RM NumbersGame Flashcards
(30 cards)
What is parametric estimating?
Using mathematical relationships found in historical information to create estimates (e.g., dollars per foot)
What is the range of accuracy with a definitive estimate?
+/-10 percent
A critical path activity will generally have how much float?
Zero
Why would a project manager want to use resource leveling?
To smooth the peaks and valleys of monthly resource usage consumed by the project
What does a benefit cost ratio of 2.5 mean?
The benefits are 2½ times the costs
What is the formula for total float?
LS - ES, or LF - EF; This is the amount of time an activity can be delayed without delaying the project
What schedule network analysis technique uses buffers?
Critical chain
What doe present value mean?
The value today of future cash flows
Cost risk is greater for the buyer in what type of contract?
Cost reimbursable
What is a management reserve?
An amount of time or money set aside to cover unforeseen risks
What is the cost variance formula?
EV - AC
What is value analysis?
Finding a less costly way to complete the work without affecting quality
What are direct costs?
Costs incurred directly by the project
What is the earned value name for “how much have you spent to date?”
Actual cost
What are fixed costs?
Costs that do not change with project activity
What does a milestone chart show?
Dates of significant events on the project
What is the duration of a milestone?
Zero
What is analogous estimating?
Top-down estimating
Why would you want to crash a project?
To shorten the project duration
The “what-if” scenario method of schedule network analysis primarily makes use of what technique?
Monte Carlo analysis
What are sunk costs?
Expended costs
What schedule network analysis technique involves crashing?
Schedule compression
What does a finish-to-start relationship mean?
One activity must finish before the next can start
What does the estimate at completion tell you?
What we now expect he total project to cost
