Card Set Information
What is a formula for estimate at completion?
BAC / Cumulative CPI
What estimating method would use optimistic time estimates?
"How much work should be done?" has what earned value name?
What is the critical path?
The longest duration path in the network; The shortest time to complete the project.
The types and quantities of resources required are calcualation in what part of time management?
Estimate activity resources.
What does the schedule variance tell you?
How far you are behind or ahead of schedule.
What schedule network analysis technique involves crashing?
What does a finish-to-start relationship mean?
One activity must finish before the next can start.
What does the estimate at completion tell you?
What we now expect the total project to cost.
Why would you want to crash a project?
To shorten the project duration.
The "what-if" scenario method of schedule network analysis primarily makes use of what technique?
Monte Carlo analysis.
What are sunk costs?
What does a milestone chart show?
Dates of significant events on the project.
What is the duration of a milestone.
What is analogous estimating?
What are fixed costs?
Costs that do not change with project activity.
What are direct costs?
Costs incurred directly by the project.
What is the earned value name for "how much you have spent to date?"
What is value analysis?
Finding a less costly way to complete the work without affecting quality.
What is a management reserve?
An amount of time or money set aside to cover unforeseen risks.
What is the cost variance formula?
EV - AC
Cost risk is greater for the buyer in what type of contract?
What is the formula for total 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 smooth the peaks and valleys of monthly resource usage consumed by the project.
What does a benefit cost ratio of 2.5 mean?
The benefits are 2.5 times the costs.
A critical path activity will generally have how much float?
What is parametric estimating?
Using mathematical relationships found in historical information to create estimates (e.g. dollars per foot)
What is the range of accuracy with a definitive estimate?
+/- 10 percent.