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

The risk owner is the individual on the project team that is closest to the risk event. The risk owner can be an individual or an organization responsible for implementing risk responses or contingency plan. The risk owner should be empowered with the ability to respond to the risk as it was planned.

Answer option B is incorrect. Harry is the project manager and likely would not be the risk owner as well.

Answer option C is incorrect. The project sponsor authorizes the project but does not participate in execution of the project.

Answer option D is incorrect. While a subject matter expert may be the risk owner on some occasions, he would not be the risk owner on every occasion.

Anna needs to create a power/interest grid. This grid groups the stakeholders based on their level of authority and level of concern regarding the project outcomes. The power/interest grid forms a group of the stakeholders based on their level of authority (power) and their level of interest in the project. Interest accounts to what degree the stakeholders are affected by examining the project or policy change, and to what degree of interest or concern they have about it. Power accounts for the influence the stakeholders have over the project or policy, and to what degree they can help to accomplish, or block, the preferred change. Stakeholders, who have high power and interests associated with the project, are the people or organizations that are fully engaged with the project. When trying to generate strategic change, this community is the target of any operation.

Answer option B is incorrect. A salience model classifies stakeholders based on their power, urgency, and legitimacy.

Answer option C is incorrect. A power/influence grid groups the stakeholders based on their power and influence.

Answer option D is incorrect. A communications matrix simply maps which stakeholder need to communicate with other stakeholders.

A records management system is used to manage contract, and procurement documentation and records by the project managers. It includes specific set of processes, related control functions, and automation tools that are merged as part of the project management information system.

Answer option D is incorrect. Payment system determines the payments to the seller, which is processed by the account payable system of the buyer after certification of satisfactory work by the authorized person on the project team.

Answer option C is incorrect. Inspection and audits are required by the buyer and supported by the seller as mentioned in the procurement contract during execution of the project to verify the compliance in the seller's work processes or deliverables.

Answer option B is incorrect. Performance reporting offers the management with the information about how effectively the seller is achieving the contractual objectives.

The milestone list is the best answer. A milestone list provides a sequence of indicators about project progress to date and achievements or goals, which are to be achieved. The milestone list is used in project management as an indication of progress through the achievement of a major project accomplishment. It is a project document that is not part of the project management plan. The list contains all the project milestones along with information indicating whether they are mandatory to achieve or not.

Answer option A is incorrect. The scope baseline is a collection of the project scope, the WBS, and the WBS dictionary.

Answer option D is incorrect. The project schedule management plan is not the best answer, as the milestone list is the most direct result.

Answer option C is incorrect. The project charter is not the best answer for identifying the milestones.

The critical path is discovered by summing the duration of each activity node in each chain of activities in the project network diagram. In this figure, the critical path is ACFGJ, which is 26 days, the longest chain of activities in the project.

Answer option A is incorrect. This path's duration is 22 days.

Answer option D is incorrect. This path's duration is 23 days.

Answer option C is incorrect. This path's duration is 15 days.

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 A is incorrect. The schedule analysis is the review of the schedule, but does not examine other possibilities for completing the project work.

Answer option D is incorrect. The root cause analysis helps to determine the reasons why the project is running late.

Answer option B is incorrect. The resource leveling causes the project's duration to increase. It is a technique that resolves resource conflicts by delaying tasks within their slack allowances. The resource leveling is the process in which project teams come across problems when developing their project schedules.

The Identify Stakeholders process identifies all people or organizations that are impacted by the project. It also documents relevant information regarding their interests, involvement, and impact on project success. Stakeholder register and stakeholder management strategy are outputs of this process.

Answer option C is incorrect. Project charter is one of the inputs of the Identify Stakeholders process.

Answer option A is incorrect. Scope baseline is one of the outputs of the Create Work Breakdown Structure (WBS) process.

Answer option B is incorrect. Project scope statement is one of the outputs of the Define Scope process.

Once the project scope statement has been approved, the project manager and the project team should decompose the project scope statement into the WBS.

Answer option A is incorrect. Before the activity list may be created, the WBS is needed. The activity list is based on the work packages identified in the WBS.

Answer option C is incorrect. Creating the risk assessment for the project is part of project planning, but it is not the most appropriate process to complete at this time.

Answer option D is incorrect. Determining the project budget is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline. Determining the project budget is a part of project cost management.

The cost variance is the earned value minus the actual costs. In this project, you have spent less than what the project is worth, so the project has a positive cost variance. 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 B is incorrect. -$111,750 is the cost variance of the project.

Answer option A is incorrect. This is the variance at completion for the project.

Answer option C is incorrect. There is a cost variance, albeit a positive one.

The finish-to-start relationship type is the most common in a project network diagram. It means that the predecessor activity must finish before its successor activity can start. For example, the carpet must be installed before the painting activity can begin. What is precedence diagramming method (PDM) in sequence activities? Precedence diagramming method (PDM) is used in critical path methodology for building a project schedule network diagram that uses boxes or rectangles, referred to as nodes, to represent activities, and join each other with arrows that show the logical relationship that exists between them. This technique is also known as Activity-On-Node (AON).It includes four types of dependencies or logical relationships: Finish-to-start(FS): The initiation of the successor activity depends upon the completion of the predecessor activity. Finish-to-finish(FF): The completion of the successor activity depends upon the completion of the predecessor activity. Start-to-start(SS): The initiation of the successor activity depends upon the initiation of the predecessor activity. Start-to-finish(SF): The completion of the successor activity depends upon the initiation of the predecessor activity.