Deck 6: Project Time and Cost Planning

Question 1

Describe intermediate and advanced COCOMO.

Answer 1

By using basic COCOMO, an organization can determine a rough estimate early in the project rather quickly, and over time it can adjust the formulas to match its own experiences.
But to get more meaningful answers for most organizations, two other models, called intermediate and advanced COCOMO, can be used. Intermediate COCOMO creates estimates based on size as well as 15 subjective cost drivers, including elements of the end product, the computer platform used, the quality of the resources used, and the project environment. These 15 cost drivers will increase or decrease the estimated project duration and need to be added to the formulas used in basic COCOMO. Advanced, or detailed, COCOMO builds on the cost drivers used in intermediate COCOMO and separates their impact over four major development phases: requirements, product design, detailed design, and code/test development.

Question 2

The precedence diagram method (PDM) of constructing a project network diagram uses boxes to represent dependencies (nodes) and lines with arrows to represent the activities.

Answer 2

False

Question 3

What are the deliverables from the activity resource estimating process?

Answer 3

The deliverables from the activity resource estimating process are a list of activity resource requirements for each activity within all the work packages, a project resource organization chart and WBS, a hierarchical breakdown of resources by category and type, updated resource calendars showing the availability of each resource (detailing vacations, holidays, and days available to work on the project), and resource loading.

Question 4

With the activity on arrow (AOA) diagramming technique, the lines with arrows represent the tasks, and the circles are the start and end points.

Question 5

List the processes of the Time Management knowledge area of PMBOK.

Question 6

Describe the three project types of COCOMO.

Question 7

Describe the insights regarding estimating offered by Brooks's classic book The Mythical Man-Month (1975).

Question 8

The processes of PMBOK's Time Management knowledge area can happen at the same time.

Question 9

Explain how ES, EF, LS, and LF are calculated in CPM.

Question 10

Describe the steps and formula in calculating function points.

Question 11

Work packages are the highest level or work on the WBS.

Question 12

What is CPM and how is it used?

Question 13

The two techniques of activity sequencing are the precedence diagram method and the activity on arrow diagramming method.

Question 14

Explain decomposition of tasks in the WBS and how far decomposition should be taken for each task.

Question 15

What is PERT and how is it used?

Question 16

List at least two advantages and two disadvantages of using the function points method for estimating.

Question 17

The activity resource estimating process consists of the following deliverables: activity resource requirements, resource calendars, and assigned resources.

Question 18

List and describe the three possible types of dependencies between any two activities.

Question 19

Project constraints-such as resource availability, geography restrictions, holidays, and an organization-imposed timetable- often determine the sequence of events.

Question 20

The precedence diagram method illustrates two types of dependencies between activities.

Question 21

CPM uses the sequence and duration of activities to determine the total project duration.

Question 22

The techniques used in activity resource estimating are expert judgment, the analogous approach, and alternatives analysis.

Question 23

The key to estimating, regardless of the technique used, is to understand that your early attempts at estimating may not be very accurate, but if you continually evaluate the estimates
against actual results on every project, you will begin to get better and better.

Question 24

Resource loading defines the amount of time a specific resource is needed over each time period.

Question 25

In CPM, ES, EF, LS, and LF are calculated in two passes through the entire network diagram.

Question 26

Resource loading is the process of rescheduling on the project schedule activities that have available slack to achieve a more balanced distribution of resource usage.

Question 27

The three types of estimates in three-point estimating are "most likely", "optimistic", and "pessimistic".

Question 28

CPM produces three key pieces of information.

Question 29

Activity resource estimating, activity duration estimating, and cost estimating cannot occur at the same time on projects.

Question 30

In CPM, you calculate task time by finding the earliest start time (ES), earliest finish time (EF), latest start time (LS), and latest finish time (LF) for each activity.

Question 31

Crashing a project often adds or removes critical path tasks.

Question 32

If a task has free slack it means that the task can be delayed in starting without affecting any other tasks on the schedule.

