PMBok glossary

Question 1

What is parametric estimating vs. analogous estimating?

Answer 1

Parametric estimating uses mathematical relationships found in historical info to create estimate (e.g. dollars per foot). It is more accurate than analogous estimating (AKA Top Down estimating) which just looks at past projects for similar activities to estimate effort, duration, or costs of the current project. Top Down estimating is helpful early in a project for providing a ballpark figure.

Question 2

What is float or slack?

Answer 2

The amount of time that a task in a project that can be delayed without causing a delay to subsequent tasks (free float) or the project (total float).

Question 3

What is total float vs. free float?

Answer 3

The amount of time that a task in a project that can be delayed without causing a delay in the project.
Float = Late Start (LS) – Early Start (ES), or
Float = Late Finish (LF) – Early Finish (EF)
Free Float is the amount of time an activity can slip without impacting the start of the next activity.
Free Float =ES of the next activity - EF
Consider total float first then free float. If start dates are early morning and finish dates are evening, a Total Float delay will cause a delay to Free Float since it used ES of the next activity in the calculation.

Question 4

What are the three types of estimates are listed in the PMBOK?

Answer 4

ROM Rough Order Of Magnitude estimate +/- 25 to 75%
Budget estimate +/-11 to 24%
Definitive estimate +/-5 to 10%

Question 5

Developing an approximation of the costs of the resources needed to complete project activity is…

Answer 5

Cost estimating

Question 6

What is the critical path?

Answer 6

The longest duration path linking activities that must be performed in sequence; the shortest time to complete the project

Question 7

What is resource leveling?

Answer 7

A technique that involves adjusting resources allocated to activities to optimize both resource use and the schedule. The aim is to ensure demand doesn’t exceed availability. So you use this technique when resources have been over allocated, are only available at specific times, or are limited in numbers.

Question 8

What is the critical path method?

Answer 8

A way of determining the longest path to complete a project in the shortest time possible. It consists of 3 steps:

1. Forward pass (calc ES and EF times using the formula ES+duration-1 for EACH activity)
2. Backward pass (calc LS and LF times using the formula LS-duration+1 for EACH activity)
3. Calculate Float (LS-ES or LF-EF) for each activity, those without float are on critical path.

Question 9

What is critical chain method?

Answer 9

Critical path doesn’t consider resource availability (equipment/people/etc) in calculating the schedule. Critical chain uses Critical Path as its base and adds duration buffers to activities to account for delays.

Question 10

Influence vs. Impact vs. Power

Answer 10

Influence is the amount of active involvement a stakeholder has in a project. It can be positive or negative and the more there is the more they affect the project. Impact is the ability to effect changes to project’s planning or execution. Power is the level of authority a stakeholder has within an organization. A good way to remember this is a consultant can have a lot of impact but no power.

Question 11

1) EV stands for what? 2) Another name for EV?

Answer 11

1) Earned Value 2) BCWP Budgeted Cost of Work Performed