Module 3

Question 1

What does project execution planned include?

Answer 1

• development of the work breakdown structure
• estimating
• scheduling
• planning work
• budgeting

Question 2

What are three ways to estimate time

Answer 2

• guess
• formula of highest lowest and most likely time spans
• request estimates for three different people then Make them agree

Question 3

How can pms improve time estimates

Answer 3

Tracking actual time taken to complete each task vs estimated time

Question 4

Explain time and materials billing

Answer 4

Client being billed based on actual amount of time worked and materials used to complete task

Question 5

Define critical path?

Answer 5

The critical tasks which must be completed on time.

Question 6

What is the first step of creating a work plan?

Answer 6

Identify the type of resources required for each task

Question 7

What is contingency

Answer 7

Money/time set aside which is intended to be spent on unforeseen problems that could not be planned for

Question 8

Should you include contingency on your labour budget?

Answer 8

No

Question 9

What are some events that may be covered by contingency

Answer 9

• Poor weather
• equipment failure
• loss of key team members
• changes in gov regs

Question 10

How much money is set aside for contingency usually?

Answer 10

0-20%

Question 11

What is a wbs?

Answer 11

Work breakdown structure

It identifies the tasks and sub tasks that are required to complete a project

Question 12

When should you stop breaking down the wbs into greater detail

Answer 12

When the time and financial resources required to complete the tasks can be reasonably estimated

Question 13

What is the critical pat, critical tasks and why are they important to the project manager

Answer 13

The longest sequence of tasks through the project and identifies the critical tasks

Critical tasks are those which must be completed on time in order to complete the project on time

Important for pms because it highlights those tasks that must be managed to ensure the project is not delayed

Question 14

What is a Gantt chart

Answer 14

A horizontal bar chart where the tasks are shown on the y axis and the time is on the x axis

Question 15

What percentage of the project budget should be set aside for contingency

Answer 15

The amount of contingency set aside for the project depends on the complexity of the project and the past practices of the organization

Question 16

How does assignment of tasks change to the project schedule during project planning

Answer 16

When creating a critical path, unlimited resources are assumed but in some cases, unlimited resources are unavailable

Sometimes it’s not feasible to complete tasks concurrently due to resource limitations

If resources must complete one task before moving in to a new task the project may be delayed

Resource limitations are part of project planning