2nd 250 Cards Flashcards
What is the “Estimate Activity Durations” process?
This is analyzing each activity to determine how long each will take to accomplish.
What are the inputs of the “Estimate Activity Durations” process?
1) Project Management Plan
2) Project Documents:
a) activity List
b) activity attributes
c) assumption log
d) milestone list
e) resources calendars
f) risk register
g) resource break down structure
h) lessons learned register
i) project team assignments
j) resource requirements
3) Enterprise Environmental Factors
4) Organizational Process Assets
What are the tools and techniques of the “Estimate Activity Durations” process?
1) Expert judgment
2) analogous estimating
3) Parametric estimating
4) 3-Point estimating
i) optimistic
ii) realistic
iii) pessimistic
a) beta distributing
b) standard deviation
c) triangular distribution
5) Bottom-up estimating
6) Data analysis
7) Decision making
8) Meetings
What are the outputs of the “Estimate Activity Durations” process?
1) Duration estimates
2) Basis of Estimates
3) Project Documents Updates
What is an “activity list”?
This is the list of all the activities on the project. This list will be needed to estimate the duration of each activity.
What are “activity attributes”?
These provide more information about each activity This can include information that could affect the duration, such as location, leads, lags, and cost.
What is an “assumption log”?
This will keep track of any assumptions that are made during the project. Assumptions and constraints could affect how the schedule is built and may impact the lead and lag between activities.
What is a “milestone list”?
This is added to the sequence of activities.
What are “resource calendars”?
These show the availability of resources, which significantly affect the duration of each activity. If no resources are available, this negatively impacts the duration.
What is a “risk register”?
This lists all the identified project risks, as well as their impact and response. Risk response can lead to adding reserve time to activities.
What is a “resource break down structure”?
This the hierarchal breakdown of resources by their categories and types.
What is the “lessons learned register”?
The listing of all the lessons learned so far on the project. Previous lessons learned on the project can help to increase the accuracy of the duration estimates.
What is a “project team assignment”?
This is the listing of the project team that will be assigned to complete the work. The project manager needs to know what everyone is doing and for what duration.
What are “resource requirements”?
These are resources needed to complete each activity which affects the duration of each activity.
What is “analogous estimating”?
Aka top-down estimating. This relies on historical information to assign a current duration to the activities. It is based on a limited amount of information. It is a quick method, but considered less accurate.
What is “parametric estimating”?
This uses a mathematical algorithm to calculate cost or duration. The algorithm is based on historical data and variables. This type can be very accuate.
What is “3-point estimating”? What are the 3 different types of this estimation process?
Utilizing 3 different valuables to calculate the duration or cost of an activity.
1) Optimistic
2) Realistic
3) Pessimistic
What is “PERT”?
Program Evaluation and Review Technique
What is the formula for “PERT Beta Distribution”?
This is adding ( optimistic + 4 * realistic + pessimistic ) / 6 variables. aka weighted average.
What is the formula for “Standard Deviation”?
( Pessimistic - Optimistic ) / 6
This is used to offer a range of a project.
What is “triangular distribution”?
This is the average of 3 variables.
What is “bottom-up estimating”?
Usually the most accurate method. It is breaking down the work of the project to the most basic level and then aggregating the work back up to determine the duration.
What is “reserve analysis”?
This is adding extra time to duration for risks.
What are “duration estimates”?
This is an estimate of how long something takes to complete.
What is a “basis of estimates”?
This document details how the estimates were developed and their ranges.
What is the “develop schedule process”?
This process creates the schedule baseline and the project schedule. Be aware this is an iterative process and is done throughout the project.
What are the inputs of the “Develop Schedule Process”?
1) Project Management Plan
2) A bunch of project documents
3) Agreements
4) Enterprise Environmental Factors
5) Organizational Process Assets
What are the tools and techniques of the “Develop Schedule Process”?
1) Schedule Network Analysis
2) Critical Path Method
3) Resources Optimization Techniques.
1) Resource Leveling
2) Resource Smoothing
4) Data Analysis
5) Leads and Lags
6) Schedule Compression
i) Crashing
ii) Fast-tracking
7) Project Management Information System
8) Agile Release Planning
What is the “critical path method”?
This is the longest path through a network diagram.
What is “resource leveling”?
This is a technique where the PM extends the activity dates or resequencing activities to accommodate the resource constraints. This often increase the length of the critical path.
