Schedule & Cost Game (Ch 7)

The exercise was created 2022-07-31 by josefinflach. Question count: 30.

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  • What is the formula for cost performance index (CPI)? EV/AC (earned value/actual cost)
  • What estimating method would use optimistic, pessimistic and most likely activity estimates? Three-point estimating
  • "The estimated value of the work that will be done" has what earned value name? Planned value (PV)
  • What is the critical path method? The longest duration path in the network diagram
  • When should a project manager estimate how long each activity will take? Estimate Activity Durations
  • What does the schedule variance tell a project manager? How far behind or ahead of schedule a project is
  • What scheduling technique involved crashing? Schedule compression
  • What does a finish-to-start relationship mean? One activity must finish before the next can start
  • What does the estimate at completion (EAC) tell a project manager? What a project manager can now expect the total project to cost
  • Why would a project manager crash a project? To compress the schedule and save time
  • What is the name of the software that simulates a project's outcome? Monte Carlo Analysis
  • What does a start-to-start relationship mean? One activity must start before the next can start
  • What does a milestone chart show? Dates of significant events within a project schedule
  • What is the duration of a milestone? Zero; they simply represent the completion of activities
  • What is another name for analogous estimating? Top-down estimation
  • What is the primary range of a definite estimate? +/- 10%
  • What are direct costs? Costs incurred directly by the project
  • What is the earned value term for the actual cost incurred for the work accomplished? Actual cost (AC)
  • What is value analysis? Finding a less costly way to do the same work without loss of performance
  • What is a management reserve? An amount of time or money set aside to cover unforeseen risks
  • What is the cost variance (CV) formula? EV-AC (Earned value-actual cost)
  • Who has more cost risk in a fixed-price contract - the buyer or the seller? The seller
  • What does agile release planning provide? A high-level schedule that includes the frequency of releases and the number of iterations for each release
  • What are the three types of float? Total float, free float, and project float
  • What formulas are used to calculate float? LS-ES or LF-EF; this is the amount of time an activity can be delayed without delaying the project
  • Why would a project manager want to use resource leveling? To level the peaks and the valleys of the schedule to get a more stable number of resources used on a project
  • What does a lead indicate? That an activity can start before its predecessor is completed
  • A critical path activity will generally have how much float? Zero
  • What is parametric estimating? Analyzing the relationship between historical data and other variables to estimate duration or cost
  • What it a typical range for ROM estimates? -25 to +75 %

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