ISM 3541 Exam 1 Prep: Project Management,
Business Analytics, and Decision-Making
Essentials Verified Exam Questions Provided
with A+ Graded Rationales Latest Updated 2026
Planning for success
understanding and setting up your time investment via activities and milestones.
Project Management Body of Knowledge (PMBOK)
is a process for defining the "schedule-scope-resources" boundaries that evolve through a
concept of progressive elaboration over a period of time defined by a hard start date and end
date.
PMBOK analytics
help assess the time and resource elements against the evolution of the scope.
where data is stored
in a database
data is extended to
information via applications, queries and reports
information is extended into
knowledge through decision making
knowledge is extended into
wisdom through smart decisions based on high quality data and experience.
Descriptive Analytics:
leveraging known, historical data to create a story about how an object (e.g. think noun)
arrived in its current state
Predictive Analytics:
creating modules on objects based on attributes gathered from data sets to determine the
future behavior of an object and being able to rationalize the prediction based on a formula
or algorithm that incorporates risk and probability
, Decision Analytics:
is "predictive analytics" on steroids where multiple paths for future behavior are
guesstimated based on probability, risk, impact, and priority and is supported by an overall
recommendation(s)
The world of Business Analytics and Data Science
is a "green field"
"green field" implies
that we are in frontier discovery mode.
planned value
is the approved value of the work to be completed in a given time. is the value that should
have being earned as per schedule. "PV is the authorized budget assigned to work to be
accomplished for an activity or WBS component."
Cost Performance Index (CPI)
it measure the value of work completed compared to actual cost spent on the project. "The
CPI is a measure of the cost efficiency of budgeted resources, expressed as a ratio of earned
value to actual cost."
Earned Value
is the value of work performed expressed in terms of the approved budget assigned to that
work for an activity or WBS component.
Progressive Elaboration
a concept acknowledging the learning process humans engage as projects are executed where
as time progresses, the person gains greater level of detail.
Schedule Performance Index (SPI)
is a ratio of the earned value (EV) to the planned value (PV). If the SPI is less than one, it
indicates that the project is potentially behind schedule whereas a Schedule Performance
Index of greater than one, indicates the project is running ahead of schedule.
App
refers to an executable file that is stored locally on a device and conducts some processing of
data locally and then passed back to the server.
web application
Business Analytics, and Decision-Making
Essentials Verified Exam Questions Provided
with A+ Graded Rationales Latest Updated 2026
Planning for success
understanding and setting up your time investment via activities and milestones.
Project Management Body of Knowledge (PMBOK)
is a process for defining the "schedule-scope-resources" boundaries that evolve through a
concept of progressive elaboration over a period of time defined by a hard start date and end
date.
PMBOK analytics
help assess the time and resource elements against the evolution of the scope.
where data is stored
in a database
data is extended to
information via applications, queries and reports
information is extended into
knowledge through decision making
knowledge is extended into
wisdom through smart decisions based on high quality data and experience.
Descriptive Analytics:
leveraging known, historical data to create a story about how an object (e.g. think noun)
arrived in its current state
Predictive Analytics:
creating modules on objects based on attributes gathered from data sets to determine the
future behavior of an object and being able to rationalize the prediction based on a formula
or algorithm that incorporates risk and probability
, Decision Analytics:
is "predictive analytics" on steroids where multiple paths for future behavior are
guesstimated based on probability, risk, impact, and priority and is supported by an overall
recommendation(s)
The world of Business Analytics and Data Science
is a "green field"
"green field" implies
that we are in frontier discovery mode.
planned value
is the approved value of the work to be completed in a given time. is the value that should
have being earned as per schedule. "PV is the authorized budget assigned to work to be
accomplished for an activity or WBS component."
Cost Performance Index (CPI)
it measure the value of work completed compared to actual cost spent on the project. "The
CPI is a measure of the cost efficiency of budgeted resources, expressed as a ratio of earned
value to actual cost."
Earned Value
is the value of work performed expressed in terms of the approved budget assigned to that
work for an activity or WBS component.
Progressive Elaboration
a concept acknowledging the learning process humans engage as projects are executed where
as time progresses, the person gains greater level of detail.
Schedule Performance Index (SPI)
is a ratio of the earned value (EV) to the planned value (PV). If the SPI is less than one, it
indicates that the project is potentially behind schedule whereas a Schedule Performance
Index of greater than one, indicates the project is running ahead of schedule.
App
refers to an executable file that is stored locally on a device and conducts some processing of
data locally and then passed back to the server.
web application
