CAPM MOD-7 Flashcards
(5) Steps to Create Budget
- Cost estimate
- Add Up Activities (Cost Baseline)
- Add Reserves
- Liaison w/Senior Management
- Present for Approval
What Effect can multiple critical paths have?
Higher level of risk
What are critical activities?
- Vital to project schedule success
- May not be on critical path
Ho do you find critical path?
Path w/most days
What does not have any float?
Critical Path
Float
Time in activity can be delayed/extended without delaying finish date
Critical path
- Longest Path
- Shortest Duration
What effect does crashing usually have on project?
Increases project costs
Fast Tracking
Overlapping Activities
Crashing
Adding People/Equipment to Critical Activities
What does negative float mean?
Dates not feasible without changing plan?
How do you calculate float?
Early finish date - Late finish date
How do you perform backward pass?
- Assign finish date to end milestone
_ Each activity gets start/finish
What does backward pass represent?
Late start/finish dates
How do you do a forward pass?
- Assign start date to start milestone
- Left to right
- Assign start/finish dates to each activity/milestone
What does a forward pass represent?
- Earliest possible finish date
- Shortest duration
(3) Steps to estimated durations
- Forward pass
- Backward pass
- Calculate float
Except for first/last milestone, what must every milestone/activity be connected by?
- Predecessor
- One successor
Does a milestone have durations/resources assigned?
No
Steps to develop a project schedule? (1-3)
- Identify milestones
- Specify activities (WBS)
- Sequence (Put in order)
Steps to develop a project schedule? (4-5)
- Estimate resources
- Determine Duration
What does a schedule depend on?
Creating a WBS
What is a Work Breakdown Structure?
- Total Scope of work to be completed by team
- Break down into individual tasks
Scope creep
uncontrolled scope expansion w/out changes on schedule or budget
What does scope define?
What is to be delievred
(3) Types of baselines found in project management plan
- Scope baseline
- Schedule baseline
- Cost baseline
What type of approach uses a project management plan?
Predictive
Time Materials contract
- Cost-Reimbursable
- Fixed Price
Cost-Plus Contact
- Seller pays for actual costs
AND - Fee for sellers profit
(3) Types of procurement contracts
- Fixed Price
- Cost Plus
- Time/Materials
First step in planning for resources
Estimate activity resources
What can PM tailor in predictive approach?
- Engagement
- Tools
- Methods
- Processes
What approach for intangible products?
Agile
What approach for physical products?
Predictive
What factors should you consider when tailoring a predictive life cycle?
- Product/Deliverable
- Project Team
- Culture
Importance of charter (1-3)
- Authorizes start
- High Level requirements
- Shared understanding
Importance of charter (4-5)
- Identify stakeholders
- How project links to ongoing work
