Guide - Section 2.4 (DECK #1) - Planning Performance

Question 1

What is a quantitative assessment
of the likely amount or outcome of a variable,
such as project costs, resources, effort, or durations called?

Answer 1

Estimate

Question 2

Accuracy vs Precision

Answer 2

Accuracy - assessment of correctness

Precision - assessment of exactness (may not be correct)

Question 3

What is a Schedule Compression Technique
used to shorten the schedule
for the least incremental cost?

What are the key components of this method?

Answer 3

Project Crashing
1. additional resources required
2. simultaneous tasks running at the same time (requires no dependencies on tasks at hand)

An alternative description is… Project crashing is a schedule compression technique in which you bring in additional resources to complete two tasks simultaneously.

Question 4

What are some examples of additional resources
used in project crashing? (3)

Answer 4

1. adding people
2. working overtime
3. paying to expedite deliveries

Question 5

What is meant by “the least incremental cost”?

Answer 5

The least incremental cost is
how much it would cost
to add one additional unit
of product (task) being produced (completed).

Question 6

What is a schedule compression method
in which activities or phases,
normally done in sequence are performed in parallel
for at least a portion of their duration?

Describe two key components of this method?

Answer 6

Fast Tracking

1. does NOT require additional resources
2. requires no dependencies between tasks to be completed simultaneously

Question 7

What often entails applying leads and lags along a network path?

Answer 7

Fast Tracking

Question 8

What is a lead and when is it used?

Answer 8

A lead is used when fast tracking a project.

It is when the work of a successor activity is accelerated,
typically when it is started before the predecessor has finished.

Question 9

What is a lag and when is it used?

Answer 9

A lag is a delay of a successor activity. It represents the time gap between the completion of one activity and the start of another.

Used when changing the type of relationship between activities (finish to start, finish to finish, start to start), and then applying a lag.

Question 10

How are positive and negative lags defined?

Answer 10

Positive lags represent a waiting period between activities

Negative lags represent a situation where the second activity begins before the first one is completed.

Question 11

What are the possible impacts of lags?

Answer 11

Positive impacts are when lags can help manage (resource allocation) and (sequencing of tasks)

while negative impacts are when lags can lead to errors, rework, or delays in project completion.

Question 12

When are leads and lags typically identified?

Answer 12

They are typically identified and managed during project planning and scheduling.

Question 13

When and How should
**Schedule Compression Techniques **
be used?

Answer 13

When a project is not on track to meet a deadline.

Using both techniques together is the best way to expedite project delivery, but you can also use only one technique if necessary. For example, if you don’t have the budget to hire more team members, project crashing may not be possible.

Question 14

What is a budget in project management terms?

Answer 14

The approved estimate for

1. the project
2. or any work breakdown structure (WBS) component
3. or any schedule activity

Question 15

What is the purpose of project planning?
Hint (PDAD)

Answer 15

To proactively
develop an approach
to create the project deliverables

Question 16

What drives the outcomes
the project was undertaken to achieve?

Answer 16

Project Deliverables

Question 17

What high level planning
may begin prior to project authorization?

Answer 17

Initiation and progressive elaboration of project documents such as:
* vision statement
* project charter
* business case
* any other document that defines a coordinated path to achieve the desired outcomes

Question 18

What is the triple bottom line?

Answer 18

A business concept that posits…
firms should commit to measuring their social and environmental impact—in addition to their financial performance—rather than solely focusing on generating profit, or the standard “bottom line.” It can be broken down into “three Ps”: profit, people, and the planet.

Question 19

What assessment considers the impacts of materials and processes with regards to sustainability, toxicity, and the environment when desinging products?

Answer 19

product life cycle assessment

Question 20

What do project teams use
to confirm stakeholder expectations
and provide stakeholders with the information they need
to make decisions, take action, and maintain alignment
between the project and stakeholders?

Answer 20

Planning Artifacts

Question 21

What is Progressive Elaboration?

Answer 21

Progressive elaboration involves
continuously improving and detailing a plan
as more detailed and specific information
and more accurate estimates
become available.

Question 22

What does Progressive Elaboration allow?

Answer 22

Progressive elaboration allows…
a project management team
to define work
and manage work
to a greater level of detail as the project evolves.

Question 23

What are 4 types of dependencies?

Answer 23

1. Discretionary
2. External
3. Internal
4. Mandatory