Interactive: Time Management 2

This eLearning course will quiz you on the knowledge contained in the Time lesson and help identify your weak areas. This is the second of two modules for Time.

You should know and understand the Fundamental concepts of Time Management as presented in Chapter 6 of the PMBOK and the PMP Exam Content Outline available from www.pmi.org

Place the terms where they belong.

  • Resources
  • Time
  • Activity List
  • Alternatives analysis
  • Bottom-up
  • Risk Register
  • Define
  • Resource
  • Breakdown

Match the Estimate Activity Resources Tools with their correct description.

Answers:

Expert Judgement - Used when someone on your team has done the work before and knows what is required

Alternatives Analysis - Balancing the cost, duration, availability, and risk to choose the correct resource

Published Estimating Data - Used when your industry or organization has already estimated resources for frequently performed activities

Bottom-up Estimating - Starting from scratch and estimating everything in detail because you have never done this type of work before

 

  • Expert Judgement
    Used when someone on your team has done the work before and knows what is required
  • Alternatives Analysis
    Balancing the cost, duration, availability, and risk to choose the correct resource
  • Published Estimating Data
    Used when your industry or organization has already estimated resources for frequently performed activities
  • Bottom-up Estimating
    Starting from scratch and estimating everything in detail because you have never done this type of work before

Place the terms where they belong.

  • Durations
  • Duration
  • Time
  • Resource
  • 3
  • Scope Statement
  • RBS
  • Reserve analysis
  • Develop Schedule
  • Sequence Activities
  • Attributes

Match the Estimate Activity Duration Tools to their correct description.

Answers:

Analogous - Uses historical information from previous projects or activities that are similar to the current one being estimated

Parametric - 100 square yards of carpet X 10 minutes per square yard = 1,000 minutes for an activity duration estimate

Reserve Analysis - Uses the Risk Register to estimate needed buffer time on the schedule for the activity

3-Point Estimating - Produces a range for an activity estimate using optimistic, pessimistic and realistic projected values for duration

  • Analagous
    Uses historical information from previous projects or activities that are similar to the current one being estimated
  • Parametric
    100 square yards of carpet X 10 minutes per square yard = 1,000 minutes for an activity duration estimate
  • Reserve Analysis
    Uses the Risk Register to estimate needed buffer time on the schedule for the activity
  • 3-Point Estimating
    Produces a range for an activity estimate using optimistic, pessimistic and realistic projected values for duration

Which of the following is True or False about 3-Point Estimating?

The Following are True:

Formula for Beta Distribution weights the Realistic estimate by 4

PERT is the same as Beta Distribution

Formula for Variance is SD squared

Formula for PERT estimate is [O+(4R)+P]/6

  • Formula for Beta Distribution weights the Realistic estimate by 4
  • Formula for Triangular Distribution is (O+R+P)/6
  • Adding and subtracting 1 Standard Deviation from the Beta Distribution estimate yields a 95% confidence level
  • PERT is the same as Beta Distribution
  • Formula for Variance is SD squared
  • Formula for SD is O-P/6
  • Formula for PERT estimate is [O+(4R)+P]/6

Place the terms where they belong.

  • Resource Requirements
  • PNDs
  • Project Staff Assignments
  • Path
  • Modeling
  • Scheduling Tool
  • Baseline
  • Project Calendars
  • 16
  • Control Schedule
  • Activities
  • Cost

Match the Scheduling Tools with their correct description.

Answers:

Critical Path Method - Used to estimate the minimum project duration and determine scheduling flexibility on each network path

Critical Chain Method - Placing time buffers on network paths to account for limited resources and project uncertainties (risk)

Resource Optimization - Adjusting the schedule model due to demand and supply of resources

Resource Leveling - Start and finish dates are adjusted based on resource constraints to balance supply with demand. May lengthen Critical Path and completion date

Resource Smoothing - Adjusting resource requirements so that they do not exceed predefined resource limitations. Does not affect the Critical Path or completion date

Schedule Compression - Used to shorten the schedule without reducing the scope in order to meet schedule constraints

Crashing - Adding resources to Critical Path activities in order to reduce activity durations. Results in increased cost

Fast-Tracking - Activities originally planned to be done in sequence are re-arranged to be done in parallel. Results in increased risk

  • Critical Path Method
    Used to estimate the minimum project duration and determine scheduling flexibility on each network path
  • Critical Chain Method
    Placing time buffers on network paths to account for limited resources and project uncertainties (risk)
  • Resource Optimization
    Adjusting the schedule model due to demand and supply of resources
  • Resource Leveling
    Start and finish dates are adjusted based on resource constraints to balance supply with demand. May lengthen Critical Path and completion date
  • Resource Smoothing
    Adjusting resource requirements so that they do not exceed predefined resource limitations. Does not affect the Critical Path or completion date
  • Schedule Compression
    Used to shorten the schedule without reducing the scope in order to meet schedule constraints
  • Crashing
    Adding resources to Critical Path activities in order to reduce activity durations. Results in increased cost
  • Fast-Tracking
    Activities originally planned to be done in sequence are re-arranged to be done in parallel. Results in increased risk

Which statements are True or False regarding the different presentations of a project schedule?

The Following are True: 

The Gannt Chart is frequently used in management presentations

A Gannt Chart shows activity duration

A Project Schedule Network Diagram is the most detailed version of the schedule

A Milestone Chart offers a quick glance at important completion dates

  • The Gannt Chart is frequently used in management presentations
  • A Project Schedule Network Diagram shows only start and stop dates of activities
  • A Milestone Chart shows early and late start and finish dates
  • A Gannt Chart shows activity duration
  • A Project Schedule Network Diagram is the most detailed version of the schedule
  • A Milestone Chart offers a quick glance at important completion dates
  • A Project Network Diagram shows only high-level schedule information

Place the terms where they belong.

  • Monitoring & Controlling
  • Project Schedule
  • Schedule Data
  • Performance Reviews
  • Change Requests
  • Schedule Forecasts
  • Develop Schedule
  • Deviation
  • OPA