411 prep
What is an activity or task? List and briefly describe the seven main processes involved in project time management.
A task or activity is a component of work found in the work breakdown structure, it shows expected duration, cost and resource requirements. 7 processes are: 1- schedule planning: how schedule should work for each activity, every resource possible, and all other determinations of monitoring the schedule 2- identify activity: all task involved and their specified period of time 3-sequencing activity: relationship between tasks and what take precedence, what should be finished and 4- activity duration: how much time each task should take 5- activity resource: number of resource and how much time each resource should be spent on an item 6- develop a schedule: develop the actual schedule that is going to be used for each individual task, set deadlines, identify critical path 7- control schedule: changes that may happen in the schedule and how to go about it to avoid delays in the project completion time.
In the Network Diagram below, the project's critical path ______.
ABCF
_____ is a method for determining the estimated annual costs and benefits for a project.
Cash flow analysis
_____ involves allocating the overall cost estimate to individual work items to establish a baseline for measuring performance.
Determining the budget
_____ are those costs that are difficult to measure in monetary terms.
Intangible costs
Which of the following is true of the schedule performance index (SPI)?
It can be used to estimate the projected time to complete the project.
Which of the following is true of earned value?
It is an estimate of the value of the physical work actually completed.
_____ includes the processes required to ensure that a project team completes a project within an approved budget.
Project cost management
_____ refers to the process of developing a working replica of the system or some aspect of the system.
Prototyping
What is scope (in terms of a project)? List and briefly describe the six main processes involved in project scope management discussed in class.
Scope refers to all the work involved in creating the products of the project and the processes used to create them. The processes involved in project scope management include: 1. Planning scope by determining how to best manage the project scope and requirement. 2. Collect requirements by documenting features/creation processes of products made during project. 3. Defining scope based on project charter, requirements documents, and organizational process assets. 4. Creating WBS by breaking down major project deliverables into smaller manageable components 5. Validating scope by formalizing acceptance of project deliverable. 6. Controlling scope by monitoring changes to the scope throughout the entirety of the project lifespan
Which of the following is true of tangible costs?
They can be easily measured.
The cost performance index (CPI) refers to
can be used to estimate the projected cost of completing the project.
What is a cost (in terms of a project)? List and briefly describe the four project cost management processes discussed in class.
cost is a resource sacrificed in order to achieve a goal or the goals of the project. 4 processes are: 1- cost management plan: identify the resources, budget, and the responsible team members for each WBS and their associated costs. 2- estimate cost: estimate the overall cost of the resources needed to complete a project or to produce a deliverable. 3- determine budget: determine budget for the individual items / work in the WBS 4- control cost: control any cost changes and adjust schedule and scope to accordingly to meet project goals/requirements.
A(n) _____ for a project is the series of activities that determine the earliest time by which the project can be completed.
critical path
Subdividing the project deliverables into smaller pieces is known as _____.
decomposition
The term ______ describes a product produced as part of a project.
deliverable
Variances are calculated by subtracting the actual cost from _____.
earned value
Schedule variance is:
earned value minus the planned value.
The ____________ is an estimate of the value of the physical work actually completed.
estimated value (EV)
The amount of time an activity can be delayed without delaying the early start date of any immediately following activities is known as a _____.
free slack
Assuming the the performance index remains unchanged for the project above (question 32), the project estimate at completion (EAC) ________.
is $200,000.
Given the following information for a 1 year project, • Planned Value (PV) = $100,000 • Earned Value (EV) = $80,000 • Actual Cost (AC) = $120,000 • Budgeted Acutal Cost (BAC) = $160,000 • Cost Variance (CV) = $-40,000 • Schedule Variance (SV) = $-20,000 • Cost Performance Index (CPI) = .80 or 80% • Schedule Perfromance Index (SPI) = .67 or 67% The project _________.
is behind schedule.
What is project risk management? List and briefly describe the six major processes involved in risk management discussed in class.
it refers to all the risks involved in the project and the ability to identify them. processes include: 1- risk planning: what risks are involved and what approach(s) to take if the actually occur. 2- identify risk: potential risks whether positive or negative. 3- qualitative analysis: identifying watch list and risk types and people in charge 4- qunitive analysis: relative experiences and statistics about likelihood of the disaster happening and some contingency costs. 5- identify responses: how to response, people in charge, and methodologies(mitigation,transference,acceptance, avoidance) 6- control risk: what changes should happen to the project's constraints (time,cost, and scope) if negative risk happens
The _____ for an activity is the latest possible time an activity might begin without delaying the project finish date.
late start date
A _____ on a project is a significant event that normally has no duration.
milestone
Risk _____ refers to reducing the impact of a risk event by reducing the probability of its occurrence.
mitigation
Potential problems that might occur on the project and how they might impede project success are _____ risks.
negative
A(n) _____ is a hierarchy of potential risk categories for a project.
network diagram
Indirect costs are _____.
not directly related to the products or services of a project.
The budget is one of the three values of earned value management and is also known as _____.
planned value.
A project _____ is an uncertainty that can have a negative or positive effect on meeting project objectives.
risk
A(n) _____ is a hierarchy of potential risk categories for a project.
risk breakdown structure
In the Network Diagram above (question 28), the project _____.
schedule status cannot be determined from the network diagram
Tasks in a WBS that are decomposed into smaller tasks are called _____ tasks.
summary
Cost variance is ________.
the earned value minus the actual cost.
scope creep refers to __________________.
the tendency for project scope to keep getting bigger and bigger
Duration estimates can be provided as a discrete number, a range, or as a(n) _____.
three-point estimate
_____ is the amount of time an activity can be delayed from its early start without delaying the planned project finish date.
total slack
_____ refers to the difference between planned and actual performance.
variance
A(n) _____ is a list of risks that are low priority, but are still identified as potential risks.
watch list
Creating the _____ involves subdividing the major project deliverables into smaller, more manageable components.
work breakdown structure (WBS)
A(n) ____ is a task at the lowest level of the WBS.
work package or item
In the Network Diagram above (question 28), the total slack for task C and task E are _____.
0 weeks and 3 weeks
Assuming the the performance index remains unchanged for the project above (question 32), the estimated time to complete the project ________.
1.49 years.
In the Network Diagram above (question 28), the project will take _____ weeks to be completed.
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