Certified Associate in Project
Management Exam Practice Questions
and Correct Answers Graded A+|Assured
Success
earned value management - CORRECT ANSWERused to monitor the progress
of a project and is an analytical technique. uses 3 independent values - PV, AC, EV
planned value (PV) - CORRECT ANSWERthe budget or the portion of the
approved cost estimate planned to be spent during a given period
,actual cost (AC) - CORRECT ANSWERthe total of direct and indirect costs
incurred in accomplishing work during a given period
5 process groups - CORRECT ANSWERinitiating, planning, executing,
monitoring and controlling, closing
ten knowledge areas - CORRECT ANSWERintegration, scope, time, cost,
quality, HR, communications, risk, procurement, stakeholder management
total float formula - CORRECT ANSWERtotal float = late finish - early finish
normal distribution - CORRECT ANSWERbell 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 - CORRECT ANSWERwhen 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) - CORRECT ANSWERtriangular 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 - CORRECT ANSWERmean = (O + 4ML + P)/6
standard deviation for beta distribution - CORRECT ANSWERstandard
deviation = (P-O)/6
statistical sums - CORRECT ANSWERproject mean is the sum of the means of
the individual tasks. project standard deviation is the square root of the project
variance
earned value (EV) - CORRECT ANSWERthe budget for the work accomplished
in a given period
cost variance (CV) - CORRECT ANSWERCV = EV - AC
schedule variance (SV) - CORRECT ANSWERSV = EV - PV
cost performance index (CPI) - CORRECT ANSWERCPI = EV/AC
, schedule performance index (SPI) - CORRECT ANSWERSPI = EV/PV
positive CV indicates, negative CV indicates - CORRECT ANSWERcosts are
below budget, costs are overrun
positive SV indicates, negative SV indicates - CORRECT ANSWERa project is
ahead of schedule, a project is behind schedule
CPI greater than 1.0 indicates - CORRECT ANSWERcosts are below budget
SPI greater than 1.0 indicates - CORRECT ANSWERproject is ahead of schedule
CPI less than 1.0 indicates - CORRECT ANSWERcosts are over budget
SPI less than 1.0 indicates - CORRECT ANSWERa project is behind schedule
estimate at completion (EAC) - CORRECT ANSWERthe amount we expect the
total project to cost on completion and as of the "data date" (time now)
Management Exam Practice Questions
and Correct Answers Graded A+|Assured
Success
earned value management - CORRECT ANSWERused to monitor the progress
of a project and is an analytical technique. uses 3 independent values - PV, AC, EV
planned value (PV) - CORRECT ANSWERthe budget or the portion of the
approved cost estimate planned to be spent during a given period
,actual cost (AC) - CORRECT ANSWERthe total of direct and indirect costs
incurred in accomplishing work during a given period
5 process groups - CORRECT ANSWERinitiating, planning, executing,
monitoring and controlling, closing
ten knowledge areas - CORRECT ANSWERintegration, scope, time, cost,
quality, HR, communications, risk, procurement, stakeholder management
total float formula - CORRECT ANSWERtotal float = late finish - early finish
normal distribution - CORRECT ANSWERbell 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 - CORRECT ANSWERwhen 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) - CORRECT ANSWERtriangular 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 - CORRECT ANSWERmean = (O + 4ML + P)/6
standard deviation for beta distribution - CORRECT ANSWERstandard
deviation = (P-O)/6
statistical sums - CORRECT ANSWERproject mean is the sum of the means of
the individual tasks. project standard deviation is the square root of the project
variance
earned value (EV) - CORRECT ANSWERthe budget for the work accomplished
in a given period
cost variance (CV) - CORRECT ANSWERCV = EV - AC
schedule variance (SV) - CORRECT ANSWERSV = EV - PV
cost performance index (CPI) - CORRECT ANSWERCPI = EV/AC
, schedule performance index (SPI) - CORRECT ANSWERSPI = EV/PV
positive CV indicates, negative CV indicates - CORRECT ANSWERcosts are
below budget, costs are overrun
positive SV indicates, negative SV indicates - CORRECT ANSWERa project is
ahead of schedule, a project is behind schedule
CPI greater than 1.0 indicates - CORRECT ANSWERcosts are below budget
SPI greater than 1.0 indicates - CORRECT ANSWERproject is ahead of schedule
CPI less than 1.0 indicates - CORRECT ANSWERcosts are over budget
SPI less than 1.0 indicates - CORRECT ANSWERa project is behind schedule
estimate at completion (EAC) - CORRECT ANSWERthe amount we expect the
total project to cost on completion and as of the "data date" (time now)
