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What does WBS stand for in project planning, and what is its primary purpose?

Work Baseline Schedule — a list of activities used as the project baseline

Work Breakdown Structure — a deliverable-oriented hierarchical decomposition of the total project scope into smaller, more manageable work packages

Weekly Budget Summary — a financial reporting tool

Workforce Balancing System — a resource leveling technique

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Key Facts: AACE PSP Exam

100 Qs

Free Practice Questions

OpenExamPrep

MCQ + Practical

AACE PSP Format

AACE International

RP 29R-03

Forensic Schedule Analysis

AACE International

RP 52R-06

Time Impact Analysis

AACE International

RP 49R-06

Identifying the Critical Path

AACE International

The PSP is AACE International's planning and scheduling specialist credential. The exam includes multiple-choice questions plus a practical exercise demonstrating planning and scheduling skills. PSP candidates are tested on AACE Recommended Practices including 24R-03 (Project Planning), 49R-06 (Identifying the Critical Path), 52R-06 (Time Impact Analysis), 53R-06 (Schedule Update Review), 29R-03 (Forensic Schedule Analysis), 14R-90 (Planner Skills), 54R-07 (EV Practitioner Skills), and 10S-90 (Cost Engineering Terminology). Always verify current fees, structure, and eligibility on the official AACE PSP page.

Sample AACE PSP Practice Questions

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1What does WBS stand for in project planning, and what is its primary purpose?

A.Work Baseline Schedule — a list of activities used as the project baseline

B.Work Breakdown Structure — a deliverable-oriented hierarchical decomposition of the total project scope into smaller, more manageable work packages

C.Weekly Budget Summary — a financial reporting tool

D.Workforce Balancing System — a resource leveling technique

Explanation: The Work Breakdown Structure (WBS) is a deliverable-oriented hierarchical decomposition of the total project scope into smaller components. The lowest level is the work package, which can be reliably estimated and scheduled. AACE RP 24R-03 (Project Planning) treats the WBS as the foundation for cost, schedule, and resource integration.

2In a Work Breakdown Structure, what is the lowest level of decomposition called?

A.Activity

B.Work package

C.Deliverable

D.Control account

Explanation: The lowest level of the WBS is the work package — the point at which scope, cost, and duration can be reliably estimated and managed. Activities are then derived from work packages during schedule development. Control accounts sit higher in the WBS as the formal points where scope, schedule, and budget are integrated for management control.

3What does the OBS (Organizational Breakdown Structure) define on a project?

A.The hierarchy of project deliverables

B.The hierarchy of organizational units responsible for performing the work, used to assign accountability and integrate with the WBS to form control accounts

C.The list of equipment and materials required

D.The sequence of project activities

Explanation: The Organizational Breakdown Structure (OBS) maps the people and units performing the work. Crossing the OBS with the WBS produces control accounts — the integration points where responsibility, scope, schedule, and budget meet. This intersection is fundamental to performance measurement systems described in AACE RP 24R-03.

4What is a Resource Breakdown Structure (RBS) used for?

A.A hierarchy of project risks

B.A hierarchical list of resources by category and type used for planning, estimating, and reporting resource usage

C.A breakdown of customer requirements

D.A list of regulatory requirements

Explanation: The Resource Breakdown Structure (RBS) groups required resources hierarchically — for example, labor by trade, equipment by type, and materials by category. It supports resource loading the schedule, building histograms, and rolling up cost. Note that 'RBS' can also refer to a Risk Breakdown Structure depending on context, but in PSP planning it is most commonly the resource hierarchy.

5Which AACE Recommended Practice provides guidance on Forensic Schedule Analysis?

A.RP 14R-90

B.RP 24R-03

C.RP 29R-03

D.RP 49R-06

Explanation: AACE RP 29R-03 'Forensic Schedule Analysis' is the definitive industry guide for analyzing schedule delays after the fact. It catalogs nine implementations grouped as observational versus modeled, additive versus subtractive, and contemporaneous versus modified or retrospective. PSP candidates must recognize 29R-03 as the forensic baseline document.

6In Critical Path Method (CPM), how is Total Float calculated for an activity?

