Unit 8 - project time management (need more input from video)

Question 1

Define “Project Schedule”.

Answer 1

The estimated time required to complete the work activities
activity durations the sequence in which the activities will be completed

Question 2

What are the major components of time estimates for projects?

Answer 2

• Labor hours, which will feed back to the budgeting process to ensure that appropriate labor dollars have been allocated.
• Time for the delivery of products (ordering/vendor lead time)
• Time for products to cure (drying time for paint and concrete)
• Time to get necessary equipment put in place

Question 3

What are the two types of Activity duration?

Answer 3

1. Deterministic - One-point estimate
2. Probabilistic - Triangular distribution & Beta distribution