Project Management: Time vs. Resource Constraints
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Questions and Answers

Which type of reserve is specifically allocated for known risks identified during planning?

  • Management Reserve
  • Emergency Reserve
  • Contingency Reserve (correct)
  • Budget Reserve

What is an example of an economic instability risk in South Africa during project execution?

  • Power outages in the region
  • Limited availability of skilled labor
  • Fluctuations in currency exchange rates (correct)
  • Policy changes by the government

What is the primary constraint in resource-constrained projects?

  • Limited resources (correct)
  • Fixed completion time
  • High costs
  • Project objectives

Which reserve is intended for unforeseen project costs that arise unexpectedly?

<p>Budget Reserve (A)</p> Signup and view all the answers

Which heuristic is used to allocate resources in the order tasks arrive?

<p>First Come, First Serve (C)</p> Signup and view all the answers

Which ethical challenge involves ensuring accurate reporting without misrepresentation?

<p>Honesty in reporting (B)</p> Signup and view all the answers

What is the main goal of resource leveling?

<p>Prevent resource over-utilization (C)</p> Signup and view all the answers

What is an example of an infrastructure challenge during project execution in South Africa?

<p>Transportation delays (A)</p> Signup and view all the answers

Which of the following is NOT a common element of a project plan?

<p>Resource Allocation Method (C)</p> Signup and view all the answers

When should heuristics generally be applied in resource-constrained projects?

<p>To solve complex problems quickly (B)</p> Signup and view all the answers

What is an example of a time-constrained project?

<p>Rolling out a marketing campaign on a set date (D)</p> Signup and view all the answers

What is one of the key steps in the project initiation process?

<p>Defining objectives (C)</p> Signup and view all the answers

Which rule of thumb prioritizes tasks with shorter durations?

<p>Shortest Task First (D)</p> Signup and view all the answers

What is the purpose of a project charter?

<p>To authorize the project and outline its purpose and objectives. (C)</p> Signup and view all the answers

How does clarifying the project objective benefit a project manager?

<p>It provides direction and facilitates decision-making for the team. (D)</p> Signup and view all the answers

What is scope creep?

<p>Uncontrolled changes or extensions to the project scope without approval. (C)</p> Signup and view all the answers

What does a Work Breakdown Structure (WBS) primarily help with in project management?

<p>To organize tasks into manageable components and improve resource allocation. (D)</p> Signup and view all the answers

What is earned value management (EVM) used for in project management?

<p>To measure project performance by comparing planned work with completed work. (A)</p> Signup and view all the answers

What does Planned Value (PV) represent in EVM?

<p>The budget allocated for tasks expected to be completed by a specific point in time. (A)</p> Signup and view all the answers

Which of the following best describes Actual Cost (AC) in EVM?

<p>The actual cost incurred for the work completed. (D)</p> Signup and view all the answers

How does a well-defined project scope statement affect scope creep?

<p>It minimizes the risk of scope creep by clarifying project boundaries. (C)</p> Signup and view all the answers

Flashcards

Time-Constrained Project

A project where the completion time is fixed, and resources are adjusted to meet the deadline.

Resource-Constrained Project

A project with limited resources, where the completion time might vary depending on availability.

Resource Leveling

Adjusting project schedules to balance resource usage and prevent over-allocation or under-utilization.

Heuristic

A simple rule of thumb used for decision-making in complex projects with incomplete information.

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Project Objectives

Clear goals and desired outcomes for a project.

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Work Breakdown Structure (WBS)

Breaking down a project into smaller, manageable tasks.

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Project Initiation

Defining the project, its objectives and gaining approval to begin work.

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Stakeholder Identification

Knowing who will be affected by the project.

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Project Charter

A document outlining a project's purpose, objectives, stakeholders, and authorization for project execution.

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Stakeholder Engagement

Ensuring all relevant parties are aligned and committed to the project's goals.

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Project Scope Statement

A detailed description of project deliverables, objectives, boundaries, and exclusions.

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Scope Creep

Uncontrolled changes or extensions to a project's scope without proper approval.

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Earned Value Management (EVM)

A project management technique comparing planned work, completed work, and costs to track progress and performance.

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Planned Value (PV)

The planned value of the work to be complete by a certain point in a project

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Earned Value (EV)

Value of the work that has been completed against the budgeted cost.

