Schedule & Cost Game (Ch 7)

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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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