Schedule Management

Correct Answer: Schedule Network Analysis

The best technique to use when a project manager discovers an error in the initial time estimation of a few tasks causing a delay in the project, is 'Schedule Network Analysis'. This technique helps in identifying the early and late start and end dates for the uncompleted segments of project work. It further aids in recalculating the project schedule, thus serving the required purpose in this scenario. 'Decomposition', on the other hand, is a technique used to divide and subdivide the project scope and project deliverables into smaller, more manageable parts, and is not the appropriate method for recalculating a schedule. 'Variance Analysis' involves comparing actual project performance to planned or expected performance, but does not support recalculation of the project timeline. 'Monte Carlo Simulation', although a technique used in risk analysis, does not specifically aid in the recalculation of the project schedule either.

Correct Answer: Critical Path Method (CPM)

The Critical Path Method (CPM) is the best tool to use in this case since it helps in scheduling, planning and controlling in project management and specifically aids in determining the longest sequence of tasks in a project. An acceleration in the project schedule will require an adjustment of this sequence and the allocation of additional resources, thus making CPM the most suitable tool to apply. On the other hand, Resource leveling is a technique in project management that involves smoothing out the resource allocation so that the demands for resources do not exceed the supply which isn't specifically aligned with schedule acceleration. Therefore, it is not the best answer. The Monte Carlo Simulation is a risk analysis technique used to understand the impact of risk and uncertainty in prediction and forecasting models. This tool wouldn't be the most effective for adjusting the project schedule to meet an earlier deadline. Lastly, a PERT chart is a statistical tool, often used in project management, designed to analyze and represent the tasks involved in completing a given project. While useful, it's a more effective tool for visualizing the timeline and dependencies of a project, not necessarily for accelerating the schedule or adjusting resources.

Correct Answer: The project is behind schedule

The Schedule Performance Index (SPI) is a measure used in project management to indicate how efficiently the project time is being utilized. It is calculated as the ratio of Earned Value (EV) to the Planned Value (PV). If the SPI is less than 1, it indicates that the project is behind schedule because it is not achieving the planned value as expected. In this case, the SPI is 0.8, which indicates that the project is behind schedule. The other options are incorrect: 'The project is ahead of schedule' is wrong because an SPI greater than 1 indicates this scenario. 'The project is on schedule' is wrong because an SPI of exactly 1 suggests this. 'The SPI is insufficient to determine the project schedule performance' is incorrect because the SPI is specifically designed to determine the schedule performance.