PMI-SP Exam Dumps - PMI Scheduling Professional

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.

Reserve analysis is not an input to the determine budget process. It is a technique used for determining the budget. The inputs to the determine budget process are as follows: Activity cost estimates Basis of estimates Scope baseline Project schedule Resource calendars Contracts Organizational process assets

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. The earned value in this instance is forty percent of the project budget, $778,000, and the planned value is $398,000 because George is to be fifty percent done at the end of the second quarter, as the work is spread evenly across all quarters. The schedule variance is -$77,800 for the project.

Answer option A is incorrect. .96 represents the cost performance index.

Answer option C is incorrect. -$34,500 represents the project's variance at completion if the project continues as is.

Answer option D is incorrect. -$13,800 is the cost variance for the project.

Discrete effort is a term used to describe the work that can be measured and traced to the components in the work packages. It is the actual work to create the project deliverables. Discrete effort refers to the particular work effort that can be identified and traced as having a direct tie to the final completion of the project- related work breakdown structure components and the deliverables. It is necessary that all the efforts have a specific measurable end product or end result.

Answer options A, D, and C are incorrect. These are not valid definitions of discrete effort.

Performance reports should be created regularly or on an exception basis. A performance report tracks the performance of the program/project team members. A template can be created that tracks performance, such as work results, schedule, costs, and other factors. The performance report must include both the positive and negative performance for the staff.

Answer option A is incorrect. Weekly may be appropriate for many projects, but it does not include the opportunity to create a report by exception.

Answer option D is incorrect. Regular reporting is also needed or at least, an option for the project manager.

Answer option B is incorrect. This is not a valid answer as milestones will vary per project and does not offer an opportunity for exceptions reporting.

Involving the project team is needed as part of the work package decomposition to get better and more accurate results. The project team comprises the people completing the work and often the experts that can direct the discussion and decomposition efforts. The decomposition technique is used to further divide all project deliverables into smaller component activities. Activities correspond to the effort required to complete a work package. Each and every work package in the WBS is decomposed into the activities needed to create the work package deliverables. Involving team members in the decomposition technique results in better and more precise outcomes.

Answer option B is incorrect. While the team may help the activity decomposition go faster, this is not the best choice for this question.

Answer option A is incorrect. Through the decomposition process, the project manager will learn about the project work, but this is not the primary reason to involve the project team.

Answer option D is incorrect. It is possible to create assignments while completing the activity list, but usually all of the activities are defined and sequenced, and then resources are assigned to manage availability and utilization.

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.

Of all the choices, the best explanation is that a dashboard is a report for quick review of the project's performance metrics. While there are some software solutions, they still focus on the key performance criteria of the project.

Answer option C is incorrect. This answer defines the definition of quality control, not the dashboard's review of project performance.

Answer option B is incorrect. Dashboards focus on the performance of the project's key performance factors, not the project manager.

Answer option A is incorrect. A status report could include the details of the project's risks and issues, but usually not the dashboard.