RMC Hot Topics 9th Edition Flashcards - Schedule Management - Deck 2
What is padding?
What is the problem with padding?
A pad is extra time or cost added to an estimate because the estimator does not have enough information.
Padding undermines the professional responsibility of a project manager to develop a realistic schedule and budget.
What is analogous estimating?
When is it done?
Analogous estimating uses expert judgment and historical information to predict the future.
It can be done at various times, and the level of accuracy depends on how closely the project or activity matches the past historical data used.
What is parametric estimating?
What tools might an estimator use to create parametric estimates?
Parametric estimating involves creating a mathematical equation using data from historical records or other sources, such as industry requirements or standard metrics, to create estimates.
Regression analysis or a learning curve.
What is an example of a heuristic?
The 80/20 rule.
A heuristic is a generally accepted rule, or best practice.
What is three-point estimating?
A technique where estimators give an optimistic (O), pessimistic (P), and most likely (M) estimate for each activity.
Three-point estimates can be used to calculate a risk-based expected duration estimate for an activity by taking either a simple average (triangular distribution) or weighted average (beta distribution) of three estimates.
How does a schedule model differ from a schedule?
The schedule model consists of all the project data that will be used to calculate the schedule, such as activities, duration estimates, dependencies, and leads and lags.
The project schedule is the output of the schedule model - consolidates the schedule data that becomes the schedule baseline and part of the project management plan.
What is the critical path method?
What is a near-critical path?
Critical path method: determining the longest duration path through the network diagram, the earliest and latest an activity can start, and the earliest and latest it can be completed.
Near-critical path: the path closest in duration to the critical path; the closer in length the critical and near critical paths are, the more the risk to the project.
Define total float, free float, and project float.
Total float: the amount of time an activity can be delayed without delaying the project and date or an intermediary milestone.
Free float: the amount of time an activity can be delayed without delaying the early start date of its successor(s).
Project float: the amount of time the project can be delayed without delaying the externally imposed project completion date required by the customer or management (also referred to as positive total float).
What are the two formulas for calculating float?
Late start (LS ) – Early start (ES)
Late finish (LF) – Early finish (EF)
How does the critical path help us manage the project?
Helps prove how long the project will take.
Shows which activities have float and can therefore be delayed without delaying the project.
Provides information needed to compress the schedule during project planning and whenever there are changes.
Helps determine where to focus your project management efforts.
Helps determine which activities have more risk associated with them.
Helps determine if a delayed activity needs immediate attention.
What is crashing?
What is fast tracking?
Crashing: adding or adjusting resources in order to compress the schedule while maintaining the original project scope.
Fast tracking: compressing the schedule by doing more critical path activities in parallel.
What is a Monte Carlo analysis?
A technique that uses computer software to simulate the outcome of your project, based on the three-point estimates (optimistic, pessimistic, and most likely) for each activity and the network diagram.
Monte Carlo analysis is also used as a risk management tool to quantitatively analyze risks.
What is resource optimization?
Finding ways to adjust the use of resources.
What is resource leveling?
What is resource smoothing?
Resource leveling: a resource optimization technique that allows you to level the peaks and valleys of the schedule from one month to the other, resulting in a more stable number of resources.
Resource smoothing: a modified form of resource leveling, where resources are leveled only within the limits of the float of their activities, so the completion dates of activities are not delayed.
What are the main presentation formats for a schedule?
Network diagrams
Bar charts
Milestone charts
