PMI Scheduling Professional (PMI-SP): PMI-SP

Correct Answer: B

The project charter is an input to the identify stakeholder process. It provides information about the internal and external parties concerned and is affected by the project. The project charter is the document that formally authorizes a project. The project charter provides the project manager with the authority to apply organizational resources to project activities. According to PMBOK Guide, the project charter should address the following information: Requirements that satisfy customer, sponsor, and other stakeholder needs, wants and expectations Business needs, high-level project description, or product requirements that the project is undertaken to address Project purpose or justification Assigned Project Manager and authority level Summary milestone schedule Stakeholder influences Functional organizations and their participation Organizational, environmental and external assumptions Organizational, environmental and external constraints Business case justifying the project, including return on investment Summary budget If required, it also authorizes the next project phase, and updates the charter. The project manager should always be assigned prior to the start of planning, and preferably while the project charter is being developed. Answer option A 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. Expert judgment involves people most familiar with the work of creating estimates. Preferably, the project team member who will be doing the task should complete the estimates. Expert judgment is applied when performing administrative closure activities, and experts should ensure the project or phase closure is performed to the appropriate standards. Answer option C is incorrect. Stakeholder analysis is the identification of stakeholder needs, wants and expectations. It involves the documentation, prioritization, and quantification of the needs to help define the project scope. Stakeholders' interests may be positively or negatively affected by execution or completion of the project and they may also exert influence over the project and its deliverables. Answer option D is incorrect. The stakeholder register is a project management document that contains a list of the stakeholders associated with the project. It assesses how they are involved in the project and identifies what role they play in the organization. The information in this document can be very perceptive and is

meant for limited exchange only. It also contains relevant information about the stakeholders, such as their requirements, expectations, and influence on the project.

Correct Answer: D

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.

Correct Answer: C

A schedule baseline provides a method to track project progress during project execution against what was planned. What is schedule baseline? 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 options D, A, and B are incorrect. A detailed project budget, team members profile, and benefit-cost ratio will not help you track project progress. What is BCR? A benefit-cost ratio (BCR) is an indicator, used in the formal discipline of cost-benefit analysis, that attempts to summarize the overall value for money of a project or proposal. A BCR is the ratio of the benefits of a project or proposal, expressed in monetary terms, relative to its costs, also expressed in monetary terms. All benefits and costs should be expressed in discounted present values. For e.g., a BCR of $3.8 indicates a payback of $3.8 for each dollar expended.