CAPM MOD-7 Flashcards

1
Q

(5) Steps to Create Budget

A
  • Cost estimate
  • Add Up Activities (Cost Baseline)
  • Add Reserves
  • Liaison w/Senior Management
  • Present for Approval
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2
Q

What Effect can multiple critical paths have?

A

Higher level of risk

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3
Q

What are critical activities?

A
  • Vital to project schedule success
  • May not be on critical path
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4
Q

Ho do you find critical path?

A

Path w/most days

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5
Q

What does not have any float?

A

Critical Path

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6
Q

Float

A

Time in activity can be delayed/extended without delaying finish date

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7
Q

Critical path

A
  • Longest Path
  • Shortest Duration
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8
Q

What effect does crashing usually have on project?

A

Increases project costs

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9
Q

Fast Tracking

A

Overlapping Activities

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10
Q

Crashing

A

Adding People/Equipment to Critical Activities

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11
Q

What does negative float mean?

A

Dates not feasible without changing plan?

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12
Q

How do you calculate float?

A

Early finish date - Late finish date

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13
Q

How do you perform backward pass?

A
  • Assign finish date to end milestone
    _ Each activity gets start/finish
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14
Q

What does backward pass represent?

A

Late start/finish dates

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15
Q

How do you do a forward pass?

A
  • Assign start date to start milestone
  • Left to right
  • Assign start/finish dates to each activity/milestone
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16
Q

What does a forward pass represent?

A
  • Earliest possible finish date
  • Shortest duration
17
Q

(3) Steps to estimated durations

A
  1. Forward pass
  2. Backward pass
  3. Calculate float
18
Q

Except for first/last milestone, what must every milestone/activity be connected by?

A
  • Predecessor
  • One successor
19
Q

Does a milestone have durations/resources assigned?

20
Q

Steps to develop a project schedule? (1-3)

A
  1. Identify milestones
  2. Specify activities (WBS)
  3. Sequence (Put in order)
21
Q

Steps to develop a project schedule? (4-5)

A
  1. Estimate resources
  2. Determine Duration
22
Q

What does a schedule depend on?

A

Creating a WBS

23
Q

What is a Work Breakdown Structure?

A
  • Total Scope of work to be completed by team
  • Break down into individual tasks
24
Q

Scope creep

A

uncontrolled scope expansion w/out changes on schedule or budget

25
What does scope define?
What is to be delievred
26
(3) Types of baselines found in project management plan
1. Scope baseline 2. Schedule baseline 3. Cost baseline
27
What type of approach uses a project management plan?
Predictive
28
Time Materials contract
- Cost-Reimbursable - Fixed Price
29
Cost-Plus Contact
- Seller pays for actual costs AND - Fee for sellers profit
30
(3) Types of procurement contracts
- Fixed Price - Cost Plus - Time/Materials
31
First step in planning for resources
Estimate activity resources
32
What can PM tailor in predictive approach?
1. Engagement 2. Tools 3. Methods 4. Processes
33
What approach for intangible products?
Agile
34
What approach for physical products?
Predictive
35
What factors should you consider when tailoring a predictive life cycle?
1. Product/Deliverable 2. Project Team 3. Culture
36
Importance of charter (1-3)
1. Authorizes start 2. High Level requirements 3. Shared understanding
37
Importance of charter (4-5)
4. Identify stakeholders 5. How project links to ongoing work