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Mod5 P - Planning 2

PMP Module 05 (Prism) - Project Planning (2 of 4)

QuestionAnswer
What are the 5 types of project costs? Fixed, Variable, Direct, Indirect, (Proj) Management cost
What are the accuracy levels of estimation? Rough Order of Magnitude (ROM) [-25/+75%]; Budget Estimate [-10/+25%]; Definitive estimate [+/-10%]
The ROM estimate is accurate to - ___% and + ____% -25/+75%
The Definitive estimate is accurate to - ___% and + ____% +/-10%
The method of developing a schedule that takes both activity and resource dependencies into account is called? critical chain method
True/False. Critical Chain and Critical Path methods are the same False. Critical chain focuses on shortening a project due to overestimation, uncertainties, buffers. Critical Path focuses on project length using task estimation and amount of float.
True/False. A project can have more than 1 critical path True. Several critical paths are possible
Critical path is ____ (longest/shortest) sequence of tasks to complete a project and represents the ___ (longest/shortest) project duration. Longest (sequence), but Shortest time/duration
What is task float in project scheduling? Amount of time a task can slip before delaying project schedule
Draw a scheduling activity with ES, EF, LS, LF. [ES] <length> [EF] <flt> <flt> [LS] <length> [LF]
What is project float in project scheduling? Amount of time the project can be delayed without delaying external due date constraint
The float of the Critical Path is ___ (pos / neg / zero) Zero (or negative)
How is Float calculated? LS minus ES; or LF - EF
What are the steps to determine project Critical Path? Forward Pass (ES and EF), Backward Pass (LS and LF), Calculate Floats. Critical path connects all 0 floats.
What are 2 ways to compress the project schedule? Fast Tracking, and Compression
What is Fast Tracking? compressing project schedule by conducting activities concurrently that were previously sequential
What is Crashing? compressing project schedule by analyzing time/cost tradeoffs (increased cost to save time, "crash cost")
What is a Control Account? a budget account for grouped activities in a project (e.g. travel, or materials)
What is a Contingency Reserve? reserved budget to account for known risks/potential overruns (usually a % or sum of all risk cost estimates)
How is the Project Cost Baseline calculated? Project estimates + contingency reserves (doesn't include Mgmt reserves)
What is a Management Reserve? Additional funds for unknown risks / unknown expenditures
How is Total Project Budget calculated? Project Cost (activities) + contingency reserves + management reserves.
Created by: anjp
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