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Questions and Answers
What is the primary disadvantage of Budgeting in relation to cost or resource monitoring?
What is the primary disadvantage of Budgeting in relation to cost or resource monitoring?
What is the minimum time required to complete a project determined by?
What is the minimum time required to complete a project determined by?
What is the term for the amount of time an activity may be delayed without delaying the completion date of the project?
What is the term for the amount of time an activity may be delayed without delaying the completion date of the project?
What is the primary purpose of the Program Evaluation and Review Technique (PERT)?
What is the primary purpose of the Program Evaluation and Review Technique (PERT)?
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What is the term for the slack in the schedule of an activity?
What is the term for the slack in the schedule of an activity?
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What is represented by a dotted line on the arrow network diagram?
What is represented by a dotted line on the arrow network diagram?
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What is the primary advantage of using PERT?
What is the primary advantage of using PERT?
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What is the term for the series of interconnected activities that determines the minimum time to complete the project?
What is the term for the series of interconnected activities that determines the minimum time to complete the project?
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What is the purpose of project monitoring and control?
What is the purpose of project monitoring and control?
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What does the cost slope represent in the time-cost relationship?
What does the cost slope represent in the time-cost relationship?
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What happens to the duration of an activity when resources are added?
What happens to the duration of an activity when resources are added?
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What is the purpose of setting a project plan?
What is the purpose of setting a project plan?
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What does the variance measure in the context of activity completion time?
What does the variance measure in the context of activity completion time?
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What is the goal of project monitoring?
What is the goal of project monitoring?
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What is the purpose of control schedules for time and work?
What is the purpose of control schedules for time and work?
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What is the relationship between the duration of an activity and the direct cost when resources are added?
What is the relationship between the duration of an activity and the direct cost when resources are added?
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What is the purpose of Step 2 in the given PERT analysis?
What is the purpose of Step 2 in the given PERT analysis?
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What is the total project cost mentioned in the example?
What is the total project cost mentioned in the example?
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What is the accumulated cost on the 3rd day of the project?
What is the accumulated cost on the 3rd day of the project?
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What is the percentage of accomplishment on the 3rd day of the project?
What is the percentage of accomplishment on the 3rd day of the project?
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What is the purpose of Step 3: Periodic Cash Flow in the PERT analysis?
What is the purpose of Step 3: Periodic Cash Flow in the PERT analysis?
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How is the cost corresponding to an activity distributed in its duration?
How is the cost corresponding to an activity distributed in its duration?
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What is the purpose of Step 5: Fill up Table in the PERT analysis?
What is the purpose of Step 5: Fill up Table in the PERT analysis?
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How many days are represented by the shaded green regions in the timeline for activity 1?
How many days are represented by the shaded green regions in the timeline for activity 1?
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Study Notes
Project Management Concepts
- Late Start (LS): the latest time an activity can be started without delaying the project completion date.
- Total Float (TF): the amount of time an activity can be delayed without delaying the project completion date.
- Free Float (FF): the amount of time an activity can be delayed without delaying the early start time of the immediately following activity.
Critical Path Method
- Critical Path: a series of interconnected activities with zero, free, and total float time, determining the minimum time to complete the project.
- Dummy Activity: represented by a dotted line on the arrow network diagram, indicating that any activity following the dummy cannot be started until the preceding activities are completed.
Program Evaluation and Review Technique (PERT)
- Developed in 1957 by the U.S. Navy as a probabilistic approach to scheduling.
- More commonly used in the manufacturing industry.
- Can be used for risk assessment of highly uncertain projects.
Network Scheduling
- Represented by shaded green regions on the timeline.
- Note that we draw the bar for activity D after activity A is completed, meaning at the end of day 2.
Time-Cost Relationship
- Represents the shortest duration and the greatest cost.
- Cost slope: represents the time-cost relationship or the marginal trade-off of cost-to-time for the activity.
Project Monitoring and Control
- Goal: to detect and correct deviations from desired budget, schedule, and quality.
- Detection: monitoring.
- Correction: control.
- Bring project performance back in line with plans.
Project Monitoring
- Set of procedures and management practices.
- Review of performance achieved or forecasted.
- Uses performance metrics.
Project Plan
- Must be developed with input from people who will be performing the work.
- Must be communicated to all participants.
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Description
Test your understanding of project management concepts such as Late Start, Total Float, and Budgeting.