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Economic Instability Risk

Uncertainties in the South African economy, like currency fluctuations, inflation, or financial crises, that can affect project execution.

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Political Risk in South Africa

Unpredictable government policies, labor strikes, or social unrest that can disrupt project activities.

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Resource Constraints

Limited availability of skilled workers, materials, or equipment, hindering project progress.

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Contingency Reserve

Money set aside during planning for known risks that may occur. Example: Extra funds for potential weather delays.

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Management Reserve

Funds held by project management to handle high-level, unknown risks affecting the whole project. Example: Setting aside money for unforeseen organizational changes.

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Study Notes

Time-Constrained vs. Resource-Constrained Projects

  • Time-Constrained Projects: Completion time is fixed; resources are adjusted to meet deadlines.

  • Example: Product launch on a specific date.

  • Resource-Constrained Projects: Limited resources; completion time varies based on resource availability.

  • Example: Building construction with limited labor.

Implications

  • Time-constrained environments: Focus on accelerating work, often by allocating additional resources, which can increase costs.
  • Resource-constrained environments: Prioritization is crucial; it often causes delays but maintains cost control. This may require resource leveling/smoothing.

Resource Leveling/Smoothing

  • Definition: Adjusting project schedules to address resource constraints and balance resource usage.
  • Purpose: Prevent over-allocation or under-utilization of resources.
  • Use Case: Projects with limited resources or needing consistent workloads.

Heuristics in Resource-Constrained Projects

  • Definition: Simple, quick, practical decision-making methods requiring less computational effort than optimization models.
  • Usefulness: Useful for complex problems with limited information, providing satisfactory solutions within reasonable time limits.

Three Rules of Thumb (Heuristics) for Scarce Resources

  • First Come, First Serve: Allocate resources based on task arrival order.
  • Shortest Task First: Prioritize tasks with shorter durations.
  • Critical Path First: Focus resources on tasks on the critical path to minimize delays.

Four Common Elements of a Project Plan

  • Project Objectives: Clear project goals and desired outcomes.
  • Work Breakdown Structure (WBS): Dividing the project into manageable tasks.
  • Schedule: Timelines for tasks and project milestones.
  • Budget: Allocation of financial resources for tasks and the overall project.

Project Initiation Process

  • Key Steps: Defining objectives, stakeholder identification, project charter creation, and resource allocation.
  • Project Charter: Outlines project purpose, objectives, stakeholders, and authorization.
  • Stakeholder Engagement: Aligns all relevant parties with project goals.

Project Scope Statement and Scope Creep

  • Scope Creep: Uncontrolled changes or extensions to a project's scope without proper approval.
  • Scope Statement: Detailed description of deliverables, objectives, boundaries, and exclusions; minimizes scope creep.

Work Breakdown Structure (WBS)

  • Purpose: Organizes the project, improves resource allocation, enhances communication, facilitates progress tracking, minimizes risks.

Earned Value Management (EVM)

  • Definition: Project management technique comparing planned work with completed work and costs.
  • Key Measures: Planned Value (PV), Earned Value (EV), Actual Cost (AC).

Project Risk Sources (South Africa)

  • Economic Instability: Fluctuations in currency exchange, inflation, and financial crises.
  • Political Factors: Policy changes, strikes, and social unrest.
  • Resource Constraints: Limited availability of skilled labor, raw materials, or equipment.
  • Infrastructure Challenges: Power outages, transportation delays, or unreliable communication networks.

Contingency Reserve vs. Budget Reserve vs. Management Reserve

  • Contingency Reserve: Set aside for known risks during planning.
  • Budget Reserve: For unforeseen project costs.
  • Management Reserve: For high-level, unknown risks affecting the entire project.

Ethical Challenges in Project Execution

  • Honesty in Reporting: Accurate progress and cost reporting without misrepresentation.
  • Fair Treatment: No discrimination or favoritism in resource allocation.
  • Conflict of Interest: Avoiding personal interests influencing professional decisions.

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Project Management Exam Questions & Answers PDF

Description

This quiz explores the distinctions between time-constrained and resource-constrained projects in project management. It covers definitions, examples, and implications of each type, emphasizing the importance of resource leveling and smoothing. Test your understanding of these crucial concepts in managing projects effectively.

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