Estimate Activity Durations

Question 1

What is the purpose to Estimate Activity Durations?

Answer 1

Process of estimating the number of work periods needed to complete individual activities with estimated resources.

Question 2

What is Effort?

Answer 2

The amount of work units or labor units necessarily to finish an activity. (i.e. 4 hours, 6 weeks, etc.)

Question 3

What is Duration?

Answer 3

The number of work periods needed to complete an activity.

Question 4

What’s the difference between Effort and Duration?

Answer 4

A resource could spend 10 hours (effort) over 3 weeks (duration) reviewing a specifications.

Question 5

What is Standard Deviations (Sigma)?

Answer 5

Percentage chance of being within the mean (range). ( 1 Sigma = 68.26%, 2 Sigma = 93.26%, 3 Sigma = 99.73%, 6 Sigma + 9.99984%)

Question 6

What are the tool and techniques to Estimate Activity Duration?

Answer 6

1) Expert Judging, 2) Analogous Estimating, 3) Parametric Estimating, 4) Three-Point Estimating, 5) Group Decision Techniques, 6) Reserve Analysis

Question 7

What is Analogous Estimating (Top Down Estimating)?

Answer 7

Using similar previous project as a reference for your current project, making adjustments for know differences. Used when there is a limited amount of detail information about the project. Least accurate but fastest method.

Question 8

What is Parametric Estimating?

Answer 8

Estimating technique in which an algorithm is used to calculate cost or duration base on historical data and project parameters. Use per unit of value to come up with estimation.

Question 9

What is Three-Point Estimating?

Answer 9

Estimating technique used to estimate cost or duration by applying an average of optimistic (tO), pessimistic (tP), and most likely (tM) when there is uncertainty with the individual activity estimates.

Question 10

How do you determine Expected Duration (tE) in Triangular Distribution?

Answer 10

tE = (tO + tM + tP) / 3

Question 11

How do you determine Expected Duration (tE) in Beta Distribution (PERT)?

Answer 11

tE = (tO + 4tM + tP) / 6

Question 12

How do you determine Activity Standard Deviation?

Answer 12

SD = (tP - tO) / 6

Question 13

How do you determine Range of Estimate?

Answer 13

Expected Activity Duration +/- Activity Standard Deviation

Question 14

What is Reserve Analysis?

Answer 14

Analytical technique to determine contingency reserves to the schedule to account for uncertainties.

Question 15

What is Management Reserves?

Answer 15

Specified amount set aside for management control purpose and are reserved to address the “unknown-unknowns” that can affect a project.