Question 33

PERT uses a weighted average approach, or beta probability distribution, to capture the three-point estimates (optimistic, most likely, and pessimistic) for activity duration.

Question 34

The critical path is a path through the project schedule that shows activities with scarce resources assigned.

Question 35

Project schedule development determines the planned start and completion dates for each activity listed on the project charter.

Question 36

Time and cost estimates should be done in a "progressive elaboration" process, meaning they start out general and less accurate and over time become more detailed and accurate as the project proceeds.

Question 37

Using knowledge of the critical path and slack, a project manager can use two schedule compression techniques, called crashing and fast tracking.

Question 38

The critical path method, unlike the critical chain method, looks at more than just time and does not assume that you have unlimited resources to accomplish the activities on your project.

Question 39

COCOMO is an acronym for the Constructive Criticism Model developed by Barry Boehm (1981).

Question 40

Function point analysis can be done at any point in a project but is not considered accurate until early in the planning phase or, if following an iterative approach, until several iterations of the project have been concluded and the system requirements specification is accurate.

Question 41

________ is defined as the actual amount of time, usually in hours, that a particular resource requires to complete a given task.

A) Estimate
B) Duration
C) Effort
D) Demand

Question 42

________ task dependencies are defined based on a preferred sequence of events.

A) Mandatory
B) Discretionary
C) External
D) Project

Question 43

________ is defined as the amount of elapsed time it will take the resource to complete the work.

A) Estimate
B) Duration
C) Effort
D) Demand

Question 44

The precedence diagram method (PDM) of constructing a project network diagram uses boxes to represent activities (nodes) and lines with arrows to represent the ________.

A) dependencies
B) sequences
C) tasks
D) estimates

Question 45

________ task dependencies are based on work performed by an entity outside the organization or business unit.

A) Mandatory
B) Discretionary
C) External
D) Project

Question 46

Time and cost estimates should be done in a(n) ________ process, meaning they start out general and less accurate and over time become more detailed and accurate as the project proceeds.

A) time sensitive
B) definitive
C) infinite
D) progressive elaboration

Question 47

Sunken costs are all costs incurred over the lifetime of the product or service.

Question 48

The final deliverable from the activity sequencing process is the ________ activity schedule.

A) final
B) preliminary
C) expanded
D) allocated

Question 49

The activity definition process identifies the lowest level of work on the WBS, called ________.

A) work packages
B) estimates
C) elements
D) requirements

Question 50

The ________ process is concerned with determining the time required to complete the work associated with each work package on the WBS.

A) estimate activity durations
B) resource loading
C) task estimation
D) resource assignment

Question 51

The last step in the process for project time and cost planning is assigning costs to the schedule.

Question 52

The budget determination process presents to the stakeholders and project team the entire picture of costs for the project, taking into account all the following cost categories: direct and indirect, recurring and nonrecurring, fixed and variable, and all life cycle costs.

Question 53

Project cost management is concerned with planning, estimating, budgeting, and controlling the costs of project resources needed to complete 100 percent of the activities of the project.

Question 54

One drawback of the activity on arrow method is that it can show only ________ relationships between activities.

A) finish-to-start
B) finish-to-finish
C) start-to-start
D) start-to-finish

Question 55

Which of the following is NOT a method of activity duration estimating?

A) Analogous
B) Top-down
C) Three-point
D) Resource loading

Question 56

Which of the following is one of the deliverables of the activity resource estimating process?

A) Activity resource requirements
B) Resource calendars
C) Assigned resources
D) All of the above

Question 57

The final work product from the activity definition process is the ________.

A) project plan
B) WBS
C) complete activity list
D) scope statement

Question 58

A professional ________'s primary job is to aid the project team in accurately defining time and cost estimates.

A) systems analyst
B) engineer
C) estimator
D) financial advisor

Question 59

The output from cost planning is used as part of the overall project plan and can consist of one or all of these elements: budget estimates, units of measure, links to accounting control accounts, allowable variances, methods used to track progress such as earned value, and stakeholder reporting formats.

