Time Management (6)

Question 1

Estimation types

Answer 1

• one-point estimating
• analogous estimating
• parametric estimating
• three-point estimating (PERT analysis, Program Evaluation and Review Technique)

Question 2

EAD

Answer 2

Expected Activity Duration or PERT (P + 4M + O)/6

Question 3

SD

Answer 3

Activity Standard Deviation (P - O)/6

Question 4

AV

Answer 4

Activity Variance [(P - O)/6]^2

Question 5

Project Expected Duration or PERT

Answer 5

sum of critical path EADs

Question 6

Project Variance

Answer 6

sum of critical path AVs

Question 7

Project Standard Deviation

Answer 7

square root of Project Variance

Question 8

Range of the Estimate

Answer 8

Expected Duration or Pert +/- Standard Deviation

Question 9

types of reserves

Answer 9

• contingency reserves

- management reserves

Question 10

Schedule Network Analysis

Answer 10

used to create the final schedule once the initial one is ready

Question 11

Schedule Network Analysis techniques

Answer 11

• Critical path method
• Schedule compression
• What-if scenario analysis
• Resource leveling
• Critical chain method

Question 12

difference between schedule and a time estimate

Answer 12

schedule is calendar-based

Question 13

total float (slack)

Answer 13

the amount of time activity can be delayed without delaying project end date

Question 14

free float (slack)

Answer 14

the amount of time activity can be delayed without delaying next the early start of its successor

Question 15

project float (slack)

Answer 15

the amount of time project can be delayed without delaying the externally imposed project completion end date

Question 16

negative float (slack) means

Answer 16

you are behind

Question 17

schedule compression methods (and impacts)

Answer 17

• fast tracking (increased risk)
• crashing (increased cost)
• reducing scope (decreased customer satisfaction)
• moving more experienced people to activities on critical path (increased risk)
• cut quality (decreased customer satisfaction, increased risk)

Question 18

what-if scenario analysis

Answer 18

changing assumptions and seeing how they affect the project (e.g. through Monte Carlo Analysis)

Question 19

Monte Carlo simulation results

Answer 19

• probability of completing the project on any specific day
• the probability of completing the project for any specific amount of cost
• the probability of any activity actually being on the critical path
• the overall project risk

Question 20

Resource leveling

Answer 20

lenghtens the schedule and increases cost in order to deal with a limited amount of resources

Question 21

Project Schedule formats

Answer 21

• network diagram (showing interdependencies)
• bar chart (team reporting, tracking progress)
• milestone chart (senior management reporting)

Question 22

Methods to draw network diagrams

Answer 22

• Precedence Diagramming Method (PDM) or Activity on Node (AON)
• Graphical Evaluation and Review Technique (GERT)

Question 23

Milestones are defined in

Answer 23

Define Activities process along with acitivities

Question 24

rolling wave planning

Answer 24

when project has too many unknown components (high level planning and then refining during the works where it becomes clearer)

Question 25

RBS

Answer 25

Resource Breakdown Structure - output of Estimate Activity Resources in Time Management KA. It shows the resources to be used, organized by their category and type in hierarchical image.

Question 26

potential need for additional time or funds should be addressed with ___ instead of ___

Answer 26

reserves through the risk management process instead of padding

Question 27

types of dependencies

Answer 27

• discretionary dependency
• mandatory dependency
• external dependency

Question 28

heuristic is

Answer 28

rule of thumb (used consistently!), e.g. 80/20

Question 29

analogous estimating

Answer 29

top-down, high-level estimates, used for briefly estimating project costs (for management info)

Question 30

parametric estimating

Answer 30

based on variables and relationships from historical records, standard metrics and other. More detailed than analogous

two types: regression analysis/scatter diagram, learning curve,