6. Project time management

Question 1

List the time management processes and their corresponding process groups!

Answer 1

1. Plan schedule management (planning)
2. Define activities (planning)
3. Sequence activities (planning)
4. Estimate activity resources (planning)
5. Estimate activity durations (planning)
6. Develop schedule (planning)
7. Control schedule (planning)

Question 2

What does the network diagram show in its purestform? What can be seen on an “activity box”?

Answer 2

Just dependencies (logical relationships)

Question 3

List seven things to know about estimating for the exam, i.e. basis for estimating, who should do it, constraings, padding, etc.

Answer 3

• Management plans are the basis for estimating
• Estimating should be based on WBS
• Estimating should be done by the person doing the work
• Historical information is a means to improve estimates
• PM should never just accept constraints from management
• PM should periodically recalculate estimate to completion
• Padding is not allowed

Question 4

What are leads and lags?

Answer 4

A lead indicates that an activity can start before its predecessor is completed

A lag is waiting time between two activities

Question 5

How is the standard diagramming method called?

Answer 5

Precedence diagramming method or activity on node

Question 6

Which four types of dependencies exist?

Answer 6

• Mandatory (hard logic)
• Discretionary (soft logic or preferred, i.e. how the organization has chosen to do work)
• External (i.e. government)
• Internal (i.e. needs of the project)

Question 7

Explain the following estimation techniques:

• One-Point estimating
• Analogous (top-down) estimating
• Parametric estimating (regression and learning curve)
• Three-Point estimating (triangular and beta distribution)

Answer 7

• One-Point estimating: uses only one estimate per activity
• Analogous estimating: uses of historical information and expert judgement
• Parametric estimating: uses math and various variables
  
  • learning curve: 100th rom painted will take less time than the first
• Three point: uses optimistic, most likely and pessimitisc estimates
  
  • triangular: simple average
  • beta: weighted average

Question 8

Name the formulas for the triangular/simple/straight and beta/PERT distribution plus the formula for standard deviation!

Answer 8

Triangular: (P+M+O)/3

Beta: (P+4M+O)/6

Beta standard deviation: (P-O)/6

Question 9

Define float/slack in general and the following types

• total float
• free float
• project float

Answer 9

Float and slack mean the same thing

• Total float: Amount of time an activity can be delayed without delaying the project end date or milestones
• Free float: Amount of time and activity can be delayed without delaying the early start date of its successor
• Project float: Amount of time a project can be delayed without delaying completion date

Question 10

How to calculate float via the start and finish formula?

Answer 10

Start: Float = Late start - early finish

Finish: Late finish - early finish

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Question 11

What are fast tracking and crashing?

Answer 11

Fast tracking: Doing critical path activities in parallel (think of two cars driving side by side on the highway)

Crashing: Adding ressources to compress the schedule (think of a lot of people coming to help at a crash). Trade time for money!

Question 12

What are monte carlo analysis, resource leveling and resource smoothing?

Answer 12

Monte carlo analysis: Statistical technique to simulate project outcome based on three point estimate

Resource leveling: Technique to produce a smoothed schedule if resources are limited. Leveling lengthens the scheudle and increases cost in order to deal with limited resources

Resource smoothing: Modified form of leveling that does not delay completion dates of activities

Question 13

What is the critical chain method and what is its focus?

Answer 13

See the screenshot

Focus is on resources rather than on task order and regid scheduling