PMI PMI-SP Exam Questions & Answers

Correct Answer: A

The project will need $1,087,497.74 more to complete. This formula, the estimate to complete, is estimate at completion minus the actual costs. Here, CPI = EV/AC = (0.40*2,208,456)/725,000 = 1.21846, and ETC = EAC - AC = (BAC/CPI) - AC = (2,208,456/1.21846) - 725,000 = 1,812,497.74 - 725,000 = 1,087,497.74 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- A C. The EAC is BAC/CPI.

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: ABD

A scheduler schedules the constraints for the project into phases with respect to the time and resources available. He can be hired from outside a company, or from within a company. The basic roles of a scheduler are as follows: Feasibility

Planning: A scheduler is the time management expert who paints a picture of the project. He develops a strategy for delivery and to gain consensus. Execution Schedule:

A scheduler works with the project team to optimize and refine the schedule until an agreed schedule has been developed. Performance Control: A schedule is maintained by the scheduler who optimizes outcomes and instructs the project

team on their presentation. It is important that the scheduler be aware of the changes and trends related to the project delivery. Answer option C is incorrect. This is the skill possessed by the project manager.