Planning a Project - Step 4 - Mod 102

Question 1

Step 4: Schedule and Cost Baseline Steps

Answer 1

4a: Develop schedule
4b: Determine budget

Question 2

Step 4a: Develop schedule

Answer 2

analyze sequences, durations, source requirements, and schedule constraints to create the project schedule model.

Question 3

Schedule Network Analysis

Answer 3

Generates project schedule model. Uses analytical techniques to calculate early and late start and finish dates of uncompleted activities.

Question 4

Analytical Techniques for Schedule Network Analysis

Answer 4

Critical path method
critical chain method
what-if analysis
resource optimization

Question 5

Critical Path Method

Answer 5

Estimates minimum project duration and calculates scheduling flexibility on the logical network paths within the schedule model. Graphic of longest path through project.

Question 6

Resource Optimization

Answer 6

1. Resource leveling - adjusting start/end dates based on available resources. May impact original critical path.
2. Resource smoothing - adjusting schedule w/i available free and total floats. Ensure completion date not impacted.

Question 7

Schedule Compression Techniques

Answer 7

1. Crashing - shorten schedule duration for least incremental cost by adding resources.
2. Fast tracking - perform portions of sequential tasks in parallel.

Question 8

Step 4a: Develop Schedule - Outputs

Answer 8

Schedule baseline, project schedule, schedule data, project calendars, change requests, PMP updates, project doc updates

Question 9

Schedule Baseline

Answer 9

Docs approved version of schedule model that can be changed only through formal change control procedures. Serves as basis for comparison to actual results during variance calculations.

Question 10

Project Schedule

Answer 10

Includes planned start and end dates for each activity. Presented in various formats.

Question 11

Schedule Data

Answer 11

Contains schedule milestones, schedule activities, activity attributes, etc. Includes resource requirements by time period, alternative schedules, and scheduling contingency reserves.

Question 12

Project Calendars

Answer 12

List working days and shifts for schedule activities.

Question 13

Step 4b: Determine Budget

Answer 13

Aggregates estimated costs of activities into one authorized cost baseline. Performance can be monitored and controlled based on cost baseline.

Question 14

Cost Aggregation

Answer 14

Aggregate work package estimates so they can be tracked, perhaps by mapping to control accounts, based on higher component levels of WBS. Rolled up for entire project.

Question 15

Contingency Reserve

Answer 15

Budget to be included in cost baseline to cover known unknowns. Ex: rework - know needed but not how much.

Question 16

Management Reserve

Answer 16

Included in overall project budget but not cost baseline to be used for management control of unknown unknowns. Ex: unforeseen work.

Question 17

Funding Limit Reconciliation

Answer 17

Review funding limits against timing of expenditures. Some work may need to be completed earlier/later due to timing of funds allocation.

Question 18

Financing

Answer 18

Fund long-term infrastructure, industrial and public service projects using external sources of funds.

Question 19

4b: Determine Budget - Outputs

Answer 19

Cost baseline, project funding requirements, project docs updates

Question 20

Cost Baseline

Answer 20

Represents approved version of the time-phased project budget. Benchmark for comparing actual results. Requires approved change request.

Question 21

Project Funding Requirements

Answer 21

Derive funding requirements (quarterly or annually) from cost baseline