI-SP Exam Dumps and Practice Questions

A three-point estimate requires that each activity be estimated for its optimistic, most

likely, and pessimistic duration. Once the three

estimates have been created, an average of the duration estimates is found and this is the recorded

duration for the project work.

Answer option A is incorrect. This is not a complete explanation of a three-point estimate.

Answer option C is incorrect. This is a definition of PERT, a similar time estimating technique.

Answer option D is incorrect. This is definition of PERT, but this answer uses the term GERT so it is

not a valid choice.

The schedule variance can be found by subtracting the planned value from the earned

value. In this instance, it is $2,025,000 minus

$2,250,000.

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 option B is incorrect. This is the cost variance for the project.

Answer option A is incorrect. 10 percent is not a valid answer.

Answer option D is incorrect. This is not a valid variance for this question; variances are typically

negative numbers.

The Develop Project Charter process documents the formal authorization of a project or a phase. It also documents initial requirements that satisfy the stakeholder's needs and expectations. It is used to validate the decisions made during the previous iteration of the Develop Project Charter process. The various inputs of this process are as follows: Project statement of work Business case Contract Enterprise environmental factors Organizational process assets The output of the Develop project Charter process is as follows : Project charter Answer option A is incorrect. Procurement document is the input of the Identify Stakeholders process.

The estimate to complete is about knowing how much more money the project will need to

complete its objectives.

The estimate to complete (ETC) is the expected cost needed to complete all the remaining work for a

scheduled activity, a group of activities,

or the project. ETC helps project managers predict what the final cost of the project will be upon

completion. The formula for the ETC is EAC-

AC. The EAC is BAC/CPI. Here it is,

CPI = EV/AC

= (0.20*2,816,000)/495,000

= 563200/495,000

= 1.1378

EAC = BAC/ CPI

= 2,816,000/1.1378

= 2,474,952 (Approx)

ETC = EAC - AC

= 2,474,952 - 495,000

= 1,979,952

Answer options C and A are incorrect. These are not the valid answers for this question.

Answer option D is incorrect. This is the estimate at completion based on the current project

performance.

The resource calendar defines when and how long a resource will be utilized. Not all

resources are human - facilities, equipment, and other

things are resources that must be scheduled.

A resource calendar is used to make sure that work resources (people and equipment) are scheduled

only when they are available for work.

They affect a specific resource or category of resources. By default, the working time settings in the

resource calendar are the same as in the

project calendar. However, a user can customize the resource calendar to show individual schedule

information, such as vacations, leaves of

absence, or equipment maintenance time.

Answer option B is incorrect. The project scope would not address resource utilization.

Answer option A is incorrect. The project schedule is not the best answer for this question. The

project schedule is an in depth plan of the

important project phases, activities, milestones, tasks, and the resources allocated to each task.

Answer option C is incorrect. The project calendar documents when the project work will take place,

not the utilization of resources.