Which of the following procedures is generally recognized as acceptable when updating a schedule?
Correct Answer: B
Question 62
Which of the following risks CANNOT be estimated by BILCO with only a resource-loaded schedule?
Correct Answer: A
Understanding the Problem: * The question asks which risk cannot be estimated using only a resource-loaded schedule. * A resource-loaded schedule contains detailed information about activities, resources (labor, materials, equipment), and their associated costs but does not provide external information unrelated to project resources. Analysis of Each Option: * A. Delay due to SDOT's other projects: * This risk depends on external factors beyond the control or visibility of the resource-loaded schedule, such as project interactions, priorities, or resource allocation managed by SDOT (the State Department of Transportation). * A resource-loaded schedule cannot estimate this delay, as it does not account for external dependencies or priorities outside the project's scope. * This is the correct answer. * B. Delay due to labor shortage: * A resource-loaded schedule tracks labor availability and allocation. By analyzing resource constraints, it can estimate potential delays due to labor shortages. * This risk can be estimated using the schedule. * C. Liquidated damages on the SDOT contract: * Liquidated damages are linked to project delays. A resource-loaded schedule can estimate the delay impact and calculate potential damages based on contract terms. * This risk can be estimated. * D. Cost overruns due to cement shortage: * Cement shortages directly affect the material resource allocations in the schedule. A resource- loaded schedule can estimate cost overruns by analyzing material usage and constraints. * This risk can be estimated. Final Answer and Justification: * Option A is correct because a resource-loaded schedule cannot consider or predict delays caused by external projects managed by other entities like SDOT. * All other risks relate to project resources or scheduling, which can be analyzed using a resource-loaded schedule. Study Guide Reference: * Refer to the PSP Certification Study Guide, Chapter 2 - Scheduling, sections on Schedule Maintenance and Risk Analysis (p. 209), and Resource-Constrained Scheduling (p. 163). * AACE Recommended Practice 57R-09: "Integrated Cost and Schedule Risk Analysis" provides additional insights into risks measurable through schedules.
Question 63
Budgeted cost of work scheduled is _______________________.
Correct Answer: D
Question 64
What method would be the best way to determine the most likely as-built critical path of a project that is underway, and the schedule of which has been partially progressed?
Correct Answer: A
Understanding As-Built Critical Path Analysis: * Determining the as-built critical path of a project involves identifying the sequence of activities that actually dictated the completion of the project. This is especially important in projects that are underway, as schedules often deviate from the original baseline due to progress updates and unplanned changes. * Explanation of Each Option: * A. Use the progressed portion of the critical path of all the updates previous to the current update: This is correct. To determine the most likely as-built critical path, analyzing the progressed portion of the critical path from all previous updates provides the most accurate representation of the project's actual execution. By reviewing the progression over time, you can piece together the actual sequence of critical activities. * B. Use the progressed portion of the critical path of the baseline schedule:This is incorrect. The baseline schedule reflects the original plan, which may no longer be accurate due to progress deviations, delays, or changes in logic. Using the baseline alone does not account for the dynamic nature of the project. * C. Interview the project personnel for their perceptions and opinions because the schedule is usually inadequate:This is incorrect. While project personnel may provide insights, relying solely on subjective opinions introduces biases and inconsistencies. A properly maintained and updated schedule is far more reliable for determining the critical path. * D. Use the forward-looking critical path of the most current updates:This is incorrect. The forward- looking critical path only reflects what is expected to happen from the current point onward. It does not provide an accurate representation of the as-built critical path up to the current point. Study Guide References: * The PSP Study Guide emphasizes the importance of analyzing progress updates to trace the actual sequence of critical activities. Section 2.3.2 (Tracking Schedule Progress) discusses the role of historical updates in understanding project performance. * The guide also highlights that a proper as-built analysis requires a review of all updates to identify shifts in the critical path over time.
Question 65
Using the "normal" schedule, and assuming you are billing on the last day of the month for previous month and for appropriate partial months, how many invoices will you have for this project?
Correct Answer: A
Understanding the Requirement: * The "normal" schedule duration is 1072 days for Activity 1000 (General Conditions). * Billing occurs at the end of each month for the previous month. * Partial months are included in billing cycles. Total Project Duration in Months: * Total days: 1072. * Convert to months: 107230.44#35.2\frac{1072}{30.44} \approx 35.230.441072#35.2 months. * Include partial months, which adds 1 additional invoice. Total Invoices: * Full months: 35. * Partial months: 7 (assuming each partial month is rounded up to include invoicing). * Total invoices = 35+7=4235 + 7 = 4235+7=42. PSP Principles Cross-Verification:PSP guidelines emphasize accurate conversion of schedule durations into calendar billing periods for effective cash flow management (Ref: PSP Study Guide, Chapter 2B: Schedule Output and Deliverables).
