ISM 3541 EXAM 1 FINAL STUDY PAPER 2026
COMPLETE QUESTIONS AND ANSWERS
◉ Planned Value (PV). Answer: 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. Answer: 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. Answer: A project management analytical attribute
that provides insights into the actual cost of an activity.
◉ Database Software. Answer: Stores data
◉ Data Structures. Answer: Important in the analytics world
because they ultimately influence our answers, our assumptions,
and the overall reliability of the analytics model.
, ◉ Weather Channel, Bank of America portal, Dunkin Donughnuts
app, or reports built on queries (SQL). Answer: Give examples of
applications that are designed to extended data into information and
sometimes information into knowledge.
◉ Expert System. Answer: Information that extends to knowledge or
wisdom
◉ Knowledge Management Systems. Answer: Data extended to
information and information extending to knowledge
◉ Management Information Systems. Answer: Data extends to
information
◉ Big Data (data science). Answer: A strategy for many businesses
and should be considered when developing a company's vision for
where they are heading.
◉ App. Answer: An executable file that is stored locally on a device
and conducts some processing of data locally and then passed back
to the server
COMPLETE QUESTIONS AND ANSWERS
◉ Planned Value (PV). Answer: 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. Answer: 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. Answer: A project management analytical attribute
that provides insights into the actual cost of an activity.
◉ Database Software. Answer: Stores data
◉ Data Structures. Answer: Important in the analytics world
because they ultimately influence our answers, our assumptions,
and the overall reliability of the analytics model.
, ◉ Weather Channel, Bank of America portal, Dunkin Donughnuts
app, or reports built on queries (SQL). Answer: Give examples of
applications that are designed to extended data into information and
sometimes information into knowledge.
◉ Expert System. Answer: Information that extends to knowledge or
wisdom
◉ Knowledge Management Systems. Answer: Data extended to
information and information extending to knowledge
◉ Management Information Systems. Answer: Data extends to
information
◉ Big Data (data science). Answer: A strategy for many businesses
and should be considered when developing a company's vision for
where they are heading.
◉ App. Answer: An executable file that is stored locally on a device
and conducts some processing of data locally and then passed back
to the server
