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APM Course > Terminology (M3) > Flashcards

Terminology (M3) Flashcards

1
Q

Define ‘estimating’.

A

The use of a range of tools and techniques to produce forecasts of the probable time or cost of completing work.

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2
Q

Define ‘an estimate’

A

A forecast of the probable time or cost of completing work

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3
Q

What tool do we use for estimating?

A

Estimating funnel.

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4
Q

What should happen to our estimates as we move through the project life cycle?

A

The estimating should be more concrete and the tolerance a lot tighter - through more detail and reliable information. This is known as the estimating funnel.

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5
Q

What are the 3 types of estimating? Define each.

A

Analogous: also referred to as comparative or top down. It’s uses historical data from similar projects to estimate the work.

Analytical: bottom up or detailed estimating. Uses a detailed specification to estimate time and cost for each for each component of work, typically using the work breakdown structure (WBS).

Parametric: uses norms, defined parameters by which work can be measured i.e. no. of functions in a computer programme… and uses the results to predict values in the current work. It requires an extensive database of past estimates of similar work.

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6
Q

Analogous estimating - what do we take from the previous project to help us estimate the new project? (6)

A
  1. WBS
  2. Risks
  3. Timings
  4. Efficiency
  5. Costs
  6. Lessons learned
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7
Q

What tool does analytical estimating use?

A

WBS - we start estimating at the bottom (where work packages exist and where expertise will provide an accurate estimate).

We then ‘roll the estimates’ from the work packages up, eventually giving an estimate for the whole scope.

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8
Q

What approach does parametric estimating have?

A

It uses a statistical approach - between historical data and other variables i.e. if resource is capable of laying 25m of pipeline per day, how long would 1000m take.

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9
Q

Define project scope.

A

Scope is the process whereby OUTPUTS, OUTCOMES and BENEFITS are identified, defined and controlled.

Identification and definition of the scope must describe what the project will INCLUDE and will NOT include.

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10
Q

How is the scope perceived/managed in a LINEAR life cycle? and how is it managed in an ITERATIVE life cycle?

A

Linear: linear treats scope and quality as the driver and calculate the consumed time and cost. The scope is assumed to be fixed for the whole project and subject to change control.

Iterative: iterative projects commit to set resources over limited periods to deliver products that are developed over successive cycles. The scope is defined at a higher level and is subject to refinements for each iteration.

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11
Q

Explain the 6 important project scope structures? (5)

A
  1. Product Breakdown Structure (PBS): a hierarchical structure itemising components of each product.
  2. Work Breakdown Structure (WBS): defines total work to be undertaken and gives structure for all control systems. Discrete groups for programming, cost planning and control purposes.
  3. Organisational Breakdown Structure (OBS): top-down hierarchical representation of management structure and people within the project. Conveys communication routes and reporting lines.
  4. The responsibility assignment matrix (RAM): combination of WBS and OBS gives relationship between work and responsibility. Highlights what work needs to be carried out and who is responsible.
  5. The cost breakdown structure (CBS): a structure to organise the project costs according to category, often aligning them with the organisations budgeting system.
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12
Q

Define change control.

A

Change control is the process through which all requests to change the baseline of a project, programme or portfolio are identified, evaluated and then approved, rejected or deferred.

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13
Q

What do you need to consider when wanting to change the scope’s baseline (change control)?

A
  1. The viability of the change

2. Any impacts resulting from it. We can then recommend yes/no/maybe.

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14
Q

Explain the change control process.

A
  1. Change request (log it)
  2. Initial evaluation
  3. Detailed evaluation (benefits, success criteria, cost, time, risk etc)
  4. Recommendation (yes/no/maybe)
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15
Q

Define configuration management

A

Configuration management encompasses the technical and administrative activities concerned with the creation, maintenance, controlled change and quality control of the scope of work.

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16
Q

Define configuration.

A

A configuration is a set of characteristics that define a final product or deliverable. This includes all functional and physical specifications.

Physical = colour, size, weight. 
Functional = 0-60mph in 4 sec, emission standards.
17
Q

Give each component to the configuration management process (5)

A
  1. Planning: how changes will be made, processes to follow, who’s responsible.
  2. Identification: bodywork, electric, PMP.
  3. Control: apply change control to configuration items.
  4. Status accounting: create records and reports to demonstrate traceability
  5. Verification audit: verify integrity - has the configuration been met, is the output what the stakeholders expected?
18
Q

Define scheduling.

A

A schedule is a timetable showing the forecast start and finish dates for activities or events within a project, programme or portfolio.

(the process used to determine overall project duration - includes activities, logical dependencies, estimating activity duration, availability of resources).

19
Q

what are the 3 steps for effective scheduling?

A
  1. WBS - start with the scope we’ve decomposed to appropriate levels using the WBS. This represents the foundations of effective scheduling.
  2. Create the most logical sequence of activities, taking into account dependencies between activities. This creates a document known as a Network Diagram.
  3. The schedule - we can then apply the logical sequence against a timeline. This creates a bar chart or Gantt Chart. It is this document that becomes our schedule.
20
Q

What is critical path analysis?

A

It’s part of scheduling - its shows each ‘node’ within a network diagram containing how early/late/etc a project has.

acronyms: 
ES - early start
EF - Early finish
DU - duration
LS - late start
LS - late finish
TF - total float.
21
Q

What is the forward pass formula?

A

It’s the earliest finish of a project. You can work this out in the critical path analysis.

Early finish = Early start + Duration.

22
Q

What is the back pass formula?

A

It’s the latest start of a project. You can work this out in the critical path analysis.

Late Start = Late finish - duration

23
Q

what is the total float?

A

It shows how much an activities duration can be extended before effecting the end date of the project.

TF = late start - early start.

24
Q

What are the 4 purposes and outputs of critical path analysis?

A
  1. to calculate the project completition time
  2. to understand the earliest start time and latest finish time of activities
  3. to understand where float exists to assist in schedule prioritisation and resource optimisation
  4. to understand the activities representing greatest risk to the schedule
25
Q

What is a milestone?

A

A key event selected for it’s importance in the schedule commonly associated with tangible acceptance of deliverables but also… start, end, completion, acceptance, payment.

26
Q

What is purpose of scheduling? (6)

A
  1. defines the sequence of activities
  2. considers work calendars
  3. considers time contingency
  4. quantifies the required resources
  5. identifies when the resources are required
  6. shows significant events (milestone)
27
Q

What is time boxing?

A

A time box is a generic term used in ITERATIVE life cycle approaches to refer to an ITERATION with a fixed end date that is not allowed to change, thereby adjusting the scope and quality to deliver on time and cost.

28
Q

What are the 2 methods for optimising resources?

A
  1. resource smoothing: moving activities to best utilise resources without compromising on the end date, also known as time limited scheduling.
  2. resource levelling: moving activities to allow work to be done with the available resources which may involve compromising the end date. Also known as limited scheduling.
29
Q

Define procurement strategy.

A

The procurement strategy sets out the high-level approach for securing the goods and services required from external suppliers to satisfy project, programme or portfolio needs.

30
Q

3 things to consider during procurement strategy.

A
  1. how much risk do we want to retain and how much do we want to share with our suppliers.
  2. what type of relationship is desired with different suppliers.
  3. how will we procure goods and services, and what criteria and metrics will we use to select suppliers.
31
Q

If a project deliverable needs to be changed, which two processes should be directly involved?

A

change and configuration management

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