A.TF = LS - ES (or equivalently LF - EF)

B.TF = ES - LS

C.TF = EF + LF

D.TF = Duration - Lag

Explanation: Total Float is the amount of time an activity can be delayed from its early start without delaying project completion. It equals Late Start minus Early Start, or equivalently Late Finish minus Early Finish (TF = LS − ES = LF − EF). Activities with TF = 0 are on the critical path. AACE RP 49R-06 'Identifying the Critical Path' uses this definition.

7How is Free Float calculated between a predecessor activity and its successor in a Finish-to-Start relationship with a lag?

A.FF = LF_predecessor - EF_predecessor

B.FF = ES_successor - EF_predecessor - lag

C.FF = LS_successor - ES_predecessor

D.FF = Duration_successor - Duration_predecessor

Explanation: Free Float is the time an activity can be delayed without delaying the early start of any successor. For an FS relationship: FF = ES_successor − EF_predecessor − lag. Free float is always less than or equal to total float and is used to identify activities whose delay does not consume float on downstream activities.

8Activities A (5 days) → B (10 days) → C (4 days) form a single chain with FS relationships and no lags. What are the Early Start (ES) and Early Finish (EF) of activity C, assuming the project starts on day 0?

A.ES = 14, EF = 18

B.ES = 15, EF = 19

C.ES = 9, EF = 13

D.ES = 10, EF = 14

Explanation: Using the day-numbering convention (project start at day 0): A: ES=0, EF=5; B: ES=5, EF=15; C: ES=15, EF=19. Forward pass propagates EF of the predecessor as the ES of the successor in an FS relationship with no lag. Total project duration is 19 days.

9What does a backward pass through a CPM network calculate?

A.Early Start and Early Finish dates

B.Late Start and Late Finish dates by working backward from the project finish using the latest allowable dates

C.Total cost of each path

D.Resource demand by period

Explanation: The backward pass starts at the project finish (or imposed finish constraint) and propagates Late Finish (LF) and Late Start (LS) values upstream through predecessor relationships. Together with the forward pass, it enables calculation of Total Float (TF = LS − ES) and identification of the critical path (TF = 0).

10Which set of relationships is supported by Precedence Diagramming Method (PDM) but NOT by Arrow Diagramming Method (ADM/AOA)?

A.Finish-to-Start only

B.Start-to-Start, Finish-to-Finish, Start-to-Finish, and Finish-to-Start with leads or lags

C.Mandatory and discretionary dependencies

D.External and internal dependencies

Explanation: PDM (Activity-on-Node) supports four relationship types — Finish-to-Start (FS), Start-to-Start (SS), Finish-to-Finish (FF), and Start-to-Finish (SF) — and allows leads and lags. ADM/AOA (Activity-on-Arrow) supports only Finish-to-Start relationships and often requires dummy activities to model logic. PDM is the dominant network technique in modern scheduling software.

About the AACE PSP Exam

The AACE Planning and Scheduling Professional (PSP) credential certifies expertise in project planning, CPM scheduling, schedule control, schedule risk analysis, earned value, and forensic schedule analysis. The exam includes multiple-choice questions and a practical exercise grounded in AACE Recommended Practices.

Assessment

Multiple-choice questions plus a practical exercise (skills demonstration)

Time Limit

Approximately 5 hours total (MCQ + practical)

Passing Score

Determined by AACE International (composite minimum across MCQ and practical)

Exam Fee

AACE member / non-member fees apply — verify current pricing on the official PSP page (AACE International)

AACE PSP Exam Content Outline

15%

Planning Fundamentals

WBS, OBS, RBS, work packages, scope definition, and deliverables per RP 24R-03 and RP 14R-90.

25%

Scheduling Techniques

CPM forward/backward pass, total and free float, critical path, PDM vs ADM, PERT, ladders, and fragnets.

15%

Resource Planning and Leveling

Resource histograms, leveling vs smoothing, productivity, S-curves, and lookahead schedules.

15%

Schedule Control and Monitoring

Baseline schedules, schedule updates, Time Impact Analysis (RP 52R-06), what-if analysis, and update reviews (RP 53R-06).

10%

Schedule Risk Analysis

Monte Carlo simulation (Primavera Risk Analysis, Acumen Risk, Safran Risk), three-point estimates, and schedule contingency.

