PMI - Managing the Project Schedule

Question 1

Tools and techniques used to control the schedule
List

Answer 1

• Re-estimate an activity duration
• Data analysis
  – earned value analysis
  – iteration burn down charts
  – performance reviews
  – trend analysis, variance analysis
  – and what if scenario analysis
• Critical path method
• Project management information system, or PMIS
  – eporting
  – measuring variances
  – forecasting the effects of control efforts
  – modeling technique
• Resource optimization
• Leads and lags
• Schedule compression

Question 2

Earned Value (EV) - schedule performance
Formula

Answer 2

Actual Cost X Amount done (%) = Earned Value

You calculate the earned value for each activity by multiplying its approved budget by the percentage of work actually completed on the activity up to the current date.

Question 3

Schedule Variance
Formula

Answer 3

Schedule Variance = Earned Value - Planned Value

Question 4

Schedule Variance
Definition

Answer 4

Variance is the difference between the project’s earned value and planned value at any point in the project.

Schedule Variance = Earned Value - Planned Value.

Question 5

Resource Leveling
Definition

Answer 5

Resource leveling is a way to balance resource availability with the demands of various activities. The resources could be people, equipment, or materials.

Move resources from one activity that has float (time) to another where needed to keep project timeline moving (Critical path).

Question 6

Resource Smoothing
Definition

Answer 6

Resource smoothing uses the available float (time) to delay an activity to start at a later point in time. The activity doesn’t change in duration, and the resource assignments don’t change either. The activity still costs the same as well.

Question 7

Crashing the Schedule
Definition

Answer 7

Designate additional resources for an activity in order to compress the schedule. Crashing is expensive

Question 8

Fast Tracking
Definition

Answer 8

Performing activities simultaneously that were previously intended to be performed in sequence is a schedule compression technique called fast tracking. And although there are definite risks and pitfalls to using fast tracking, there could also be great advantages to your schedule if you need to get things done faster.

Question 9

Schedule performance index (SPI)

Answer 9

To calculate SPI, you divide the earned value by the planned value. The formula for this is SPI = EV/PV.

Question 10

Schedule variance (SV)

Answer 10

To calculate schedule variance, you subtract the planned value from the earned value. So the formula for this is SV = EV - PV.

Question 11

Earned value (EV)

Answer 11

To calculate earned value, you

• multiply each activity’s planned budget, or approved cost estimate, by the percentage of work actually completed on the activity up to the given date
• add the earned values of each activity together to get the total earned value

For example, if the first activity is 100% complete, the second activity is 90% complete, and the third activity is 25% complete, you add the full cost estimate for the first activity, 90% of the cost estimate for the second activity, and 25% of the cost estimate for the third activity to calculate the earned value.

Question 12

Planned value (PV)

Answer 12

To calculate planned value, you

• multiply each activity’s planned budget, or approved cost estimate, by the percentage of work planned to be completed for that activity by the measurement date
• add the planned values of each activity together to get the total planned value

For example, if the first two activities are meant to be 100% complete and the third activity is meant to be 40% complete at the day of the calculation, you add 100% of the cost estimates for the first two activities and 40% of the cost estimate for the third activity to calculate the planned value.