Estimating Techniques in Project Management
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Questions and Answers

What is the primary purpose of performance reviews in project schedule control?

  • To identify project scope changes
  • To determine project budget variances
  • To measure, compare, and analyze schedule performance (correct)
  • To allocate resources to project tasks

    • What is the result of a variance analysis in project schedule control?

  • Identification of resource allocation issues
  • Determination of project budget variances
  • Determination of variances in schedule start and end dates (correct)
  • Identification of project scope changes

    • What is the output of the Schedule Control process that documents calculated Schedule Variance (SV) and Schedule Performance Index (SPI)?

  • Project Management Plan Update
  • Work Performance Measurements (correct)
  • Project Document updates
  • Organizational process asset updates

    • What is the formula to calculate Schedule Variance (SV) percentage?

    <p>SV % = SV / BCWS (budgeted cost for work scheduled)</p> Signup and view all the answers

    What does a negative Schedule Variance percentage indicate?

    <p>The project is behind schedule</p> Signup and view all the answers

    What is the purpose of change requests in the Schedule Control process?

    <p>To update the project schedule baseline</p> Signup and view all the answers

    In the given example, what is the status of the project?

    <p>The project is ahead of schedule</p> Signup and view all the answers

    What is the calculation for Schedule Variance (SV)?

    <p>SV = EV - PV</p> Signup and view all the answers

    What is the primary purpose of the Schedule Development process?

    <p>To determine the start and finish date for each project activity</p> Signup and view all the answers

    What do black diamonds represent in a Gantt chart?

    <p>Milestones</p> Signup and view all the answers

    What is the purpose of adding milestones to a Gantt chart?

    <p>To emphasize important events or accomplishments in projects</p> Signup and view all the answers

    What is the primary concern of Schedule Control?

    <p>Determining the current status of the project schedule</p> Signup and view all the answers

    What is the purpose of a Project Schedule Network Diagram?

    <p>To display the dependencies between tasks</p> Signup and view all the answers

    How can you create a milestone in a Gantt chart?

    <p>By entering a task with a zero duration</p> Signup and view all the answers

    What is represented by lighter horizontal bars in a Gantt chart?

    <p>Durations of tasks</p> Signup and view all the answers

    What is the benefit of getting stakeholders and functional managers to approve and sign off the project schedule?

    <p>It ensures that they have read the schedule, understand the dates and resource commitments, and will likely cooperate</p> Signup and view all the answers

    What is the primary advantage of analogous estimating over other techniques?

    <p>Less time-consuming and less costly</p> Signup and view all the answers

    What is the purpose of three-point estimates in PERT?

    <p>To calculate the mean duration</p> Signup and view all the answers

    What is a characteristic of PERT that distinguishes it from CPM?

    <p>Consideration of optimistic and pessimistic values</p> Signup and view all the answers

    What is the formula used by PERT to calculate the mean duration?

    <p>(P + 4M + O)/6</p> Signup and view all the answers

    What is the primary purpose of schedule network analysis?

    <p>To develop the project schedule</p> Signup and view all the answers

    What is critical path method (CPM)?

    <p>A schedule network analysis technique</p> Signup and view all the answers

    What is the primary output of the schedule development process?

    <p>A project schedule with start and end dates</p> Signup and view all the answers

    What is a diagram type that can be used to draw PERT charts?

    <p>AOA (Activity-on-Arrow) diagrams</p> Signup and view all the answers

    Study Notes

    Estimating Techniques

    • Analogous estimates are less time-consuming and costly but less accurate
    • Parametric estimating uses a statistical relationship between historical data and other variables, making it more accurate than analogous estimates
    • Three-point estimates use three estimates (most likely, optimistic, and pessimistic) to calculate a final estimate, which is used in PERT estimates

    PERT (Program Evaluation and Review Technique)

    • Uses three estimates per activity: optimistic, pessimistic, and most likely
    • Can be drawn only using AOA diagrams and can have dummy events
    • Calculates mean duration using the formula: (P + 4M + O)/6

    Schedule Development

    • Uses results from other time management processes to determine project start and end dates
    • Output: project schedule network diagram, Gantt charts/bar charts, milestone charts

    Schedule Network Analysis

    • Generates the project schedule using a schedule model and analytical techniques
    • Techniques used: critical path method, critical chain method, what-if analysis, and resource leveling

    Critical Path Method (CPM)

    • A schedule network analysis technique
    • Part of the develop schedule process

    Gantt Charts (Bar Charts)

    • Display project schedule information in a calendar format
    • Symbols: black diamonds (milestones), thick black bars (summary tasks), lighter horizontal bars (task durations), arrows (dependencies)

    Schedule Control

    • Concerned with determining the current status of the project schedule and managing changes
    • Performance reviews measure schedule performance, and variance analysis identifies schedule variances
    • Outputs: work performance measurements, organizational process asset updates, change requests, project management plan updates, and project document updates

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    Description

    Learn about different estimating techniques in project management, including analogous, parametric, and three-point estimates. Understand the advantages and limitations of each technique.

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