Time Management

Question 1

Project Schedule Network Diagram

Answer 1

a graphical depiction of dependencies among project activities.

Question 2

Precedence Diagramming Method

Answer 2

a network diagramming method that uses rectangles (nodes) to represent activities and arrows to show logical relationships between the activities; also knows as Activity-On-Node (AON)

Question 3

Types of Dependencies

Answer 3

Mandatory (hard logic), Discretionary (preferred, arbitrary, soft logic), External and Internal

Question 4

Logical Relationships

Answer 4

dependencies between two activities where one activity must be started or finished before the other can be started or finished; Four Types: FInish to start (FS), Finish-to-Finish (FF), Start-to-start (SS), Start-t0-finish (SF)

Question 5

Lead

Answer 5

starting an activity prior to the completion of the preceding activity; getting a head start on an activity

Question 6

Lag

Answer 6

delaying the start of an activity after the completion of a preceding activity; delaying an activity

Question 7

Bottom-Up Estimating

Answer 7

breaking a project or activity down into smaller components that are easier to estimate, then aggregating (rolling-up) those costs or durations

Question 8

Analogous Estimating

Answer 8

using a previous project (historical information) as a starting point to estimate activity costs or activity durations; also known as top-down estimating

Question 9

Parametric Estimating

Answer 9

using a statistical relationship to calculate cost or duration; typically involves multiplying the number of units by a cost or duration per unit; time example: 4 hours per server x 20 servers = duration of 80 hours; cost example: $100 cost per square foot x 2,000 square feet = $200,000 construction cost

Question 10

Three-Point Estimating

Answer 10

a weighted average method used to increase estimation accuracy; uses Optimistic, Pessimistic, and most likely estimates to calculate the estimated activity cost or duration; Beta Distribution Formula (PERT): (O + 4xML +P) / 6; Triangle Distribution Formula: (O + M + P) / 3

Question 11

Reserve Analysis

Answer 11

contingency reserves (buffers) used to account for schedule or cost uncertainty (risks)

Question 12

Critical Path

Answer 12

the path of activities along which any delays will cause the project to be delayed; the longest duration path through the schedule network diagram; the chain of tasks which all have 0 float.

Question 13

Total Float (Slack)

Answer 13

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

Question 14

Free Float

Answer 14

the amount of time an activity can be delayed without delaying the following (successor) activity

Question 15

Critical Path Method

Answer 15

a schedule analysis method that calculates the critical path for the project, float for each activity, and possible start and finishes dates for each activity

Question 16

Critical Chain Method

Answer 16

take the Critical Path Method and factors in resource constraints and schedule buffers

Question 17

Schedule Compression

Answer 17

used to shorten the project schedule; two-methods: Crashing (adds extra resources, results in higher costs) or Fast-tracking (doing activities in parallel, which increases risk)

Question 18

Resource leveling

Answer 18

used to adjust the resource schedule when resources have been over-allocated; often lets the schedule slip in order to smooth out resource utilization; a histogram (bar chart) is the tool used to do this

Question 19

Resource smoothing

Answer 19

used to adjust the activities within the schedule to keep resources from exceeding limits; with resource smoothing, the completion date is not delayed

Question 20

What-if Analysis

Answer 20

a statistical analysis method used to predict the schedule based on various possible scenarios; example: Monte Carlo Analysis is a computer software that attempts thousands of random scenarios to predict likely possible outcomes

Question 21

Milestone Schedule

Answer 21

a summary schedule which only shows key points in the project

Question 22

Gantt Chart

Answer 22

a type of chart used to display the project schedule with bar lengths representing activity durations

Question 23

Schedule Baseline

Answer 23

the accepted and approved version of the project schedule