What is “resources smoothing”?
This allows activities to change if there is a float. This does not change critical path.
What is “crashing a schedule”?
This is adding more resources to activities to complete them faster.
What is “fast-tracking a schedule”?
This is changing the order of the activities so that some are done in parallel instead of sequentially.
What is “agile release planning”?
This is releasing a project in smaller iterations.
What are the outputs of the “Develop Schedule Process”?
1) Schedule baseline
2) Project Schedule
i) Gantt (bar) chart
ii) Milestone chart
iii) Project Schedule Network Diagrams
3) Schedule data
4) Project calendars
5) Change requests
6) Project Management Plan Updates.
What is a “Gantt Chart”?
It is a time-phased graphical display of activity start dates, end dates, and durations. The bars depicting duration make it easy to read.
What is a “Milestone Chart”?
These only show the major deliverables. Durations in time do not have duration connected with the milestones.
What is the “Control Schedule Process”
This is controlling the project work to ensure it will be completed by the deadline. This is the daily task of keeping the project on schedule.
What are the outputs of the “control schedule” process?
1) Project Management Plan
2) Project Documents including
i) project schedule
ii) Schedule Data
iii) Resource Diagrams
iv) lessons learned register
v) project calendars
3) Work performance data
4) Organizational Process Assets
What are the tools and techniques of the “control schedule” process?
1) Data analysis
i) Earned value analysis
ii) Iteration burndown chart
iii) Performance reviews
iv) what-if scenario
2) Critical path method
3) Project management information systems
4) Leads and Lags
5) schedule compression
What are the “outputs” of the Control Schedule process?
1) Work Performance Information
2) Schedule forecasts
3) change requests
4) Project Management plan updates
5) project document updates
What are “schedule forecasts”?
This is the forecast of when work could be done.
What is “T-Shirt Sizing”?
An Agile planning high-level relative estimation where a T-shirt size is assigned to different stories on the project. The size basically corresponds to the amount of work that needs to be completed.
What is “Planning poker”?
An Agile planning tool used to assign a Fibonacci number to a poker card based on how much work needs to get done on the project.
What is a “Cumulative Flow Diagram (CFD)”?
It is a diagram able to track how much work is getting done on a project while seeling the number of points “piling up” in a cumulative total on the diagram
What is “team velocity”?
A diagram that shows how many pots or things can be done in an interation.
What is a “burn chart”?
It is an agile chart that showcases how much work has been done on a project. One line shows the total amount and one line shows the amount done on each project as a cumulative total. Charts can be “burn-up” or “burn-down”.
What is “lead time”?
This is how long it takes to go through an entire process.
What is “cycle time”?
This is how long it takes to go through a part of the process. Aka work in progress.
What is the formula for cycle time?
Cycle time = (work in progress) / throughput
What is the “critical path method”?
It is figuring out the slowest time (or longest path) frame to finish a project.
Do the activities on the critical path have any slack?
No
In the critical path method, what is “ES”?
Early Start. The earliest you can start an activity without delaying the project end date.
In the critical path method, what is “LS”?
Late Start. The latest you can start a n activity without delaying the project end date.
In the critical path method, what is “EF”?
Early Finish. The earliest you can finish an activity without delaying the project end date.
In the critical path method, what is “LF?
Late Finish. The latest you can finish the activity without delaying the project end date.
How to calculate the slack for ES & LS, or LF & EF?
LS - ES = Slack
LF - EF = Slack
In the calculation of the late start or finish, what is the #1 thing to remember?
That we need to subtract or add one depending on the formula because we don’t actually work on the first day.
What is an easy formula when calculating the critical path, and the latest and earliest finish
Just subtract 1 from the duration and work the math backward.
Which way does one start calculating the earliest start or latest finish in critical path calculations?
First backward from the finish for the earliest start. Then forward through the diagram for the latest finish.
What is “cost management” about?
It is about creating the cost baseline (project budget) and ensuring the project stays on budget.
What is a “variable cost”?
This changes as the project progresses.
What is “fixed cost”?
This cost stays the same as the project progresses.
What is “direct cost”?
This cost in included in the cost baseline.
What is “indirect cost”?
This is a cost not included specifically in the baseline.
What is a “sunk cost”?
The is the amount of money that has already been spent on a project.
What is “value engineering” or “value analysis”?
