CAPM EXAM STUDY GUIDE QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS GRADED A 2024

5 process groups - Initiating Planning Executing Monitoring and Controlling Closing ten knowledge areas - Integration Scope Time Cost Quality HR Communications Risk Procurement Stakeholder management total float formula - total float = late finish - early finish normal distribution - bell curve - symmetrical distribution - 50% chance of falling below the mean and 50% chance of falling above the mean (1sigma=68.27%. 2sigma = 95.45%. 3sigma= 99.73%) triangular distribution - when there are 3 possible values w/ equal probability - distribution is a triangle. A= lowest value, B= highest value, M = most likely value beta distribution (PERT) - triangular distribution w/ more weight given to the most likely estimate (can be asymmetrical). O = optimistic estimate, ML=most likely estimate, P=pessimistic estimate mean for a beta distribution - mean = (O + 4ML + P)/6 standard deviation for beta distribution - standard deviation = (P-O)/6 statistical sums - project mean is the sum of the means of the individual tasks. project standard deviation is the square root of the project variance earned value management - used to monitor the progress of a project and is an analytical technique. uses 3 independent values - PV, AC, EV planned value (PV) - the budget or the portion of the approved cost estimate planned to be spent during a given period actual cost (AC) - the total of direct and indirect costs incurred in accomplishing work during a given period earned value (EV) - the budget for the work accomplished in a given period cost variance (CV) - CV = EV - AC schedule variance (SV) - SV = EV - PV cost performance index (CPI) - CPI = EV/AC schedule performance index (SPI) - SPI = EV/PV positive CV indicates, negative CV indicates - costs are below budget, costs are overrun positive SV indicates, negative SV indicates - a project is ahead of schedule, a project is behind schedule CPI greater than 1.0 indicates - costs are below budget SPI greater than 1.0 indicates - project is ahead of schedule CPI less than 1.0 indicates - costs are over budget SPI less than 1.0 indicates - a project is behind schedule