Project Management: Unit 3

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A small group of people with a combination of expertise or skills critical to the project is called the
Core project team.
What is a work breakdown structure (WBS)?
A WBS is a hierarchal structured grouping of project elements that organizes and defines the scope of the total project.
Define Work package?
This is the level at which the project manager can assign resources and track progress without getting bogged down in too much detail. As a rule of thumb, a work package should be small enough to assign to an individual or small team.
Define Control Account?
This is typically one level above the work package. It is level where costs are accrued, monitored, and used for management.
Define Planning Package?
This is an undefined work package(s) below the control account used for planning known work when work package detail is not yet available. The planning package is a critical component of rolling wave planning.
Estimating cost, time, and resources are inputs into what document?
A project management plan will contain the estimates generated from the WBS. This document will provide a baseline from which to compare ongoing changes, as well as making those changes more precise and easier.
What are a three point estimate and Program Evaluation and Review Technique (PERT)?
Both are estimating practices. Both are tools designed to assist the project manager in getting good estimates for duration, cost, effort, and resources.
What are the differences between a three-point estimate and Program Evaluation and Review Technique (PERT)?
1. A three-point estimate is a simple average used to estimate task durations. (O+ML+P)/3
2. PERT is a weighted average estimate for task durations. [O+(4xML)+P]/6
You ask your best technical expert to come up with an estimate for the project. He provides you with three estimates. Best case is 80 days; worst case is 140 days and most likely is 100 days. Based on PERT, what is the estimate for the project (rounded to the nearest whole day)?
103 days
What is float and why is it significant to project managers?
Float is the amount of time that an activity or chain of activities can be delayed without delaying the project finish date. Float is not planned into projects-it is calculated from the network diagram after completing a backward pass by subtracting early finish from late finish (or early start from late start).
Float is significant because it indicates the amount of flexibility the project manager has to adjust the timing of a particular.
Which of the following depicts the project’s planned start and end dates and activity durations for each work package?
Gnatt Chart
The planning phase is almost completed, and Joe is expecting cost estimates with a precision range of +10 and -5 percent. What kind of estimate is Joe expecting?
Describe the difference between direct and indirect costs.
Direct costs: These costs are directly attributed to the project.
Labor (Internal or contract)
Materials and Equipment
Other Direct Costs (Fees, travel, incidentals)
Indirect costs: These costs are for organizational support not directly attributed to the project.
General administrative (Headquarters’ expenses, fringe benefits, depreciation)
Marketing and sales
Research and development
Which tool shows the number of resource units needed on the project, by resource type, at different periods of time?
Resource loading table
Identify and define the risk response strategies for threats.
1. Accept
-Passive: Accept the consequences; do nothing.
-Active: Develop a contingency plan.
2. Mitigate
-Probability: Lower the probability of the occurrence.
-Impact: Lower the impact of the occurrence.
3. Transfer: Shift the risk to a third party; deflect.
4. Avoid: Eliminate the cause of the threat.
Identify and define the risk response strategies for opportunities.
1. Accept (Accept opportunity is the same as accept risk)
-Passive: Accept the consequences; do nothing.
-Active: Develop a contingency plan.
2. Enhance
-Probability: Maximize the probability of the opportunity’s occurrence.
-Impact: Maximize the value of the impact.
3. Exploit: Ensure the opportunity occurs.
4. Share: Allocate ownership to a third party.
If we have a specific dollar amount that we cannot exceed for this project, what type of contract should we use?
Fixed price
What is the project management plan and why is it important in project management?
The project plan is a formal, approved document or set of documents for the purpose of managing project execution and project control. The project plan provides the road map for the implementation phase of the project.
Typical elements of a project plan.
1. Key decisions
2. Project baselines
3. Subsidiary plans
-Change management plan
-Configuration management plan
-Scope management plan
-Requirements management plan
-Schedule management plan
-Cost management plan
-Quality management plan
-Human resource management plan
-Communication management plan
-Risk management plan
-Procurement management plan
-Process management plan
What is a project baseline?
A project baseline is the original plan, including any approved changes, against which the performance of the project (and project manager) will be judged. In fact, the overall project plan actually consists of three baselines that reflect the three aspects of the triple constraint.
Name three typical projects baselines.
1. Scope baseline. (Scope statement, WBS)
2. Cost performance baseline. (Cumulative cost curve, project budget)
3. Schedule baseline. (Network diagram, Gnatt chart)
How will PM get the best resources and use who he has best?
1. Planning for the project resources.
2. Acquiring project resources.
3. Developing, maintain and managing project resources.
4. Replenishing project resources, as needed.
Categories: Project Management