This is the analysis performed to find a less costly way of completing work.
How is budgeting done on an Agile project versus a traditional project?
On an Agile project, funding is done incrementally, while on a traditional project, it is done upfront.
What is “Plan Cost Management”?
This is the process to create the cost management plan.
What are the inputs of “Plan Cost Management” process?
1) Project management plan
2) Project charter
3) Enterprise environmental factors
4) Organizational process assets.
What are the tools utilized to create the “Plan Cost Management” process?
1) Expert judgment
2) Data analysis
3) Meetings
What are the outputs of the “Plan Cost Management” process?
1) Cost management plan.
What is a “cost management plan”?
This is a plan to direct us how to estimate the cost of each activity, create the project budget, and monitor and control the cost of the project.
What is the “Estimate Costs” process?
This is an analysis of each individual activity and to assign a cost to each activity.
What should the estimated cost of each activity include?
This should include labor, material, equipment, services, and facilities. If it is over a length of time, it should include inflation.
What is ROM?
Rough Order of Magnitude
This is very inaccurate. Has a rance of -25% to +75% variance.
What is a “budget estimate”?
Better than ROM, has a variance of approximately -10% to +25% of budget or phase.
What is a “definitive estimate”?
This is often the best estimate that you can get, ranging -5% to +10%. Considered very accurate.
What are the inputs of the “Estimating Costs” Process?
1) Project Management Plan
a) Cost management plan
b) quality management plan
c) scope baseline.
2) Project Documents
a) Project schedule
b) risk register
c) lessons learned register
d) resource requirements
e) enterprise environmental factors
f) organizational process assets
What are the tools to create the “Estimating Costs” Process?
1) Expert judgment.
2) Analogous estimating
3) Parametric estimating
4) Bottom-up estimating
5) 3-point estimating
6) Data analysis
a) Reserve analysis
b) Cost of quality
7) Project management information system
8) Decision making
What is “reserve analysis”?
This is the reserved time added to cover work risks.
All project work has some kind of risk unknown, and this accounts for that risk.
What is “cost of quality”?
This is the amount of money spent to ensure quality requirements are met on a project.
What are the outputs of the “Estimating Costs” Process?
1) Cost estimates
2) Basis of estimates
3) Project Documents Updates
What is the “Determine Budget” process?
This process is where we take all the activity cost estimates and aggregate the cost into the project cost baseline (budget).
The project performance is measured against the cost baseline when the project is executed.
What are the inputs of the “Determine Budget” process?
1) Project Management Plan
a) cost management plan
b) resource management plan
c) scope baseline.
2) Project documents
a) Activity cost estimates
b) basis of estimates
c) project schedule
d) risk register
3) Business documents
4) Agreements
5) Enterprise environmental factors
6) Organizational process assets
What are the tools to create the “Determine Budget” process?
1) Cost aggregation
2) Expert judgement
3) Historical information review
4) Funding limit reconciliation
5) Financing
6) Data analysis
What are the tools to create the “Determine Budget” process?
1) Cost baseline
2) Project funding requirements
3) Project document updates
What does the “cost baseline” include?
This represents the project cost, which includes the contingency reserves.
The total budget of the project is the cost baseline + the management reserves.
What is the “Control Costs” process?
This process is a monitoring and controlling process where we try to keep the project on budget.
In this process, we look for variances to investigate and determine the best course of action.
Almost all phases have cost control in them.
What are the inputs of the “Control Cost” process?
1) Project management plan
2) Project documents
3) Project funding requirements
4) Work performance data
5) Organizational process assets
What are the tools to create the “Control Cost” process?
1) Expert judgment
2) Data Analysis
a) earned value analysis
b) reserve analysis
c) variance analysis
d) trend analysis
3) To-Complete Performance Index (TCPI)
4) Project management information system
What is “To-Complete Performance Index (TCPI)”?
This is how we measure the level of work that needs to be done to finish the project within the budget.
What are the outputs of the “Control costs” process?
1) Work performance information
2) Cost forecasts
3) Change requests
4) Project Management Plan Updates
5) Project Documents Updates
6) Organizational Process Assets Updates
What is “Agile and Hybrid Cost Management”?
Agile budgeting is linked to different iterations, the more iterations, the higher the budget of the project.
Possible outcomes:
1) Burn rate = average cost per hour per person.
2) Cost per feature
3) hybrid between traditional & hybrid.