GRADED A+
What comes first--duration estimating or activity resource estimating? - Activity resource
estimating
What tool is used for duration estimating? - Critical path analysis (performed on the
network diagram)
What is the critical path on a network diagram? - The sequence of activities that
represents the longest path in the project (the minimum amount of time needed to
complete the project)
What tool is used for schedule development? - Gantt chart
What are two ways to manage the project schedule? - Crashing and fast tracking
What is crashing in regards to managing the project schedule? - Adding additional
resources to the critical path to accelerate it
What is fast tracking in regards to managing the project schedule? - Taking something
off of the critical path and doing it simultaneously to the other project activities.
What is the downside of crashing? - Loss of efficiency
What is the downside of fast-tracking? - Potential rework
What are the three components of financial planning? - Developing budgets, Identifying
cost estimates, monitoring budgets and expenditures
What sort of budget does PMDPro recommend developing? - Activity-based
What are the three ways to make a budget estimation? - Bottom up, Top down,
parametric
What characterizes a bottom up approach to budget estimation? - highly participatory
with input from the implementers
What characterizes a top down approach to budget estimation? - starts with a global
estimate based on expert experience
What characterizes a parametric approach to budget estimation? - uses statistical
relationship between historical data and other variables (examples are usually based on
construction)
, What does an earned value analysis do? - Tracks scope, time, and costs together to
determine progress of a project.
What are the 4 elements of stakeholder management (in order)? - Identification,
analysis, engagement, assessment
What are the 2 dimensions of stakeholder analysis? - Interests (what could they gain or
lose) and power (what is their influence on your work and others)
What tool is used during stakeholder engagement? - Communication plan
What question does stakeholder assessment answer? - Did anything change about the
power/influence and interests of the stakeholder?
Why is project justification management necessary? - It continues to ensure that
stakeholders are informed of a project's value and progress
4 steps of risk management in order - Identification, assessment, response planning,
monitoring and control
What are the 2 dimensions on which risks are assessed? - Probability and impact
What are the 4 response strategies to high probability, high impact risks? - Avoidance,
transference, mitigation, acceptance
What is risk mitigation? - Taking action to reduce probability and/or impact of a risk
What is the definition of an issue? - A risk realized; an unresolved decision, situation, or
problem that will significantly impact the project
What are 4 steps to issue management? - ID and tracking, analysis, communication,
control (ongoing)
What does issue analysis involve? - Using the project triangle to understand impact on
budget, scope, and time
What responsibility does the PM have in issue control? - Establishing an environment in
which team members feel comfortable pointing out issues
When implementing the HR plan (managing people), what are the three categories of
consideration - Acquiring a project team, developing a project team, managing a project
team
What does managing internal controls help to accomplish? - Reduce the risk of fraud
and corruption