10%

Earned Value and Earned Schedule

PV, EV, AC, SV, SPI, ES, SPI(t), SV(t), IEAC(t), and integration of cost and schedule per RP 54R-07.

10%

Claims and Forensic Schedule Analysis

RP 29R-03 methods — observational vs modeled, additive vs subtractive, contemporaneous vs retrospective, windows analysis, collapsed as-built, and TIA.

How to Pass the AACE PSP Exam

What You Need to Know

Passing score: Determined by AACE International (composite minimum across MCQ and practical)
Assessment: Multiple-choice questions plus a practical exercise (skills demonstration)
Time limit: Approximately 5 hours total (MCQ + practical)
Exam fee: AACE member / non-member fees apply — verify current pricing on the official PSP page

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

AACE PSP Study Tips from Top Performers

1Read AACE RP 24R-03 (Project Planning) and 14R-90 (Planner Skills) to anchor planning fundamentals — WBS, OBS, RBS, work packages, deliverables.

2Master CPM math by hand: forward pass (ES, EF), backward pass (LS, LF), total float (TF = LS − ES), and free float (FF = ES_succ − EF_pred − lag).

3Memorize the four PDM relationships (FS, SS, FF, SF) and how leads/lags affect each — and know that ADM/AOA supports only FS.

4Study RP 49R-06 to internalize how the critical path is identified and how it can shift across updates.

5Learn RP 52R-06 prospective TIA mechanics: insert delay fragnet into the contemporaneous updated schedule, recalculate, compare to prior projected finish.

6Study RP 29R-03 forensic methods: classify each by observational vs modeled, additive vs subtractive, contemporaneous vs retrospective.

7Practice EVM and earned schedule formulas: SPI = EV/PV, SPI(t) = ES/AT, IEAC(t) = PD/SPI(t), and explain why traditional SPI converges to 1.0 late in a project.

8Distinguish resource leveling (may extend project) from resource smoothing (uses float, no project extension).

Frequently Asked Questions

What is the AACE PSP certification?

The Planning and Scheduling Professional (PSP) is AACE International's credential for project planning and scheduling specialists. It validates expertise in WBS-based planning, CPM scheduling, schedule control, risk analysis, earned value, and forensic schedule analysis grounded in AACE Recommended Practices.

What is the format of the AACE PSP exam?

The PSP exam combines multiple-choice questions with a practical exercise that requires applying planning and scheduling concepts to a structured scenario. The practical exercise is a hallmark feature distinguishing PSP from purely MCQ scheduling credentials. Always confirm the current format on the official AACE PSP page.

Which AACE Recommended Practices are critical for PSP?

Foundational RPs include 14R-90 (planner skills), 24R-03 (project planning), 10S-90 (terminology), 49R-06 (identifying the critical path), 52R-06 (time impact analysis), 53R-06 (schedule update review), 29R-03 (forensic schedule analysis), and 54R-07 (earned value practitioner skills).

How does PSP differ from PMI-SP?

Both target scheduling professionals. PSP is administered by AACE International and emphasizes AACE Recommended Practices and forensic schedule analysis. PMI-SP is administered by PMI and aligns with PMI standards and PMBOK. Many practitioners hold both credentials.

Is forensic schedule analysis covered on the PSP exam?

Yes. AACE RP 29R-03 forensic methods are central to PSP. Candidates should know the categorization of methods (observational vs modeled, additive vs subtractive, contemporaneous vs retrospective), as well as windows analysis, time impact analysis, collapsed as-built (but-for), and concurrency concepts.

Is Monte Carlo simulation covered on the PSP exam?

Yes. Schedule risk analysis topics include Monte Carlo simulation, three-point estimating, beta-PERT and triangular distributions, sensitivity (tornado) analysis, merge bias, and contingency selection (P50/P80). Familiarity with tools such as Primavera Risk Analysis, Acumen Risk, and Safran Risk is helpful context.

What scheduling software should I know?

PSP is tool-agnostic — it tests scheduling concepts and AACE RPs rather than specific tools. However, hands-on familiarity with Oracle Primavera P6 and Microsoft Project (and risk tools like Primavera Risk Analysis or Acumen Risk) gives helpful intuition for CPM, calendars, constraints, and update mechanics.