Planning, Estimating and Controlling the Project Flashcards
What are the main process groups in project management?
- Initiating
- Planning
- Executing
- Monitoring and Controlling
- Closing
These process groups guide the project management lifecycle.
What is the purpose of the ‘Plan Schedule Management’ process?
The process of establishing the policies, procedures, and documentation for planning, developing, managing, executing, and controlling the project schedule.
It is a critical step in ensuring that the project is completed on time.
Define ‘Define Activities’.
The process of identifying and documenting the specific actions to be performed to produce the project deliverables.
This is essential for effective project planning.
What does ‘Sequence Activities’ involve?
The process of identifying and documenting relationships among the project activities.
This helps in understanding the order of tasks.
What is ‘Estimate Activity Durations’?
The process of estimating the number of work periods needed to complete individual activities with the estimated resources.
Accurate estimates are crucial for scheduling.
What is the Critical Path Method?
A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model.
Identifying the critical path is key for effective project management.
What does ‘Develop Schedule’ entail?
The process of analyzing activity sequences, durations, resource requirements, and schedule.
This results in a comprehensive project schedule.
What is ‘Control Schedule’?
The process of monitoring the status of the project to update the project schedule and manage changes.
It ensures that the project stays on track.
Fill in the blank: The process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled is called _______.
[Plan Cost Management]
What is ‘Estimate Costs’?
The process of developing an approximation of the monetary resources needed to complete project work.
Accurate cost estimates are critical for budgeting.
Define ‘Determine Budget’.
The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.
This baseline is essential for monitoring project costs.
What is ‘Control Costs’?
The process of monitoring the status of the project to update the project costs and manage changes to the cost baseline.
It helps in maintaining financial control over the project.
True or False: The cost baseline can be changed without formal change control procedures.
False
The cost baseline is a critical document and should be managed carefully.
What are contingency reserves?
Allocated for the identified risks remaining after plan risk responses (known unknowns) which are included in the project schedule baseline.
They provide a buffer for unforeseen issues.
What are management reserves?
Additional funds and time to cover unforeseen risks that could impact the project’s ability to meet the schedule (unknown unknowns).
These reserves are not part of the schedule.
What is the ‘Cost Baseline’?
The approved version of the time-phased project budget, excluding any management reserves, used as a basis for comparison to actual results.
It is crucial for tracking project performance.
What is the Expected Monetary Value (EMV)?
The cost or benefit of an uncertain event calculated as Probability of Risk Occurrence x Impact ($).
EMV is a key concept in risk management.
What is Monte Carlo analysis?
Iterative random computer simulations used in cost and schedule risk analysis.
It helps in understanding the likelihood of project outcomes.
What should be considered when estimating time needs?
- Normal conditions
- Consistent time units
- Accurate record keeping
- Treat each task as independent
- Identify risks at different stages
These factors help improve the accuracy of time estimates.
What is a Gantt Chart?
A visual representation of a project schedule showing the start and finish dates of the various elements of a project.
It is a widely used tool for project planning.
What is a work breakdown structure (WBS)?
A hierarchical decomposition of the total scope of work to accomplish the project objectives and create the deliverables.
WBS helps in organizing project tasks effectively.
What is Earned Value Management (EVM)?
A project management method for measuring project performance and progress against the project baselines
EVM integrates project scope, cost, and schedule measures to identify cost and schedule variance from an approved cost and schedule baseline at specific points in time.
What are the three key elements used to calculate Cost Variance (CV) and Schedule Variance (SV)?
- Planned Value (PV)
- Earned Value (EV)
- Actual Cost (AC)
These elements are essential for assessing project performance.
What does the term ‘scope control’ refer to?
Managing changes to project scope to prevent ‘scope creep’
‘Scope creep’ refers to the uncontrolled changes or continuous growth in a project’s scope.
What is the purpose of the Change Coordination Matrix (CCM)?
A tool that maps steps in the change control process, identifies actions to be taken, assigns responsibilities for the actions, and coordinates those responsible
The CCM ensures that change requests are managed effectively.
What is a Project Change Log (PCL)?
A way to systematically record, coordinate, and monitor the flow of project change
Keeping a PCL helps track all project changes, including those that are not approved.
Fill in the blank: To predict the cost and schedule estimates at project completion based on current performance, EVM is used to _______.
[predict performance]
What is the first step in the change management process?
Prepare Information Inputs
This step involves gathering necessary information before submitting a Project Change Request.
True or False: All Project Change Requests (PCRs) need to be logged, even if they are unapproved.
True
Logging all PCRs ensures comprehensive tracking of project changes.
What is the last step in the simplified change management process?
Update Project Cost and Schedule
This step ensures that all changes are reflected in the project’s overall budget and timeline.
What is the primary focus of the Project Stakeholder Management knowledge area?
Identifying and managing stakeholder engagement
This includes planning, managing, and monitoring stakeholder engagement throughout the project.
What does ‘Monitor & Control Project Work’ involve?
Tracking, reviewing, and regulating project progress and performance
This is essential to ensure that project objectives are met.
List the process groups involved in project management.
- Initiating
- Planning
- Executing
- Monitoring and Controlling
- Closing
Each process group plays a vital role in the successful management of projects.
What is the purpose of the ‘Develop Project Charter’ process?
To formally authorize the project and define its objectives
The project charter serves as a foundational document for the project.
