Project Management Exam 3
Terms in this set (...)
An assessment of the likely result; usually applied to project cost, duration, and/or work effort.
The approved estimate, against which project progress is measured.
The approved plan plus or minus approved change requests.
Uses mathematical models to predict project costs based on past projects
Learning curve theory
Project Managers use data once the preliminary design work for the project has been done
Bottom-up Estimating (engineering)
The people doing the work create the cost and schedule estimates from the detailed project
create a reasonable budget baseline for the project and identify project resources as well creating time-phased budget for their involvement in the project
those clearly assigned to the aspect of the project that generated the cost
generally are linked to two features; overhead and selling and general administration
those associated with charges applied once at the beginning or end of the project
typically continue to operate over the project's life cycle
incurred in the routine process of working to complete the project according to the original schedule
unplanned costs incurred when steps are taken to speed up the project's completion
used when either information or time is scarce
based on the assumption that historical data can be used as a frame of reference for current estimates on similar projects
can only be given upon the completion of most design work
standard unit of measure that represents the functional size of a software application
Function Point Analysis
system for estimating the size of software projects based on what the software does
requires direct input from the organization's top management
Activity Based Costing (ABC)
budgeting method that assigns costs first to activities and then to the projects based on each project's use of resources
allocation of extra funds to cover these uncertainties and improve the chances that the project can be completed within the time frame originally specified
the logical relationship between the start and finish of one activity and the start and finish of another activity
process of accelerating a project
adding resources to ongoing activities only delays them further
used in AOA networks to indicate the existence of precedent relationships between activities and their event nodes
Agile Project Management
reflects a new era in project planning that places a premium on flexibility and evolving customer requirements throughout the development process.
one iteration of the Agile planning and executing cycle.
the development strategy agreed to by all key members of the project.
the length of any particular sprint, fixed in advance, during the Scrum meeting.
short explanation of the end user that captures what they do or what they need from the project under development
person on the project team responsible for moving the project forward between iterations, removing impediments, or resolving differences of opinions between major stakeholders
the set of product backlog items selected for the Sprint, plus a plan for delivering the Sprint Goal.
remaining work in the Sprint backlog
person representing the stakeholders and serving as the "voice of the customer."
organizational unit responsible for delivering the product at the end of the iteration (Sprint).
a prioritized list of everything that might be needed in completed product and source of requirements for any changes.
evolving, prioritized queue of business and technical functionality that needs to be developed into a system.
Central Limit Theorem
states that if a number of probability distributions are summed, the variance of the sum equals the sum of the variances of individual distributions
Capacity Constraint Buffer
safety margin separating different projects scheduled to use the same resource
extra safety applied to a project immediately before the use of the constrained resource to ensure that the resource will not be starved for work
project is complete (either successfully or unsuccessfully)
project is institutionalized as part of the parent organization
Project resources are integrated back into organization structure
Project kept on file but funding removed
what is the estimated value of the work planned?
What is the estimated value of the work actually accomplished?
What is the actual cost incurred for the work accomplished?
Budget at Completion
How much was budgeted for the total project effort.
Estimate at Completion
What do we currently expect the project to cost?
Estimate to Complete
From this point on, how much more will it cost to finish the project?
Variance at Completion
At project completion, how much are costs over or under budget?
Negative is over budget, positive is under budget.
Negative is behind schedule, positive is ahead of schedule.
Cost Performance Index
$_____worth of work for every $1 spent.
Schedule Performance Index
Progressing at ____% of rate originally planned.
Indicator of the combined impact of schedule and cost variances relative to earned value.
aggregating the estimated costs of individual activities or work packages to establish a cost baseline
influencing the factors that create cost variances and controlling changes to the project budget.
provision in the project management plan to mitigate cost and/or schedule risk.
budget associated with contract changes where time constraints prevent the necessary planning to incorporate the change into the performance budget.
contract tasks that have not been identified and/or authorized
Half of the budget for each element is recorded at the time that the work is scheduled to begin and the other half at the time the work is scheduled to be completed.
Project activity has a value of $0 until the activity is finished
Project activity has a value of 100% of the budget for that activity once that activity is finished
Works well for short duration activities
(couple of days)
Earned Value Management
A management methodology for integrating scope, schedule and resources, and for objectively measuring project performance and progress
The longest path through a project schedule with resource conflicts resolved
Finish to Start Lag
Most common type of sequencing
Shown on the line joining the modes
Added during forward pass
Subtracted during backward pass
Finish to Finish Lag
Two activities share a similar completion point
The mechanical inspection cannot happen until wiring, plumbing, and HVAC installation are complete
Start to Finish Lag
Least common type of lag relationship
Successor's finish dependent on predecessor's start
parallel processing activities or overlapping them
obtaining the greatest amount of schedule compression for the least incremental cost
Chapter 8: Cost Estimation and Budgeting
PMP 7: Project Cost Management
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