Estimating
Scheduling
PM Essentials - Review
Project Work Performance Domain
**Procurement**
Misc
100
The PM uses historical data from similar projects to create an estimate for their current project.
What is Analogous Estimating?
100
The longest duration path on the network diagram
What is the Critical Path?
100
The process of breaking project work into smaller tasks for easier planning.
What is the WBS?
100
This addresses activities and functions associated with establishing project processes, managing physical resources, and fostering a learning environment.
What is the Project Work Performance Domain?
100
This type of contract is the most common and is best when costs are controllable and predictable. Risk is to the seller.
What is FFP (Firm Fixed Price)?
100
What is a PDM?
200
The PM has created a high-level plan where only the first phase of their project plan was developed in detail. Future phases will be detailed as the project progresses.
What is roll-wave planning?
200
Betty of Betty’s Bakery has identified the individual tasks for catering the Smith’s wedding and is creating the project schedule. She determines that all the food ingredients must be purchased before she can begin baking for the wedding. This is an example of which logical relationship?
What is the FS – Finish to Start?
200
The Triple Constraints
What are scope, schedule, and costs?
200
This optimization process focuses on maximizing value while minimizing waste.
What is the Lean Production Method?
200
With this type of contract, all costs are reimbursed to the seller in addition to a fixed fee based on a percentage of the original estimate.
What is Cost Plus Fixed Fee (CPFF)?
200
Proactively develop an approach to create the project deliverables.
What is Planning?
300
The PM is pulling together information to plan the project budget. She receives a most likely estimate of $55,000; an optimistic estimate of $30,000; and a pessimistic estimate of $65,000. She sets the estimate at $50,000 using this technique.
What is 3-point estimating?
300
Betty of Betty’s Bakery creates a graphical representation of the schedule for the Smith Wedding catering job, showing the sequence of events that need to be completed and the logical relationships between tasks. Betty is using what method for creating her schedule?
What is the PDM – Precedence Diagramming method?
("What is a GANTT Chart?" is also acceptable.)
300
The Project Management Process Groups are comprised of…
What are Initiating, Planning, Executing, Monitoring & Control, and Closing?
300
This optimization process is where suggestions are made to improve project processes and efficiencies.
What is retrospectives (or lessons learned)?
300
With this contract type, the price is fixed but the quantity is not.
What is Time and Materials Contracts (T&M)?
300
What is ABDH? (27)
400
Rachel is using the 3-Point estimating process to estimate the cost for catering a large wedding and decides to give more weight to her most likely estimate.
What is a PERT estimate?
(Optimistic + (4*most likely) + Pessimistic) / 6400
eliminating the peaks and valleys in resources by creating a stable number of resources.
What is Resource Leveling?
400
Which of the Project Mgt Process Groups is occurring when the PM is regularly checking on the progress being made on the project and taking corrective action for issues that are identified?
What is Monitoring and Control?
400
Blueprints, written descriptions, pictures, and documented standard operating procedures are examples of what?
What is explicit knowledge?
400
Jack needs to buy two new laptops for his new hires starting next week. He buys the laptops from Best Buy because his company has what kind of contract with Best Buy to supply laptops as needed?
What is a Master Service Agreement (MSA)?
400
Late Start - Early Start
(Also Late Finish - Early finish)
What is Schedule Slack (or Float)?
500
Estimates shown in comparison to other estimates. They only have meaning within a given context.
What are relative estimates?
500
Bob realizes that schedule delays will cause his project to miss it's deadline, so he adds additional resources to tasks on the critical path to get back on schedule. What is this called?
What is crashing?
500
Details what is to be done in terms of physical characteristics.
What are Design Specification?
500
Practical knowledge, team member experience, and instincts are examples of what?
What is tacit knowledge?
500
This Bid document is used to solicit detailed solution proposals from various potential contractors.
What is an RFP (Request for Proposal)?
500
The PM is pulling together information to plan the project budget. She has a most likely estimate of $55,000; an optimistic estimate of $30,000; and a pessimistic estimate of $65,000. Using the PERT technique, she sets the estimate at what?
What is $52,500?
(PE + 4*ML +OP) / 6