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25 Cards in this Set
- Front
- Back
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What are differences between bottom-up and top-down estimating approaches? |
Top-down: macro; derived from analogy/group consensus (mathematical) Bottom-up: micro; estimate elements of work package |
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What are the types of bottom-up methods? |
- template (using previously done projects) - parametric procedures - WBS (breaking down and building back up) - hybrids (provide more detail) |
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What are the types of Top-down methods? |
- ratio method (formula) - apportion method (%) - function point method (using previous projects as an estimate - if this 3 story building cost me $$$ then this 2 story building should be about ⅔ of that) - learning curves (learning from past project/ trial and error) |
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Under what conditions would you prefer top-down or bottom-up over the other? |
Top-down: strategic decision making, high uncertainty, small internal project, unstable scope Bottom-up: cost/time important, fixed-price contract, customer wants detail |
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What are the major types of cost? |
1) Directs costs- goes into project and stays with (equipment, labor, materials) 2) direct project overhead- used on site but does not stay when the project is complete (temp. office) 3) general & admin costs - used by home office (keeps them running and must be paid w/ or w/o project) |
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Which costs are controllable by the project manager? |
Direct costs and Direct project overhead |
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what are the lifelines for control? |
cost, time and budget estimates |
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factors to consider when making an estimate |
1. planning horizon 2. project duration 3. people 4. project structure and organization 5. padding estimates 6. organizational culture 7. other factors... holidays, etc. |
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things to consider when estimating for time, cost and resources |
1. responsibility 2. use several people to make estimates 3. normal conditions 4. time units 5. independence 6. contingencies 7. adding risk man. to the estimate helps to avoid surprises for stakeholders |
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What is the ideal way to come up with an estimate? |
1. make rough top-down estimate 2. develop WBS 3. make bottom-up estimate 4. develop schedules and budgets 5. reconcile the differences b/w top-down and bottom-up estimates |
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How does the Work breakdown structure differ from the project network? |
WBS is only a hierarchical list of deliverables. It includes who must complete a task and how long it takes. A network is sequential. It takes the tasks and puts them in an order that they MUST be done in order to complete the project. |
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How are WBS and project networks linked? |
The network uses the time estimates found in the work packages of the WBS to develop the network. The network uses the time estimates found in the work packages of the WBS to develop the network. Remember, the time estimates, budgets, and resources required for a work package in the WBS are set in time frames, but without dates. The dates are computed after the network is developed. |
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Why bother creating a WBS? Why not go straight to a project network and forget the WBS? |
The WBS is designed to provide different information for decision making.
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Why is slack important to the project manager? |
represents the degree of flexibility the project manager will have in rearranging work and resources. |
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What does the network do? |
1. It comes from the WBS 2. depicts project activities that must be completed &, in most cases, the times for the activities to start and finish. 3. allows project manager to make decisions concerning time, cost, & performance. 4. represents 3/4 of the planning process |
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what is an activity? |
An element in a project that consumes time (working or waiting) |
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what is a merge activity? |
2 activities merge to 1 |
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what are parallel activities? |
activities occurring simultaneously |
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what is a path? |
from start to finish |
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what is a critical path? |
longest route from start to finish When there is NO difference b/w ES and LS, EF and LF (LF - EF = 0) |
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what is an event? |
group of activites |
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what is a burst activity? |
1 activity divided into multiple |
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What are the basic rules to follow in developing project networks? |
1. from left to right 2. complete an activity before beginning another 3. must be in preceding order, but arrows may cross 4. unique ID for activities 5. activity ID get larger than predecessors 6. looping is not allowed 7. no conditional activities 8. common node to start/end network |
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What are the rules for forward passing? |
1. you add activity times along each path starting with the project beginning 2. you carry the EF to the next activity where it becomes ES unless... 3. if the next succeeding activity is a merge activity, you select the largest EF of all of its immediate predecessors. |
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What are the rules for backward passing? |
1. subtract activity times along the path starting with the project end 2. carry the LS to the next preceding activity to establish LF, unless.. 3. if the next preceding activity is a burst activity you select the smallest LS of all its immediate successor activities to establish LF |
