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AACE International AACE-PSP Exam Questions
Planning & Scheduling Professional (PSP) (Page 4 )

Updated On: 23-Apr-2026
Page 4 of 25
PDF with 216 Questions

Time-scaled logic diagrams are

  1. Only calculated using a computer.
  2. The same as a pure-logic diagram.
  3. Used to calculate the most probable activity duration.
  4. Logic networks that are drawn to match the calendar.

Answer(s): C



Activity durations are normally estimated in an intuitive and subjective way. All of the following will improve duration accuracy EXCEPT

  1. Use gross building square footages. The pluses and minuses all average out.
  2. Look at each activity independently and don't follow specific logic paths when assigning activity durations.
  3. Divide activities into smaller activities. This will increase activity detail and duration estimate accuracy.
  4. Use the people responsible for performing the work as a resource to assign activity durations.

Answer(s): A



You are developing a detailed critical path schedule for a proposed petrochemical plant. The schedule will become a part of the project baseline document, which will be sent to the company's board of directors for its consideration.
What document or resource is likely to be MOST valuable in determining the schedule's work activity durations?

  1. Industry publications.
  2. Critical path schedules prepared by you for similar completed projects.
  3. The Petrochemical Industry New Plant Task Duration Handbook.
  4. The cost estimate for the plant prepared by your firm's estimating department.

Answer(s): B



Free float is the

  1. Difference between the early dates and late dates of an activity.
  2. Amount of time the early start of an activity can be delayed without impacting the early start of the successor activity.
  3. Difference between the early finish dates and late finish dates of an activity.
  4. Difference In float value of the critical path activities and the float value of the specific activity being analyzed.

Answer(s): B



What is a key first step in developing a critical path method schedule?

  1. Drawing a bar chart of the key phrases of the work.
  2. Defining the execution plan to meet the required scope of work.
  3. Setting out the resource to be used and its limitations.
  4. Drawing the logic diagram.

Answer(s): D



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