APM PMQ - Project Delivery Exam Questions With Correct Answers

what is estimating - Answer uses different methods to produce a prediction of the time and resources required to complete the scope of the work to the defined quality requirements. when do estimates become more accurate - Answer Throughout the project, it is required for the PM to produce estimates. Estimates are often described as approximations as can never be 100% accurate. The accuracy of the estimate highly depends on the amount of information available throughout the project lifecycle. More data/ information becomes readily available as the project progresses through the lifecycle and therefore re-estimations are vital. what are the approaches to producing estimates - Answer 1. parametric 2. analogous 3. analytical 4. delphi explain the approaches to producing estimates - Answer Analogous is an ideal estimating technique to use in the Concept phase, as a newly formed project can produce their first initial estimates on budgets, costs and timelines using historic events and data from previous similar projects. During the Definition phase, PMs may want to use the analytical technique where large and complex activities are broken down into smaller more achievable tasks i.e., when the high-level project aims/ objectives get broken down into workstreams and working groups and project tasks. PMs can use Work Breakdown Structures (WBSs) to help break down these high-level tasks. During the Deployment phase, parametric estimating would be a beneficial technique to use as the project will have defined parameters allowing the PM to establish time and costs for particular project activities. This method relies on the project having a statistical relationship between historic data from previous projects and other variables in order to calculate an estimate. Estimates calculated are usually like for like. During the Transition phase and throughout other phases the PM can use the Delphi method, which uses a group of experts to provide their consensus on the estimates for the project or tasks. These views are then collated into a summary report. If there are any updates to their opinions, then the summary report is updated and recirculated to the group. This means over time the experts' estimates will become more accurate as the project progresses and therefore a useful method to use throughout the project. explain the benefits of re-estimating throughout the project lifecycle - Answer Increases the involvement of the project team as more team members will become involved as the project progresses through the lifecycle. Thus, these members can provide their technical expertise to the estimates, increasing the estimate's accuracy. Opportunity for the project team to incorporate their lessons learned during reviews stages Increases the likelihood of adhering to the overall estimate providing more confidence to project stakeholders in achieving these estimates. minimises the effect of estimating error how can a project schedule be created? - Answer WBS is needed beforehand as well as an effort estimate for each tasks and resource list with availability for each resources. created by defining all the work tasks to be performed taking account of their relationships, estimated durations, and the resource srequired within the project calendar what are the steps in the schedule development process - Answer 1. identifying tasks from WBS 2. estimating duration of each task 3. determining the logical relationship between task (dependencies) in relation to their delivery 4. carrying out optimisation 5. assigning resources that required to carry out the work 6. checking the defined schedule meets the target success criteria for cost and time 7. baselining the schedule and monitoring during its deployment WBS -> network diagram -> bar chart (gantt chart) -) resource histogram differentiate between critical path and critical chain - Answer Critical path highlights to the PM the shortest time all the activities within the schedule in a logical order can be completed whereas in a critical chain amount of resourcing needed for each activity is estimated along the way. When creating a critical path resourcing estimates are made in advance so the overall duration of the project can be calculated easily and then quickly shared with key project stakeholders, whereas a critical chain just relies on the assumption that the resources will be available when the activity is due to start which is risky.