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Mod5 P - Planning 2
PMP Module 05 (Prism) - Project Planning (2 of 4)
| Question | Answer |
|---|---|
| What are the 5 types of project costs? | Fixed, Variable, Direct, Indirect, (Proj) Management cost |
| What are the accuracy levels of estimation? | Rough Order of Magnitude (ROM) [-25/+75%]; Budget Estimate [-10/+25%]; Definitive estimate [+/-10%] |
| The ROM estimate is accurate to - ___% and + ____% | -25/+75% |
| The Definitive estimate is accurate to - ___% and + ____% | +/-10% |
| The method of developing a schedule that takes both activity and resource dependencies into account is called? | critical chain method |
| True/False. Critical Chain and Critical Path methods are the same | False. Critical chain focuses on shortening a project due to overestimation, uncertainties, buffers. Critical Path focuses on project length using task estimation and amount of float. |
| True/False. A project can have more than 1 critical path | True. Several critical paths are possible |
| Critical path is ____ (longest/shortest) sequence of tasks to complete a project and represents the ___ (longest/shortest) project duration. | Longest (sequence), but Shortest time/duration |
| What is task float in project scheduling? | Amount of time a task can slip before delaying project schedule |
| Draw a scheduling activity with ES, EF, LS, LF. | [ES] <length> [EF] <flt> <flt> [LS] <length> [LF] |
| What is project float in project scheduling? | Amount of time the project can be delayed without delaying external due date constraint |
| The float of the Critical Path is ___ (pos / neg / zero) | Zero (or negative) |
| How is Float calculated? | LS minus ES; or LF - EF |
| What are the steps to determine project Critical Path? | Forward Pass (ES and EF), Backward Pass (LS and LF), Calculate Floats. Critical path connects all 0 floats. |
| What are 2 ways to compress the project schedule? | Fast Tracking, and Compression |
| What is Fast Tracking? | compressing project schedule by conducting activities concurrently that were previously sequential |
| What is Crashing? | compressing project schedule by analyzing time/cost tradeoffs (increased cost to save time, "crash cost") |
| What is a Control Account? | a budget account for grouped activities in a project (e.g. travel, or materials) |
| What is a Contingency Reserve? | reserved budget to account for known risks/potential overruns (usually a % or sum of all risk cost estimates) |
| How is the Project Cost Baseline calculated? | Project estimates + contingency reserves (doesn't include Mgmt reserves) |
| What is a Management Reserve? | Additional funds for unknown risks / unknown expenditures |
| How is Total Project Budget calculated? | Project Cost (activities) + contingency reserves + management reserves. |
Created by:
anjp
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