PMI-SP Online Practice Questions and Answers

Correct Answer: A

According to the question, the SPI of your project is 1.325. This figure is greater than 1. Hence, it shows that the schedule performance is better than expected. What is SPI? Schedule performance index (SPI) is the measure of schedule efficiency on a project. It is used in trend analysis to predict future performance. SPI is the ratio of earned value to planned value. The SPI is calculated based on the following formula: SPI = Earned Value (EV) / Planned Value (PV) If the SPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The SPI value of 1 indicates that the project is right on target. Answer option C is incorrect. SPI has nothing to do with cost performance. Answer options B and D are incorrect. An SPI value less than 1 or 0 indicates that the schedule performance is either below expectation or is right on target.

Correct Answer: A

The schedule management plan is the intent of the project manager. It defines how the schedule will be managed and controlled. The schedule baseline is a benchmarking tool to compare actual results against the planned results. Answer options C, D, and B are incorrect. These are not valid definitions of the schedule management plan and the schedule baseline.

Correct Answer: A

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.

Correct Answer: C

Of all six processes, the control schedule process will take the majority of the time in the project time management knowledge area. Control schedule process is a method of monitoring the status of the project to update project progress and

deal with the changes to the schedule baseline. It is concerned with:

Determining the current status of the project Influencing the factors that create schedule changes Determining that the project schedule has changed Managing the actual changes as they occur Control schedule is a component of the

Perform Integration Change Control process. Answer options B, A, and D are incorrect. These processes will not take the longest to complete.

Correct Answer: D

A performance report is needed to communicate the variance between planned work and actual work. A performance report is made by the project team detailing activities, milestones, problems, accomplishments, and identified issues. Performance reports are used to report some key information as follows: Current status Scheduled activities Significant accomplishment for the period Forecasts Issues Answer option A is incorrect. An issue report is not the best answer for this scenario. Issues are recorded in the issue log and an issue owner is assigned. Answer option B is incorrect. An exceptions report is a tempting answer as this is an exception to the project. PMI does not use this terminology. Answer option C is incorrect. Variance analysis is the activity of reviewing the variance to determine why it exists.

Correct Answer: D

The various phases of the decision making process are as follows: Problem definition: This phase explores, clarifies and defines the problem. Problem solution generation: This phase draws out the new idea generating process by brainstorming multiple solutions and rejecting premature decisions. Ideas to action: This phase defines the evaluation criteria, rate pros and cons of alternatives and helps in selecting the best solution. Solution action planning: This phase involves key participants to gain acceptance and commitment to make the solution work. Solution evaluation planning: This phase performs the post implementation analysis, evaluations and lessons learned. Evaluation of the outcome and process: This phase evaluates how well the problem was solved or project goals were achieved.

Correct Answer: D

Cost performance index (CPI) is used to calculate performance efficiencies. It is used in trend analysis to predict future performance. CPI is the ratio of earned value to actual cost. The CPI is calculated based on the following formula: CPI = Earned Value (EV) / Actual Cost (AC) If the CPI value is greater than 1, it indicates better than expected performance, whereas if the value is less than 1, it shows poor performance. The CPI value of 1 indicates that the project is right on target. In this instance, it's EV = 0.40 * 750,000 = 300,000 CPI = EV/AC = 300,000/325,000 = 0.92

Correct Answer: C

The estimate at completion (EAC) formula is the Budget at Completion (BAC)/Cost Performance Index (CPI). In this instance, the CPI is .78 and the BAC is $344,000. Cathy's project isn't doing too well. Answer option D is incorrect. This value represents the estimate to complete for the project. Answer option B is incorrect. This value represents the negative cost variance. Answer option A is incorrect. This value represents the negative value the project will have once all the work is completed.