Planning a Project - Step 3 - Mod 102

Question 1

Step 3 - Define Activities and Costs

Answer 1

estimated based on scope baseline – examines details of project objective and analyze dependencies with one another to help establish the schedule and cost baseline

Question 2

Step 3 - Define Activities and Costs - Substeps

Answer 2

a. Define activities
b. Estimate costs
c. Sequence activities
d. Identify risks
e. Estimate activity resources
f. Perform qual. risk analysis
g. Plan risk response
h. Estimate activity durations

Question 3

Step 3a - Define Activities

Answer 3

identifies and documents the specific actions to be performed to product the project deliverables

Question 4

Activity

Answer 4

distinct, scheduled portion of work performed during the course of a project

Question 5

Milestone

Answer 5

significant point or event in a project, program, or portfolio

Question 6

Step 3a - Define Activities - Outputs

Answer 6

Activity list
Activity attributes
Milestone list
Change requests
PMP updates

Question 7

Activity List

Answer 7

o Includes all schedule activities required on the project
o Provides sufficient details so that project team members can perform work
o Captures other details such as activity identifier and scope of work description

Question 8

Activity Attributes

Answer 8

extend the description of the activity by identifying the multiple components associated with each activity

Question 9

Milestone List

Answer 9

identifies all project milestones and indicates whether the milestone is mandatory

Question 10

Change Requests

Answer 10

as part of the defining activities, submit change requests for work that were uncovered that were not originally in the initial project or product scope

Question 11

Step 3b - Estimate Costs

Answer 11

develops an approximation of monetary resources needed to complete the project activities. Accuracy will increase with project profession (-25% to 75% during initiation to -5% to 10% later)

Question 12

Step 3b - Estimate Costs - Outputs

Answer 12

Cost estimates
Basis of estimates
PD updates

Question 13

Cost Estimates

Answer 13

o represent quantitative assessment of costs required to complete the project work
o include all resources needed by the activity such as labor, materials, equipment

Question 14

Basis of Estimates

Answer 14

provides a clear and complete understanding of how the estimates were made

Question 15

Step 3c - Sequence Activities

Answer 15

process to identify and document relationships among the project activities. Defines optimal sequence of activities given all project constraints.

Question 16

Step 3c - Sequence Activities - Outputs

Answer 16

Project schedule network diagrams
PD updates

Question 17

Project Schedule Network Diagram

Answer 17

represents the logical relationships (dependencies) of project schedule activities.

Question 18

Decomposition

Answer 18

divide and subdivide – unless the process is creating the WBS, focus on outputs instead of deliverables (TT)

Question 19

Rolling Wave Plan

Answer 19

iteratively plan near-term work in detail and plan for future work at a higher level. As more information becomes known, decompose work packages into activities. (TT)

Question 20

Analogous Estimating

Answer 20

if limited info is known, use parameters such as duration, budget, size, weight, and complexity from comparable projects as the basis.

Question 21

Bottom-up Estimating

Answer 21

Use requirements documentation to determine what should be included or excluded in the project scope.

Question 22

Three-point Estimating

Answer 22

improve accuracy of single-point activity cost estimates by using three-point estimates (most likely (m), optimistic (o), and pessimistic (p)) by factoring uncertainty and risk. Two common formulas: triangular distribution (e=[o+p+m]/3) and beta distribution (e=[o+4m+p]/6)

Question 23

PMIS

Answer 23

spreadsheets, simulators, statistical tools

Question 24

Precedence Diagramming Method (PDM)

Answer 24

use to construct schedule model. Most PM software uses activity-on-node (AON) to represent precedence diagram. (TT)

Question 25

Dependency Determination and Integration

Answer 25

determine whether the dependency is mandatory, discretionary, internal, or external. (TT)

Question 26

Leads and Lags

Answer 26

add necessary lead time (starting with successor activity prior to the completion of the predecessor activity) and lag time (delaying start of successor activity relative to predecessor activity) between activities as necessary. Schedule software may represent lead as a negative value and lag as a positive. (TT)

Question 27

Step 3d - Identify Risks

Answer 27

process to determine which risks may affect the project and document their characteristics.

Question 28

Step 3d - Identify Risks - Outputs

Answer 28

Risk register
Risk report
PD updates

Question 29

Prompt Lists

Answer 29

use a predetermined list of risk categories to methodically review and identify project risks.

Question 30

Risk Register

Answer 30

• Lists the risks that were identified during the risk identification process.
• Includes other details such as probability, impact, and potential response for each risk.

Question 31

Risk Report

Answer 31

List individual project risks and provide a summary of overall project risk.

Question 32

Step 3e - Estimate Activity Resources

Answer 32

estimates the types and quantities of material, HR, equipment, or supplies required to perform each activity.

Question 33

Parametric Estimating

Answer 33

rely on algorithms or statistical relationships from historical data and project parameters to estimate activity resources.

Question 34

Step 3e - Estimate Activity Resources - Outputs

Answer 34

Resource requirements
Basis of estimates
Resources breakdown structure
PD updates

Question 35

Resource Requirements

Answer 35

• Identify types and quantity of resources needed by the project
• Help determine the estimated resources for each work package and each work period

Question 36

Resources Breakdown Structure (RBS)

Answer 36

• Represents the resources by category in a hierarchical format.
• Includes categories such as labor, material, equipment, and supplies

Question 37

Step 3f - Perform Qualitative Risk Analysis

Answer 37

numerically analyzes effect of identified risks on overall project objectives.

Question 38

Step 3f - Perform Qualitative Risk Analysis - Outputs

Answer 38

PD updates

Question 39

Risk Categorization

Answer 39

risks categorized based on sources of risks using a risk breakdown structure (RBS), a WBS, or other categorization scheme (e.g., by phase).

Question 40

Step 3g - Plan Risk Response

Answer 40

develop options and actions to enhance opportunities and to reduce threats to project objectives.

Question 41

Strategies for Threats

Answer 41

use five strategies for threats: escalate, avoid, transfer, mitigate, and accept. (TT)

Question 42

Strategies for Opportunities

Answer 42

use five strategies for opportunities: escalate, exploit, share, enhance, and accept. (TT)

Question 43

Contingent Response Strategies

Answer 43

identify trigger that signals that a risk is about to materialize to ensure that adequate time is available for contingent plan to be activated. (TT)

Question 44

Strategies for Overall Project Risk

Answer 44

risk responses include avoid, exploit, transfer/share, mitigate/enhance, and accept. (TT)

Question 45

Step 3g - Plan Risk Response - Outputs

Answer 45

Change requests
PMP updates
PD updates

Question 46

Step 3h - Estimate Activity Durations

Answer 46

estimates number of work periods needed to complete individual activities with estimated resources.

Question 47

Step 3h - Estimate Activity Durations - Outputs

Answer 47

Duration estimates
Basis of estimates
PD updates

Question 48

Duration Estimates

Answer 48

• Provide quantitative assessment of number of time periods required by project.
• Indicate, where appropriate, approximate range (e.g., 2 weeks +/- 2 days)