ISM 3541 FSU Exam 1 Questions And
All Solutions Correct | 2026 Update
Analytics - Ans--Ties the landscape together and allows a person to
decompose the ecosystem into manageable components
Data Modeling - Ans--
Descriptive Modeling - Ans--Leveraging known, historical data to create a
story about how an object (e.g. think noun) arrived in its current state
Predictive Modeling - Ans--Creating modules on objects based on
attributes gathered from data sets to determine the future behavior of an
object and being able to rationalize the prediction based on a formula or
algorithm that incorporates risk and probability. The type of model for
forecasting one path, and one path only based on assumptions. The date
matures as the model runs in iterative fashions.
Prescriptive Modeling - Ans--Analytical modeling that supports complex
forecasting that is designed to provide insights on decision making. The
type of model used for forecasting multiple paths and advising problem
solving construct using "what if" scenarios and risk analysis.
Descriptive Analysis - Ans--is "predictive analytics" on steroids where
multiple paths for future behavior are guesstimated based on probability,
risk, impact, and priority and is supported by an overall recommendation(s).
Type of model for understanding the past
why/what
when
how - Ans--The "schedule-scope-resources" defines the _______, the
_______, and the _______.
, Project Management Body of Knowledge (PMBOK) - Ans--A process for
defining the "schedule-scope-resources" boundaries that evolve through a
concept of progressive elaboration over a period of time defined by a hard
start and end date.
Schedule Performance Index (SPI) - Ans--The project management
analytic that speaks to the overall timeline. Is a ratio of the earned value
(EV) to the planned value (PV). If the SPI is less than one, it indicates that
the project is potentially behind schedule whereas a Schedule Performance
Index of greater than one, indicates the project is running ahead of
schedule.
Cost Performance Index (CPI) - Ans--It measures the value of work
completed compared to the actual cost spent on the project. As per the
PMBOK Guide, "The CPI is a measure of the cost efficiency of budgeted
resources, expressed as a ratio of earned value to actual cost."
Earned Value (EV) - Ans--is the value of work performed expressed in terms
of the approved budget assigned to that work for an activity or WBS
component.
Planned Value (PV) - Ans--Planned Value is the approved value of the work
to be completed in a given time. It is the value that should have been earned
as per the schedule. As per the PMBOK Guide, "PV is the authorized
budget assigned to work to be accomplished for an activity or WBS
component."
Progressive Elaboration - Ans--a concept acknowledging the learning
process humans engage as projects are executed where as time
progresses, the person gains greater level of detail. The evolution of
context with time is the reason the analytics are gathered to measure the
estimated time versus the actual time and as we become more accurate at
defining and estimating work then the data will show our effectiveness.
Actual Cost - Ans--A project management analytical attribute that provides
insights into the actual cost of an activity.
Database Software - Ans--Stores data
All Solutions Correct | 2026 Update
Analytics - Ans--Ties the landscape together and allows a person to
decompose the ecosystem into manageable components
Data Modeling - Ans--
Descriptive Modeling - Ans--Leveraging known, historical data to create a
story about how an object (e.g. think noun) arrived in its current state
Predictive Modeling - Ans--Creating modules on objects based on
attributes gathered from data sets to determine the future behavior of an
object and being able to rationalize the prediction based on a formula or
algorithm that incorporates risk and probability. The type of model for
forecasting one path, and one path only based on assumptions. The date
matures as the model runs in iterative fashions.
Prescriptive Modeling - Ans--Analytical modeling that supports complex
forecasting that is designed to provide insights on decision making. The
type of model used for forecasting multiple paths and advising problem
solving construct using "what if" scenarios and risk analysis.
Descriptive Analysis - Ans--is "predictive analytics" on steroids where
multiple paths for future behavior are guesstimated based on probability,
risk, impact, and priority and is supported by an overall recommendation(s).
Type of model for understanding the past
why/what
when
how - Ans--The "schedule-scope-resources" defines the _______, the
_______, and the _______.
, Project Management Body of Knowledge (PMBOK) - Ans--A process for
defining the "schedule-scope-resources" boundaries that evolve through a
concept of progressive elaboration over a period of time defined by a hard
start and end date.
Schedule Performance Index (SPI) - Ans--The project management
analytic that speaks to the overall timeline. Is a ratio of the earned value
(EV) to the planned value (PV). If the SPI is less than one, it indicates that
the project is potentially behind schedule whereas a Schedule Performance
Index of greater than one, indicates the project is running ahead of
schedule.
Cost Performance Index (CPI) - Ans--It measures the value of work
completed compared to the actual cost spent on the project. As per the
PMBOK Guide, "The CPI is a measure of the cost efficiency of budgeted
resources, expressed as a ratio of earned value to actual cost."
Earned Value (EV) - Ans--is the value of work performed expressed in terms
of the approved budget assigned to that work for an activity or WBS
component.
Planned Value (PV) - Ans--Planned Value is the approved value of the work
to be completed in a given time. It is the value that should have been earned
as per the schedule. As per the PMBOK Guide, "PV is the authorized
budget assigned to work to be accomplished for an activity or WBS
component."
Progressive Elaboration - Ans--a concept acknowledging the learning
process humans engage as projects are executed where as time
progresses, the person gains greater level of detail. The evolution of
context with time is the reason the analytics are gathered to measure the
estimated time versus the actual time and as we become more accurate at
defining and estimating work then the data will show our effectiveness.
Actual Cost - Ans--A project management analytical attribute that provides
insights into the actual cost of an activity.
Database Software - Ans--Stores data
