Ch 4: Project Time Management Flashcards
What is project time management?
What is included? (5)
the processes required to ensure timely completion of a project
includes:
- activity definition
- activity sequencing
- activity duration estimating
- Schedule development
- Schedule control
What are the primary reasons for conflicts on projects?
Schedule issues
What is activity definition?
goal is to ensure that project team members have a complete understanding of all the work they just do as part of project scope so they can start scheduling .
What is activity sequencing?
reviewing activities and determining dependencies between activities.
3 types of dependencies for an activity?
Mandatory: inherent on nature of work (a certain activity must be completed before this can start)
Discretionary: defined by project team
External: involve relationships between project and non project activities.
what is activity duration estimation?
What is a three point estimate?
after defining and determine sequence,
now must estimate duration.
Duration = actual amount of time worked on an activity (effort) plus elapsed time.
it’s an estimation that includes optimistic, likely, and pessimistic times.
Schedule development and schedule control are what?
Dev: determines the project start and end dates ****
-goal is to create realistic project schedule that provides a basis for monitoring project process
Control:
-uses important tools/techniques like Gantt charts, network diagrams, and critical path analysis.
What is a network diagram?
it’s a schematic display of the logical relationships along, or sequencing of, project activities.
CPM, PERT, PDM
What is slack / float time?
the amount of time an activity can be delayed without delaying a succeeding activity or the project finish date.
What are milestones?
How should milestones be set?
significant events on a project that normally have 0 duration.
should be tied to an event. better than an arbitrary date bc it makes the event the bad guy, and not the pm
Way to shorten the Critical path?
- changing the CP activities’ scope
- Crashing (makes cost and schedule trade-offs to obtain greatest amt of sched compression at least cost)
- Fast tracking (doing tasks in parallel or overlapping them)
What is a buffer? what is the best approach to using them?
it’s additional time to complete a project. best to add small bits to each task bc managemet won’t like seeing a huge addition at the end.
what is project cost management?
cost is a resource sacrificed or forgone to achieve a specific objective.
PCM process is required to ensure project is completed within an approved budget
What is:
- life cycle costing?
- cash flow analysis?
- sunk cost?
LCC: estimates the cost of a project plus maintenance costs on the product it produces
CFA: determines the estimated annual cost and benefits for a project
Sunk cost: costs already experienced with either decision. isn’t a criteria in project selection
What are the four Project cost management processes? (4)
- resource planning (determining what resource and quantity should be used)
- cost estimating (developing cost and resource estimates)
- cost budgeting (allocating overall cost estimates to individual work items to measure performance)
- cost control (controlling changes to the project budget)
