Questions and Answers
Who is responsible for creating the project charter?
What is the role of the Project Executive Sponsor in stakeholder workshops?
Which deliverable requires the Project Team to be responsible?
In the RACI matrix, who is accountable for the strategy final version?
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What does the term 'Consulted' imply in the RACI matrix?
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Which of the following deliverables requires the Project Team to provide updates?
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Who is informed about the project management products?
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Which role is designated as 'Informed' for the strategy drafts deliverable?
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What is the main focus of the analysis described?
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Which step is likely involved in the critical path analysis process?
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What does 'critical path' typically refer to in project management?
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Which of the following best describes 'optimizing' in this context?
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The term 'rig move time' likely refers to which aspect of the operation?
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What is the importance of estimating time and cost in project management?
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Which condition is most suitable for applying bottom-up estimation?
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Which of the following factors does NOT influence the quality of project estimates?
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What does top-down estimation typically assess in projects?
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In which scenario is a top-down estimation more appropriate?
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What aspect enhances the quality of initial estimates?
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Which of the following is a key guideline for developing work package estimates?
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Which condition favors the use of padded estimates?
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Which type of estimate is best suited for projects with a well-defined scope?
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What is the likelihood of using top-down estimation for very uncertain projects?
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What is a potential drawback of using excessive detail in project estimates?
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Which type of cost is typically associated with general company operations?
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What does the bottom-up approach for estimating project time and cost involve?
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Which of the following is a reason for refining or adjusting estimates?
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In the context of cost types, what are Direct Costs?
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Which method is not a part of the Bottom-up approach for estimating project time and cost?
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What is one of the factors influencing the quality of estimates?
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What is the first step in phase estimating over the product life cycle?
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What does the symbol 't' represent in Critical Path Analysis?
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Which equation is used to calculate 'ES' during the forward pass?
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What does 'LS' represent in project scheduling?
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Which of the following statements about 'Total slack (TS)' is correct?
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In backward pass computation, how is 'LF' calculated?
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What does 'EF' signify in a project network?
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Which of the following best describes a 'merge activity' in scheduling?
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How is the 'critical path' determined in project scheduling?
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Study Notes
Estimating Project Time and Cost
- Importance of estimating time and cost: supports decision-making, scheduling work, developing budgets, and cash flow management.
Estimating Guidelines and Methods
- Quality of estimates can be influenced by factors such as planning horizon and organizational structure.
- Top-down estimation provides strategic decision-making but is less detailed.
- Bottom-up estimation is preferred when cost and time precision is critical.
Conditions for Estimation Types
- Top-down estimates are suitable for strategic decisions and high uncertainty.
- Bottom-up estimates are ideal for internal, smaller projects and when detailed cost breakdown is required.
Factors Influencing Estimate Quality
- Planning horizon affects projection accuracy.
- Non-project factors such as equipment breakdown and holidays may introduce variability.
- Project duration impacts the reliability of estimates, especially with new technologies.
Guidelines for Work Package Estimates
- Estimates should be prepared by people familiar with the tasks involved.
- Risk assessment should consider contingencies and normal operational conditions.
Level of Detail in Estimation
- Excessive detail can lead to unnecessary costs and product focus on departmental functions.
- Insufficient detail may fail to address essential activities, leading to wasted efforts.
Types of Costs
- Direct Costs: Costs directly attributable to the project.
- Direct Overhead Costs: Costs necessary for the support of project activities.
- General and Administrative Overhead Costs: Expenses incurred for overall organizational management.
Refining Estimates
- Estimates must be adjusted for hidden interaction costs, optimistic scenarios, and strategic misrepresentation.
- A database for past estimates can provide valuable insights to refine future estimates.
RACI Matrix in Project Management
- Clarifies roles:
- Responsible: Those executing tasks.
- Accountable: Approvers of deliverables.
- Consulted: Stakeholders providing feedback.
- Informed: Updates recipients on project status.
Critical Path Analysis
- Critical path determines the longest sequence of activities in a project, indicating the shortest path to completion.
- Key terms include:
- Activity Duration (t): Expected length of time for an activity.
- Early Start (ES): Earliest possible time to begin an activity.
- Late Finish (LF): Latest possible completion time without delaying the project.
Network Calculations
-
Forward Pass Computation:
- ES = EF of preceding activity (maximum).
- EF = ES + duration of the current activity.
-
Backward Pass Computation:
- LF = LS of succeeding activity (minimum).
- LS = LF - duration of the current activity.
Problem Solving in Estimation
- Emphasizes the application of theoretical knowledge through practical problem-solving exercises to enhance understanding of estimation techniques and project network creation.
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Description
This quiz explores key concepts in estimating project time and cost, examining methods like top-down and bottom-up estimation. Learn how various factors influence the quality of estimates and their importance in strategic decision-making and budget development.
