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Project Management > Module 4 > Flashcards

Module 4 Flashcards

1
Q

Top-down (Macro) estimates

A

Rely on historical data and broader trends to inform estimates for current projects

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2
Q

Bottom-up (Micro) estimates

A

Involves breaking a project down into smaller tasks allowing resources, costs and time assigned to them. Allows for a more precise estimate for a project.

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3
Q

Apportionment

A

A method that ensures costs and resources are distributed fairly among different parts of a project.

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4
Q

Delphi Method

A

Panel of experts to gather insights and reach a consensus on a particular topic or question.

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5
Q

Direct Costs

A

Chargeable to a specific work package (Labor, materials, etc)

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6
Q

Function Points

A

A standard unit of measure used to assess the function size of software or a system

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7
Q

Learning Curve

A

A graphical representation that illustrates how the time or effort needed to perform a task decreases with repetition and experience.

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8
Q

Overhead costs

A

Refer to the ongoing expenses of operating a business that is not directly attributed to producing goods or services.

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9
Q

Phase Estimating

A

A technique used to estimate the costs, resources, and time required to complete different phases of stages of a project.

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10
Q

Range Estimating

A

A technique used to define possible values for project costs, durations, or resource requirements instead of providing a single-point estimate.

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11
Q

Ratio Method

A

A technique used to determine costs, durations, or other metrics based on established ratios derived from historical data or benchmark comparisons.

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12
Q

Reference Class Forecasting

A

A statistical technique that leverages historical data from similar projects to predict the outcomes of a new project.

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13
Q

White Elephant

A

A project that is over budget and undervalued, cost to maintain exceeds benefits

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14
Q

Template Method

A

It lays out the general steps for a project but allows you to customize certain parts of the process.

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15
Q

Time and Cost Estimates

A

Essential components that predict the duration and financial resources required to complete a project

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16
Q

Gross Margin

A

Difference between the price of the job and the costs of the job

17
Q

Net Margin

A

Profit Alone

18
Q

Markup

A

A job costs times a factor that covers direct costs, overhead costs and profit

19
Q

Gross Margin

A

Forecasted Dollar Volume - Job Cost

20
Q

Gross Margin Percentage

A

Gross Margin/Forecasted Dollar Volume

21
Q

Markup Factor

A

Forecasted Dollar Volume/Job Cost

22
Q

Activity

A

An element of the project that requires time but may not require resources

23
Q

Parallel Activities

A

Activities that can take place at the same time

24
Q

Burst Activity

A

An activity that has more than one activity immediately following it (more than one dependency arrow flowing from it)

25
Q

Merge Activity

A

An activity that has more than one activity immediately preceding it (more than one dependency arrow flowing to it)

26
Q

Path

A

A sequence of connected dependent activities

27
Q

Critical Path

A

The path with the most prolonged duration through the network

28
Q

Activity-on-Node (AON)

A

Uses a node to depict an activity

29
Q

Activity-on-Arrow (AOA)

A

Uses an arrow to depict an activity

30
Q

Forward Pass-Earliest Times

A
  • How soon can the activity start? (Early start-ES)
  • How soon can the activity finish? (Early finish-EF)
  • How soon can the project finish? (Expected time-TE)
31
Q

Backward Pass-Latest Times

A
  • How late can the activity start? (Late start-LS)
  • How late can the activity finish? (Late finish-LF)
  • Which activities represent the critical path? (Critical path-CP)
  • How long can the activity be delayed? (Slack or float-SL)
32
Q

Total Slack

A

The time an activity can be delayed and not delay the project

33
Q

Free Slack

A

The amount of time an activity can be delayed without delaying any immediately following activity

34
Q

Sensitivity

A

The likelihood the original critical path(s) will change once the project is initiated

35
Q

Lags

A

They represent the time that must pass before a dependent task can start, even if the predecessor task is completed.

36
Q

Hammock Activity

A

Describe a task that spans a period of time and encompasses several related activities or sub-tasks.

37
Q

GANTT Chart

A

Used to represent a project schedule visually

38
Q

Concurrent Engineering

A

Product development where different teams and tasks happen at the same time instead of one after the other

Project Management (7 decks)

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