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Questions and Answers
What is formed by one or more work packages?
What is formed by one or more work packages?
A Gantt chart displays tasks or activities versus cost.
A Gantt chart displays tasks or activities versus cost.
False
What information is needed to create a Gantt chart?
What information is needed to create a Gantt chart?
Project tasks, precedence relationships, expected duration
To create a Gantt chart, you need the project tasks, the precedence relationship, and the expected __________ of each task.
To create a Gantt chart, you need the project tasks, the precedence relationship, and the expected __________ of each task.
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Match the following components with their associated cost accounts:
Match the following components with their associated cost accounts:
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Which of the following is NOT part of the cost accounts listed?
Which of the following is NOT part of the cost accounts listed?
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A full-scale fan rig is associated with the testing phase.
A full-scale fan rig is associated with the testing phase.
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What does a cost account primarily help with?
What does a cost account primarily help with?
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A __________ relationship describes how tasks are dependent on each other in a project.
A __________ relationship describes how tasks are dependent on each other in a project.
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Which component is NOT shown under the project management structure?
Which component is NOT shown under the project management structure?
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What is a defining characteristic of a project?
What is a defining characteristic of a project?
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A project is typically an ongoing endeavor without a defined end point.
A project is typically an ongoing endeavor without a defined end point.
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What are the key elements described in a project proposal?
What are the key elements described in a project proposal?
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The _________ describes the tasks to be performed and deliverables in a project.
The _________ describes the tasks to be performed and deliverables in a project.
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What is one of the criteria for deciding whether to bid for a project?
What is one of the criteria for deciding whether to bid for a project?
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Match the following project planning tools to their descriptions:
Match the following project planning tools to their descriptions:
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End-items are the resources needed during the project.
End-items are the resources needed during the project.
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The ultimate unit by which work is controlled is known as a _________.
The ultimate unit by which work is controlled is known as a _________.
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What does the term 'Cost Account' refer to in project planning?
What does the term 'Cost Account' refer to in project planning?
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Which of the following is NOT a component of the proposal phase?
Which of the following is NOT a component of the proposal phase?
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What is the purpose of the Critical Path Method (CPM)?
What is the purpose of the Critical Path Method (CPM)?
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In CPM, it is allowed to have loops in the activity diagram.
In CPM, it is allowed to have loops in the activity diagram.
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What is the expected time formula for an activity in PERT?
What is the expected time formula for an activity in PERT?
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In CPM, the _____ indicates the maximum time that a project can be delayed without affecting the deadline.
In CPM, the _____ indicates the maximum time that a project can be delayed without affecting the deadline.
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Match the following components with their definitions:
Match the following components with their definitions:
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Which of the following is NOT a restriction in network scheduling systems like CPM?
Which of the following is NOT a restriction in network scheduling systems like CPM?
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In PERT, the pessimistic time estimate is typically the most likely duration of an activity.
In PERT, the pessimistic time estimate is typically the most likely duration of an activity.
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What do the letters te and σ represent in PERT?
What do the letters te and σ represent in PERT?
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The sum of expected times for activities on the _____ path gives the expected time for the entire project in PERT.
The sum of expected times for activities on the _____ path gives the expected time for the entire project in PERT.
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Which of the following activities has a duration of 2.0?
Which of the following activities has a duration of 2.0?
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Study Notes
Project Planning and Acquisition
- Project Definition: A project is a collection of tasks leading to a specific objective, with a finite lifespan, and a unique outcome.
-
Project Proposal Process:
- Description of objectives to be accomplished
- Estimated time required
- Required resources
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Preproposal Considerations:
- Project viability
- Bidding capability
- Necessary resources (human and other)
- Project alignment with needs
- Likelihood of success
-
Proposal Details:
- Project scope
- Objectives
- Costs
- Benefits
- Constraints
Project Planning Tools
- Statement of Work (SOW): Outlines project deliverables, tasks, and required data/reports
- Milestone Schedule: Depicts key project phases, tasks, personnel, and resources, assisting in detailed project planning.
- Work Breakdown Structure (WBS): Hierarchical subdivision of project work (level-by-level) for contract management
Other Project Management Tools
- Precedence Diagramming Method (PDM): Similar to other methods but handles time delays between activities (e.g., Finish-to-Start, Start-to-Start, Finish-to-Finish).
- Graphical Evaluation and Review Technique (GERT): Enables handling of uncertain or probabilistic events during a project.
- Resource Allocation: Optimizes resource allocation by potentially delaying resource commitments based on project slack time.
Types of Contracts
- Fixed-Price Contracts: Predetermined fixed price for the project, incentivizing contractor efficiency but important for detailed specifications.
- Cost-Type Contracts: Payment based on the actual project costs, with potential variations as detailed in the book.
Terms to Know
- End-Item: Final deliverables of a project
- Dimensions 1 & 2: Project components and functional organization
- Cost Account: Unit of work control; combines functional and project dimensions
- Work Packages: Sub-units of work, each potentially becoming a cost account
Gantt Chart
- Used to plot tasks versus time.
- Requires project tasks, precedence relationships, and estimated task durations.
Network Scheduling Systems
- Critical Path Method (CPM): A network scheduling system, crucial for critical path activities.
Program Evaluation Review Technique (PERT)
- Considers project activities as variables with optimistic, most likely, and pessimistic time estimates and a variance calculation
- Calculates expected time and standard deviation for critical activities, supporting project timeline calculations
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Description
Explore the essentials of project planning and acquisition, focusing on the project definition, proposal process, and critical planning tools like the Statement of Work and Work Breakdown Structure. This quiz will challenge your understanding of key concepts and best practices in managing successful projects.
