Ch 4: Project Time Management Flashcards Preview

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Flashcards in Ch 4: Project Time Management Deck (17):

What are the primary reasons for conflicts on projects?

Schedule issues


What is project time management?

What is included? (5)

the processes required to ensure timely completion of a project

-activity definition
-activity sequencing
-activity duration estimating
-Schedule development
-Schedule control


What is activity definition?

goal is to ensure that project team members have a complete understanding of all the work they just do as part of project scope so they can start scheduling .


What is activity sequencing?

reviewing activities and determining dependencies between activities.


3 types of dependencies for an activity?

Mandatory: inherent on nature of work (a certain activity must be completed before this can start)

Discretionary: defined by project team

External: involve relationships between project and non project activities.


what is activity duration estimation?

What is a three point estimate?

after defining and determine sequence,

now must estimate duration.

Duration = actual amount of time worked on an activity (effort) plus elapsed time.

it's an estimation that includes optimistic, likely, and pessimistic times.


Schedule development and schedule control are what?

Dev: determines the project start and end dates ******
-goal is to create realistic project schedule that provides a basis for monitoring project process

-uses important tools/techniques like Gantt charts, network diagrams, and critical path analysis.


What is a network diagram?

it's a schematic display of the logical relationships along, or sequencing of, project activities.



What is slack / float time?

the amount of time an activity can be delayed without delaying a succeeding activity or the project finish date.


What are milestones?

How should milestones be set?

significant events on a project that normally have 0 duration.

should be tied to an event. better than an arbitrary date bc it makes the event the bad guy, and not the pm


Way to shorten the Critical path?

-changing the CP activities' scope
-Crashing (makes cost and schedule trade-offs to obtain greatest amt of sched compression at least cost)
-Fast tracking (doing tasks in parallel or overlapping them)


What is a buffer? what is the best approach to using them?

it's additional time to complete a project. best to add small bits to each task bc managemet won't like seeing a huge addition at the end.


what is project cost management?

cost is a resource sacrificed or forgone to achieve a specific objective.

PCM process is required to ensure project is completed within an approved budget


What is:
-life cycle costing?
-cash flow analysis?
-sunk cost?

LCC: estimates the cost of a project plus maintenance costs on the product it produces

CFA: determines the estimated annual cost and benefits for a project

Sunk cost: costs already experienced with either decision. isn't a criteria in project selection


What are the four Project cost management processes? (4)

-resource planning (determining what resource and quantity should be used)

-cost estimating (developing cost and resource estimates)

-cost budgeting (allocating overall cost estimates to individual work items to measure performance)

-cost control (controlling changes to the project budget)


What usually represents the highest project cost?



3 ways to do cost estimates?

Whih is used most?

-Analogous (use actual cost of similar project to use as basis)

-Bottom Up (estimate individual work items and sum them to get total estimate)

-parametric (use project characteristics in a mathematical model to estimate costs)

Bottom up used most!!!!