Question 60

________ lists the amount of each resource that the project schedule requires during specific time periods.

A) Resource loading
B) Activity estimating
C) Task estimation
D) Resource coordination

Question 61

Which formula is used to calculate the PERT weighted average?

A) Optimistic estimate + 6 (Most likely estimate) + Pessimistic 4
B) Optimistic estimate + 4 (Most likely estimate) + Pessimistic 6
C) Most likely estimate + 4 (Optimistic estimate) + Pessimistic 6
D) Pessimistic estimate + 4 (Most likely estimate) + Optimistic 6

Question 62

This is the cost expended that cannot be retrieved on a product or service. It is money already spent that cannot be recovered.

A) Direct
B) Indirect
C) Sunken
D) Recurring

Question 63

Three-point estimating adds the element of ________ into its calculations.

A) scope
B) quality
C) risk
D) accuracy

Question 64

What is an advantage of using COCOMO?

A) It can be used early in the project.
B) It integrates documentation and requirements.
C) It accounts for personnel turnover.
D) It compensates for customer attributes.

Question 65

All paths other than the critical path of a project have tasks with ________.

A) free slack
B) float
C) lower priority
D) fewer assigned resources

Question 66

The critical chain is a path through the project schedule that shows activities with scarce ________ assigned.

A) technologies
B) raw materials
C) resources
D) finances

Question 67

________ and fast tracking are techniques used to compress a project schedule.

A) Accelerating
B) Resource loading
C) Crashing
D) Compacting

Question 68

Resource ________ defines the amount of time a specific resource is needed over each time period.

A) loading
B) leveling
C) assignment
D) estimation

Question 69

Resource ________ is the process of rescheduling on the project schedule activities that have available slack to achieve a more balanced distribution of resource usage.

A) loading
B) leveling
C) assignment
D) estimation

Question 70

The critical ________ method, unlike the critical path method, looks at more than just time and does not assume that you have unlimited resources to accomplish the activities on your project.

A) chain
B) roadmap
C) sequence
D) resource

Question 71

The output from ________ planning is used as part of the overall project plan and can consist of one or all of these elements: budget estimates, units of measure, links to accounting control accounts, allowable variances, methods used to track progress such as earned value, and stakeholder reporting formats.

A) resource
B) project
C) schedule
D) cost

Question 72

Which of the following is NOT an analytical technique used in determining project schedule?

A) PERT
B) Critical path method
C) Resource loading
D) Resource leveling

Question 73

The acronym PERT stand for:

A) Program Estimation and Review Technique
B) Program Evaluation and Risk Technique
C) Program Event and Review Technique
D) Program Evaluation and Review Technique

Question 74

What is the critical path of a project?

A) The path through the schedule with the highest priority tasks.
B) The path through the schedule with the highest cost resources.
C) The longest path through the schedule or the shortest time in which the project can be completed.
D) The shortest path through the schedule.

Question 75

CPM produces what key piece of information?

A) The amount of slack, or float, for each activity in the schedule.
B) The critical path, which is the longest path through the schedule or the shortest time in which the project can be completed.
C) Neither A nor B
D) Both A and B

Question 76

Crashing and ________ are techniques used to compress a project schedule.

A) accelerating
B) fast tracking
C) compacting
D) resource loading

Question 77

What is the deliverable from the project schedule development process?

A) Project plan
B) Project schedule
C) Requirements document
D) WBS

Question 78

This is the cost of a human resource, and it takes into consideration more than just a person's salary or hourly rate, including benefits, vacation, holidays, and so on.

A) Recurring
B) Indirect
C) Direct
D) Burden rate

Question 79

Crashing a project often adds or removes ________ tasks.

A) multiple
B) low priority
C) unnecessary
D) critical path

Question 80

________ estimating bases a current work package time estimate on the actual time of a work package from a similar project already completed.

A) Analogous
B) Top-down
C) Three-point
D) Resource loading