PMP Glossary C

Question 1

lead

Answer 1

a lead is when you start one task before the previous one is completely finished. It’s a way to speed things up by having some tasks overlap.
Using leads can help you finish a project sooner by having different parts of the project work at the same time.

Question 2

lead Example:

Answer 2

If you’re building a house, you might start painting the inside while the outside is still being worked on.

Question 3

Why Lead is Useful

Answer 3

Leads help move things along faster, allowing you to get more done in less time.

Question 4

Lag

Answer 4

A lag is the delay or waiting time between two tasks in a project.

Question 5

Lag Example

Answer 5

In painting a house, lag happens when, after applying the primer (Task 1), you wait 24 hours before applying the paint (Task 2) to let the primer dry properly.

Question 6

Analogous Estimating(top-down estimating)

Answer 6

This relies on historical information to predict estimates, (i.e. Time, Budget, Difficulty), for current projects.
Often used when there is limited amount of information available. Cost less in Time and Money to uses, but it gives the least accuracy when it comes to estimating.

Question 7

Analogous Estimating(top-down estimating) example:

Answer 7

For example, if a previous video project took 30 days and cost $10,000, you might estimate a similar new project will also take 30 days and cost $10,000. This approach is fast but less detailed.

Question 8

why is it called top-down estimating?

Answer 8

It’s called top-down estimating because you start with a high-level estimate for the whole project, rather than breaking it down into detailed tasks.

Question 9

Parametric

Answer 9

A technique that uses a statistical relationship between historical data and other variables (for example, square footage in construction, lines of code in software development) to calculate an estimate for activity parameters, such as scope,
cost, budget, and duration.

Question 10

Parametric B

Answer 10

Parametric estimating uses statistical relationships between historical data and other variables to calculate estimates. It’s more precise than analogous estimating because it relies on measurable factors.

Question 11

Example:

Answer 11

If laying 1 kilometer of road costs $500,000, and you need to build 3 kilometers, parametric estimating would give you:

3 kilometers × $500,000/kilometer = $1.5 million.

Question 12

Three Point Estimate

Answer 12

Calculates an expected duration using a weighted average of 3 estimated, Optimistic, Pessimistic, Most Likely.

Question 13

Example:

Answer 13

For a mobile app project, you estimate:

Optimistic: 4 weeks
Most Likely: 6 weeks
Pessimistic: 10 weeks

Question 14

PERT (Program Evaluation and Review Technique)

Answer 14

is a project management tool used to analyze and represent the tasks involved in completing a project. It focuses on the time required to complete each task and the overall project timeline.

Question 15

PERT Key Features 01:

Answer 15

Uncertainty Management: PERT is useful for projects with uncertain activity durations, allowing for better risk management.

Question 16

PERT Key Features 02:

Answer 16

Three-Point Estimation: It typically uses optimistic, pessimistic, and most likely estimates to calculate expected task durations.

Question 17

PERT Key Features 03:

Answer 17

Network Diagram: PERT creates a visual representation of project tasks and their interdependencies, helping to identify the critical path and manage timelines effectively.

Question 18

PERT (Program Evaluation and Review Technique) Benefit

Answer 18

Overall, PERT helps project managers plan, schedule, and coordinate tasks more effectively, especially in complex projects.

Question 19

Bottom-Up Estimating

Answer 19

1. The work has to be very detailed for this type of estimation to take place.
2. Takes a very long time to complete, but highly accurate.
3. You break down the work to the lowest levels and then aggregating the
   work back up to find an overall duration

Question 20

Bottom-Up Estimating B

Answer 20

is a project management technique where you estimate the costs and durations of individual tasks or components of a project and then aggregate those estimates to determine the total project estimate. This method is often more accurate than top-down estimating because it relies on detailed information about each task.

Question 21

Example:
For a project to build a new website, you might break it down into tasks like:

Research: $1,000
Design: $2,000
Development: $5,000
Testing: $1,500

Answer 21

Using bottom-up estimating, you would sum these individual costs to get the total project cost:

Total Cost = $1,000 + $2,000 + $5,000 + $1,500 = $9,500.

This gives you a comprehensive estimate for the entire project based on detailed task estimates.

Question 22

Reserve Analysis

Answer 22

is a project management technique used to determine and manage contingency reserves for unforeseen risks or uncertainties that may affect a project’s timeline or budget.

It involves evaluating the potential risks and their impact on the project, allowing for better planning and resource allocation.