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19 Cards in this Set
- Front
- Back
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“Generally, but not always, the sequence of schedule activities that determines the duration of the project. Its is the longest path through the project”
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Critical Path
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original approved project schedule
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Schedule Baseline
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Used to analyze variances between actual and planned schedule performance
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Schedule Baseline
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Longest Path through the project
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Critical Path
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“The process of developing and approximation of the monetary resources needed to complete project activities”
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Estimate Costs
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“involves aggregating the estimates costs of individual activities work packages to establish a cost baseline.”
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Determine Budget Process
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Benefits of Life Cycle Costing
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Awareness of total costs
Cost reduction by comparing alternatives Forecasts future resource needs Supports strategic planning and budgeting |
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“Any form of schedule network analysis in which scheduling decisions (start and finish dates) are driven by resource constraints (e.g., limited resource availability or difficult – to manage changes in resource availability levels).
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Resource Leveling
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Limitations of Life Cycle Costing
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Limited accuracy
Inappropriate for smaller projects Sensitivity to changing requirements |
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Life Cycle Costing Purpose
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Total direct and indirect costs
Recurring and non-recurring costs Related costs estimated to be incurred over the life of a project and its product* |
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True or False
Resource Leveling can result in changing the finish date of a project |
True
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Resource Leveling Techniques (Under the Leveling topic)
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Identify resource peaks
Delay non-critical tasks with float Review estimates Extend schedule if needed* Decompose activities further into smaller tasks |
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The path in a schedule network that takes the longest time to complete:
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Critical Path
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True or False
Technical Performance Measurement is a technique that attempts to move activities to a new point in the schedule so the resources are not over utilized. |
False
Resource Leveling |
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Including all costs associated with a project over its entire life is know as:
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Life Cycle Costing
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Resource leveling will often affect the project schedule by making it:
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Longer
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What is the name of the original approved project schedule:
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Schedule Baseline
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An activity’s scheduled flexibility is know as:
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Float
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Name 2 types of float
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Total Float
Free Float |
