Practice Test Geeks(CPSM) Certified Software Project Manager Practice Test
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CSPM Time, Cost & Resource Management Flashcards

7 cards from real CPSM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 CSPM Time, Cost & Resource Management flashcards as text

  1. A project team is planning using Monte Carlo simulation. What is the primary benefit of this technique for schedule management?

    Answer: It produces a probability distribution of possible completion dates accounting for uncertainty

    Monte Carlo simulation runs thousands of scenarios with varying task durations to generate a probability distribution of project completion dates.

  2. What is 'management reserve' in project cost management?

    Answer: The difference between the cost baseline and the project budget

    Management reserve covers unknown unknowns and sits above the cost baseline; it is not part of the cost baseline but is included in the overall project budget.

  3. A project manager notices team members are consistently underestimating task durations. What is this cognitive bias called?

    Answer: Planning fallacy

    The planning fallacy is the tendency to underestimate task duration and cost while overestimating benefits, a well-documented cognitive bias in project planning.

  4. What is 'gold plating' in the context of project scope and cost management?

    Answer: Adding extra features or quality beyond what the customer requested, consuming budget

    Gold plating occurs when the project team adds unauthorized enhancements beyond agreed scope, wasting budget and potentially causing rework.

  5. When crashing a project schedule, which tasks should be crashed first to maximize schedule compression at minimum cost?

    Answer: Critical path tasks with the lowest crash cost per unit of time saved

    To minimize cost when crashing, identify critical path tasks with the lowest cost-slope (cheapest cost per unit of time saved) and crash those first.

  6. A project has a Planned Value (PV) of $150,000, Earned Value (EV) of $120,000, and Actual Cost (AC) of $110,000. What is the Schedule Variance (SV)?

    Answer: -$30,000

    SV = EV – PV = $120,000 – $150,000 = –$30,000, indicating the project is $30,000 worth of work behind schedule.

  7. What does the concept of 'resource calendar' define in project resource management?

    Answer: When specific resources are available, including working days, holidays, and shifts

    A resource calendar specifies when each resource (person, equipment, material) is available, including working hours, shifts, holidays, and other constraints.