Module 4

Question 1

Top-down (Macro) estimates

Answer 1

Rely on historical data and broader trends to inform estimates for current projects

Question 2

Bottom-up (Micro) estimates

Answer 2

Involves breaking a project down into smaller tasks allowing resources, costs and time assigned to them. Allows for a more precise estimate for a project.

Question 3

Apportionment

Answer 3

A method that ensures costs and resources are distributed fairly among different parts of a project.

Question 4

Delphi Method

Answer 4

Panel of experts to gather insights and reach a consensus on a particular topic or question.

Question 5

Direct Costs

Answer 5

Chargeable to a specific work package (Labor, materials, etc)

Question 6

Function Points

Answer 6

A standard unit of measure used to assess the function size of software or a system

Question 7

Learning Curve

Answer 7

A graphical representation that illustrates how the time or effort needed to perform a task decreases with repetition and experience.

Question 8

Overhead costs

Answer 8

Refer to the ongoing expenses of operating a business that is not directly attributed to producing goods or services.

Question 9

Phase Estimating

Answer 9

A technique used to estimate the costs, resources, and time required to complete different phases of stages of a project.

Question 10

Range Estimating

Answer 10

A technique used to define possible values for project costs, durations, or resource requirements instead of providing a single-point estimate.

Question 11

Ratio Method

Answer 11

A technique used to determine costs, durations, or other metrics based on established ratios derived from historical data or benchmark comparisons.

Question 12

Reference Class Forecasting

Answer 12

A statistical technique that leverages historical data from similar projects to predict the outcomes of a new project.

Question 13

White Elephant

Answer 13

A project that is over budget and undervalued, cost to maintain exceeds benefits

Question 14

Template Method

Answer 14

It lays out the general steps for a project but allows you to customize certain parts of the process.

Question 15

Time and Cost Estimates

Answer 15

Essential components that predict the duration and financial resources required to complete a project

Question 16

Gross Margin

Answer 16

Difference between the price of the job and the costs of the job

Question 17

Net Margin

Answer 17

Profit Alone

Question 18

Markup

Answer 18

A job costs times a factor that covers direct costs, overhead costs and profit

Question 19

Gross Margin

Answer 19

Forecasted Dollar Volume - Job Cost

Question 20

Gross Margin Percentage

Answer 20

Gross Margin/Forecasted Dollar Volume

Question 21

Markup Factor

Answer 21

Forecasted Dollar Volume/Job Cost

Question 22

Activity

Answer 22

An element of the project that requires time but may not require resources

Question 23

Parallel Activities

Answer 23

Activities that can take place at the same time

Question 24

Burst Activity

Answer 24

An activity that has more than one activity immediately following it (more than one dependency arrow flowing from it)

Question 25

Merge Activity

Answer 25

An activity that has more than one activity immediately preceding it (more than one dependency arrow flowing to it)

Question 26

Path

Answer 26

A sequence of connected dependent activities

Question 27

Critical Path

Answer 27

The path with the most prolonged duration through the network

Question 28

Activity-on-Node (AON)

Answer 28

Uses a node to depict an activity

Question 29

Activity-on-Arrow (AOA)

Answer 29

Uses an arrow to depict an activity

Question 30

Forward Pass-Earliest Times

Answer 30

* How soon can the activity start? (Early start-ES) * How soon can the activity finish? (Early finish-EF) * How soon can the project finish? (Expected time-TE)

Question 31

Backward Pass-Latest Times

Answer 31

* How late can the activity start? (Late start-LS) * How late can the activity finish? (Late finish-LF) * Which activities represent the critical path? (Critical path-CP) * How long can the activity be delayed? (Slack or float-SL)

Question 32

Total Slack

Answer 32

The time an activity can be delayed and not delay the project

Question 33

Free Slack

Answer 33

The amount of time an activity can be delayed without delaying any immediately following activity

Question 34

Sensitivity

Answer 34

The likelihood the original critical path(s) will change once the project is initiated

Question 35

Lags

Answer 35

They represent the time that must pass before a dependent task can start, even if the predecessor task is completed.

Question 36

Hammock Activity

Answer 36

Describe a task that spans a period of time and encompasses several related activities or sub-tasks.

Question 37

GANTT Chart

Answer 37

Used to represent a project schedule visually

Question 38

Concurrent Engineering

Answer 38

Product development where different teams and tasks happen at the same time instead of one after the other