CAPM Test Bank with 100% Correct Solutions |Latest 2024/2025

CAPM Test Bank with 100% Correct Solutions. 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 estimate at completion (EAC) ️ the amount we expect the total project to cost on completion and as of the "data date" (time now) new estimate technique for finding EAC ️ EAC = AC/new estimate for remaining work new estimate is most applicable when: ️ the actual performance to date shows that the original estimates were fundamentally flawed or when they are no longer accurate because of changes in conditions relating to the project original estimate technique for finding EAC ️ EAC = AC/(BAC - EV) original estimate is most applicable when: ️ actual variances to date are seen as being the exception, and the expectations for the future are that the original estimates are more reliable than the actual work effort efficiency date performance estimate low technique for finding EAC ️ EAC = AC + (BAC - EV)/CPI or EAC = BAC/CPI performance estimate low formula is most applicable when: ️ future variances are projected to approximate the same level as current variances performance estimate high technique for finding EAC ️ EAC = AC + (BAC - EV) / (CPI)(SPI) performance estimate high formula is most applicable when: ️ the project is over budget and the schedule impacts the work remaining to be completed BAC ️ budget at completion. the total budgeted cost of all approved activities ETC ️ estimate to complete - the estimate for completing the remaining work for a scheduled activity ETC when past variances are considered to be atypical ️ ETC = BAC - EV ETC when prior variances are considered to be typical of future variances ️ ETC = (BAC - EV)/CPI communications channels ️ channels = (n(n-1))/2. n - number of ppl rule of seven ️ if 7 or more observations occur in one direction, or a run of 7 observations occurs either above or below the mean, they should be investigated to determine if they have an assignable cause. business value ️ the entire value of a business - the total sum of all tangible and intangible elements colocation ️ project team members are physically located close to one another in order to improve communications, working relations, and productivity constraint ️ a restriction or limitation that may force a certain course of action or inaction enterprise environmental factors ️ external or internal factors that can influence a project's success. includes controllable factors such as the tools