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23 Cards in this Set
- Front
- Back
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A critical path activity will generally have ho much float?
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Zero.
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What is the earned value name for "how much have spent to date?"
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actual cost
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What is a management reserve?
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Amount of ime or money set aside to cover unforseen risks.
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What is the formula for total float?
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LS-ES or LF-EF. The amount of time a project can be delayed without delaying the project.
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What are sunk costs?
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Expended costs
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What is the duration of a milestone?
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Zero.
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What does a benefit cost ratio of 2.5 mean?
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The benefits are 2 1/2 times the cost. (Not a math problem)
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The "what-if" scenario mehtod of schedule network analysis primarily makes use of what technique?
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Monte Carlo analysis.
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What schedule network analysis technique involves crashing?
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Schedule compression.
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Why would a project manager want to use resource leveling?
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To smooth the peaks and vallyes of monthly resources usage consumed by the project.
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What is value analysis?
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Finding a less costly way to complete work without affecting quality.
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What schedule network analysis technique uses buffers?
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Critical chain
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What does a milestone chart show?
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Dates of significant events on the project.
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Cost risk is greater for the buyer in what type of contract?
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Cost reimbursable.
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What is parametric estimating?
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Using mathematical relationships found in historical information to create estimates.
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What is the critical path?
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The longest duration path in the networks; the shortest time to complete the project.
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What is the range of accuracy with a definitive estimate?
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+/- 10%
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What does present value mean?
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The value today of future cash flows.
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What is analogous estimating?
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Top-down estimating.
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What are direct cost?
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Costs incurred directly by the project.
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Why would you crash a project?
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To shorten the project duration.
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What estimating method would use optimistic time estimates?
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Three-points estimate.
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What are fixed costs?
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Costs that do not change with project activity.
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