The planned value is forty-five percent of the project's BAC, or $1,055,543.

Planned value (PV) is the authorized budget assigned to the schedule work to be accomplished for a

schedule activity or work breakdown structure component. It serves as a baseline against which

actual performance is measured. The theory of planned value is of vital importance to the project

management team and it is important to keep careful track of this. The term planned value can also

be in some situations referred to by the project management team and the project management

team leader as the budgeted cost of work scheduled (BCWS).

Answer option D is incorrect. $938,260 is the project's earned value.

Answer option A is incorrect. $950,000 is the project's actual costs.

Answer option B is incorrect. $2,375,000 is the project's estimate at completion.

The to-complete performance index can be found by using the formula (BAC-EV)/(BAC-AC) for a

value of 1.07. The higher the value is from 1, the less likely the project will meet the BAC. To-

complete Performance Index (TCPI) is the measured projection of the anticipated performance

required to achieve either the BAC or the EAC. TCPI indicates the future required cost efficiency

needed to achieve a target EAC (Estimate At Complete).Once approved, the EAC supersedes the

BAC as the cost performance goal. Any significant difference between TCPI and the CPI needed to

meet the EAC should be accounted for by management in their forecast of the final cost. The

formula for TCPI is as follows: TCPI = {(BAC-EV)/(BAC-AC)} Answer option A is incorrect. 0.98 is the

project's cost performance index.

Answer option D is incorrect. This is the project's schedule

performance index. Answer option B is incorrect. -$16,667 is the project's variance at completion.

This is an example of a resource requirement. The project needs four electrical engineers even

though the resources are not within your department. Your organization could be a matrix structure,

or it could hire resources from outside the organization.

Answer option D is incorrect. A resource constraint is evident when the project requires the

electrical engineer and she is not available. A

requirement, as in this scenario, is simply the identification of the needed resource even if the

resource is not available in your department.

Answer option B is incorrect. This is not an example of a risk, unless the resource is constrained by

other projects, schedules, or work and may

not be available at all when needed.

Answer option A is incorrect. An assumption would be believing the resource is available for the

project without confirming the availability of

the resource.

The resource calendar is needed because it will help Wendy and the project team to determine

when the project team resources will be available. The availability of the project resources can affect

the overall duration of the project.

A resource calendar is used to make sure that work resources (people and equipment) are scheduled

only when they are available for work.

They affect a specific resource or category of resources. By default, the working time settings in the

resource calendar are the same as in the

project calendar. However, a user can customize the resource calendar to show individual schedule

information, such as vacations, leaves of

absence, or equipment maintenance time.

Answer option B is incorrect. The project scope statement is an input to the estimate activity

duration estimate, but it is not the best choice for this question.

Answer option C is incorrect. The project communications management plan is not an input to the

estimate activity duration process.

Answer option A is incorrect. The project charter is not an input to the estimate activity duration

process.

Performance reports should be created regularly or on an exception basis.

A performance report tracks the performance of the program/project team members. A template

can be created that tracks performance, such as work results, schedule, costs, and other factors. The

performance report must include both the positive and negative performance for the staff.

Answer option A is incorrect. Weekly may be appropriate for many projects, but it does not include

the opportunity to create a report by exception.

Answer option D is incorrect. Regular reporting is also needed or at least, an option for the project

manager. Answer option B is incorrect. This is not a valid answer as milestones will vary per project

and does not offer an opportunity for exceptions reporting.

The various group creativity techniques are as follows:

Brainstorming: It is a technique used to generate and collect multiple ideas related to the project

and product requirements.

Nominal group technique: It is a technique used to enhance brainstorming with a voting process

used to rank the most useful ideas for

further brainstorming or prioritization.

Delphi technique: It is a techniques used to identify potential risk. In this technique, the responses

are gathered via a questionnaire

from different experts and their inputs are organized according to their contents.

Idea/mind mapping: It is a technique used to map the ideas generated by brainstorming to reflect

the commonality and differences in

understanding and generating new ideas.

Affinity diagram: It is a technique used to allow a large number of ideas to be sorted into groups for

review and analysis.

Project document updates are not an output of the Define Activities process. Project document

updates are the outputs for estimate activity resources. Project document updates include the

following: Activity list Activity attributes Resource calendars Answer option A is incorrect. The

activity list is an output of the define activities process. Answer option C is incorrect. The activity

attributes is an output of the define activities process. Answer option B is incorrect. The milestone

list is an output of the define activities process.

PERT uses the formula of (O+4M+P)/6 to predict the duration of the project activities and the overall

project schedule.

Three-point estimate is a way to enhance the accuracy of activity duration estimates. This concept is

originated with the Program Evaluation

and Review Technique (PERT). PERT charts the following three estimates:

Most likely (TM): The duration of activity based on realistic factors such as resources assigned,

interruptions, etc.

Optimistic (TO): The activity duration based on the best-case scenario

Pessimistic (TP): The activity duration based on the worst-case scenario

The expected (TE) activity duration is a weighted average of these three estimates:

TE = (TO + 4TM + TP) / 6

Duration estimates based on the above equations (sometimes simple average of the three estimates

is also used) provide more accuracy.

Answer option A is incorrect. This is not a valid formula.

Answer option D is incorrect. This almost describes the three-point estimate, but does not answer

the question about PERT.

Answer option B is incorrect. This is the formula for the three-point estimate. Note the PERT, while

similar, uses 4M and divides the result by

six factors.

Fast tracking allows phases of the project to overlap and increases risk for the project. When new risks are introduced into the project they should be recorded in the risk register. Risk register is a document that contains the results of the qualitative risk analysis, quantitative risk analysis, and risk response planning. Description, category, cause, probability of occurring, impact on objectives, proposed responses, owner, and the current status of all identified risks are put in the risk register. Answer option B is incorrect. The costs do not change because of the new fast tracking requirement. Answer option C is incorrect. Resource calendars show the availability of project resources. Answer option A is incorrect. Organizational process assets are updated as a result of updating the risk register when you consider that the risk register will become part of the organizational process assets. However, this is not the best answer for this question.

The application area is defined as a type of project tha comprises common components important in such projects, but are not required or present in all projects. The application area is defined in terms of either the product or the type of customer or industry sector.