Project Time Management

Question 1

What is the formula for an Expected Activity Duration Triangular Distribution estimate?

Answer 1

(P + O + M) / 3
P = pessimistic, O = optimistic, M = most likely
Each estimate is equally weighted

Question 2

What is the formula for an Expected Activity Duration Beta Distribution?

Answer 2

P + 4M + O / 6
P = pessimistic, O = optimistic, M = most likely
Derived from Program Evaluation and Review Technique (PERT) and takes into consideration risk management activities that allow most likely estimate to occur, therefore most likely is weighted more heavily

Question 3

What is the formula for a Beta Activity Standard Deviation estimate?

Answer 3

P-O/6

Used to calculate a range for an individual activity estimate.

Question 4

What is total float (slack)?

Answer 4

Amount of time an activity can be delayed without delaying project end date or intermediate milestone, while still adhering to any imposed schedule constraints.

Question 5

What is free float (slack)?

Answer 5

Amount of time an activity can be delayed without delaying the early start date of its successor while still adhering to any imposed schedule constraints

Question 6

What is project float (slack)?

Answer 6

Amount of time a project can be delayed without delaying the externally imposed project completion date required by the customer or management, of the date previously committed by the project manager

Question 7

What is Critical Path Method?

Answer 7

Involves determining the longest path through the network diagram (i.e. the critical path), the earliest and latest an activity can start, and the earliest and latest it can be completed

Question 8

What is fast tracking?

Answer 8

Involves taking critical path activities that were originally planned in a series and doing them in parallel for some or all of their duration. Often results in rework, increases risk, and requires more attention to communication.

Question 9

What is crashing?

Answer 9

Involves adding or adjusting resources in order to compress the schedule while maintaining the original project scope. By definition results in increased costs, and may increase risks; trades time for money.

Question 10

How is the range of an activity duration calculated?

Answer 10

Beta EAD +/- SD