Achieve Success in the PMI PMI-SP Exam: A Detailed PMI Scheduling Professional Guide

If Activity B uses seven days of float, which it can, it does not allow Activity D, G, or J to have any float available. This is because the total duration of path ABDGJK cannot exceed 30 days, the duration of the project. If Activity B uses the seven days of float, then the path meets the project's duration at Day 30.

Answer options B and A are incorrect. These are not the valid calculation.

Answer option C is incorrect. Seven represents the amount of float available on Activity G before Activity B uses the available float.

The code of accounts is a hierarchical numbering system that uniquely identifies each deliverable of the WBS and segments the WBS by levels of numbering.

Answer option C is incorrect. Component numbering is not a valid term for project management.

Answer option B is incorrect. A chart of accounts is a financial tracking and assignment tool for common deliverables and activities an organization performs for its customers.

Answer option D is incorrect. Activity linkage sequencing is not a valid project management term.

The primary reason for including the activity identifier and the scope of work description for each activity is to ensure the project team understands what work is required to be completed.

Answer option B is incorrect. Profit and loss statements are not required for all projects and they are linked to actual performance against a project baseline.

Answer option D is incorrect. Communicating to the stakeholders is always a good idea, but stakeholders would not usually need to know the activity details. Their focus is on project benefits and deliverables.

Answer option A is incorrect. A requirements traceability matrix is the tool to link requirements to project deliverables.

According to the question, the cost variance of the project is 30, which is a positive figure. A positive value means that cost is less than planned. What is CV? Cost variance (CV) is a measure of cost performance on a project. The variance notifies if costs are higher than budgeted or lower than budgeted. The cost variance is calculated based on the following formula: CV = Earned Value (EV) - Actual Cost (AC) A positive value means that spending is less than budgeted, whereas a negative value indicates that costs are higher than originally planned for the project.

Answer option C is incorrect. If the CV is zero, it shows that cost is right on target.

Answer option A is incorrect. This result is depicted by viewing the schedule variance (SV), not the CV.

Answer option B is incorrect. If the CV is a negative value, it depicts that the costs are higher than planned.

The autoregressive moving average is an example of a causal/econometric method for the forecasting project performance. The casual/econometric forecasting method uses the assumption that it is possible to identify the underlying factors, which might influence the variable being forecasted. For example, sales of umbrellas might be associated with weather conditions. If the causes are understood, projections of the influencing variables can be made and used in the forecast. Some examples of casual/econometric forecasting method are as follows: Regression analysis using linear regression or non-linear regression Autoregressive moving average (ARMA) Autoregressive integrated moving average (ARIMA) Econometrics

Answer option B is incorrect. The time series method relies on the earned value, moving average, extrapolation, and growth curve.

Answer option A is incorrect. The judgmental methods use intuition, the Delphi method, and forecast by analogy.

Answer option C is incorrect. The ensemble forecasting is not part of the causal/econometric method for forecasting.

Fast tracking is only valid if the activities or phases can be overlapped. Some activities or phases cannot be overlapped due to mandatory dependencies in the project. In other words, the work must be completed in a particular given order. Fast tracking is a technique for compressing project schedule. In fast tracking, phases are overlapped that would normally be done in sequence. It is shortening the project schedule without reducing the project scope.

Answer option C is incorrect. This is not a valid description of fast tracking.

Answer option B is incorrect. Effort-driven or activities of fixed duration can be fast tracked.

Answer option D is incorrect. The relationships among the activities do not have to be start-to-start to be fast tracked.

Of all the choices, the what-if scenario analysis allows you to determine the best approach to bring the schedule back into alignment with the project plan. What-if scenario analysis explains the analysis of the question "What if the situation represented by scenario 'X' happens?". This What-If Scenario Analysis shortly named as WIS

A. A schedule network analysis is performed using the schedule to compute the different scenarios, such as extending specific engineering durations, or delaying a major component delivery. Businesses use what-if scenarios to determine the effect different costs or investments have on profit and other financial indicators.

Answer option D is incorrect. Resource leveling can cause your project's duration to increase.

Answer option C is incorrect. Schedule analysis is the review of the schedule, but does not examine other possibilities for completing the project work.

Answer option B is incorrect. Root cause analysis could help you determine the reasons why the project is running late, but it is not the best choice for this question as it is not a control schedule process tool and technique.

A make-or-buy analysis is used to verify whether a particular work can best be accomplished by the project team or must be purchased from outside sources. The budget constraints can influence the make-or-buy decisions. A make-or-buy analysis must consider all related costs; both direct and indirect support costs.

Answer option B is incorrect. Expert judgment is a technique based on a set of criteria that has been acquired in a specific knowledge area or product area. It is obtained when the project manager or project team requires specialized knowledge that they do not possess.

Answer option A is incorrect. The type of contract to be used and the specific contract terms and conditions fix the degree of risk being assumed by the buyer and seller.

Answer option C is incorrect. Negotiations clarify the structure, requirements and other terms of the purchase so that the mutual agreement can be reached prior to signing the contracts.

The schedule baseline is a specific version of the project schedule developed from the schedule network analysis. It is built by networking individual work elements and verifying the path or paths with the longest total duration. That path is then compared against the project due date, or it may serve as the determinant of the project end date. Schedule baseline is a project schedule used in measuring project progress. It helps provide a comparison with the actual progress of work against the schedule and to determine if performance to date is within acceptable parameters. Any change caused by change in scope of the project invalidates the original schedule and requires a new baseline schedule.

Answer option A is incorrect. Management may impose constraints on the project, but according to the PMI, the baseline is developed from schedule network analysis.

Answer option B is incorrect. Constraints on the project typically include time, cost, and scope (among others), but the schedule baseline is only concerned with the time limits of the project.

Answer option C is incorrect. Project stakeholders are those entities within or without an organization, which: Sponsor a project or, Have an interest or a gain upon a successful completion of a project. Examples of project stakeholders include the customer, the user group, the project manager, the development team, the testers, etc. Stakeholders are anyone who has an interest in the project. Project stakeholders are individuals and organizations that are actively involved in the project, or whose interests may be affected as a result of project execution or project completion. They may also exert influence over the project's objectives and outcomes. The project management team must identify the stakeholders, determine their requirements and expectations, and, to the extent possible, manage their influence in relation to the requirements to ensure a successful project.

This is an example of a fragment network. By adapting the network template to the current project and just using a portion of the template, the template is fragmented. A schedule network diagram template is used to speed up the preparation of networks of project activities. It comprises of the whole project, or a portion of the project activity. The various parts or portions of a project schedule network diagram are known as a subnetwork or a fragment network. When projects have related necessities and components, project managers can develop more efficient network diagrams by using the schedule network diagram templates.

Answer option D is incorrect. Parametric is an estimating technique that uses a parameter, such as $199 per installation, for a group of installation activities.

Answer option A is incorrect. Analogous estimates use historical information to predict the cost or duration of the current project.

Answer option B is incorrect. While this term, sometimes, describes a task within the project network diagram that does not connect to other paths, it is not a valid term.