PRM EXAM 3 QUESTIONS & ANSWERS
What do project network times require in order to be a schedule? - Answers -
resources must be assigned
what requirement do cost estimates require in order to become a budget? - Answers -
must be time-phased
resource smoothing - Answers - A technique which adjusts the activities of a schedule
model such that the requirement for resources on the project do not exceed certain
predefined resource limits.
Resource-Constrained Scheduling - Answers - The duration of a project may be
increased by delaying the late start of some of its activities if resources are not
adequate to meet peak demands.
Time-Constrained Project - Answers - Must be completed by an imposed date.
Time is fixed, resources are flexible: additional resources are required to ensure project
meets schedule.
Resource-Constrained Project - Answers - A project that assumes resources are
limited (fixed) and therefore time is variable.
leveling - Answers - Delay noncritical activities by using positive slack to reduce peak
demand and fill in the valleys for the resources
heuristics - Answers - Mental shortcuts or "rules of thumb" that often lead to a solution
(but not always).
Splitting Tasks - Answers - a planner splits the continuous work included in an activity
by interrupting the work and sending the resource to another activity for a period of time
and then having the resource resume the original activity.
Planned Value (PV) - Answers - The authorized budget assigned to scheduled work,
project cost baseline
Earned Value (EV) - Answers - An estimate of the value of the physical work actually
completed
what is the most common form of shortening project time? - Answers - assigning
additional employees and equipment to certain tasks
outsourcing project work - Answers - -contractor may have greater access to
equipment/expertise that will accelerate the activity.
, overtime scheduling - Answers - -preferred form for project acceleration, cost effective
and time effective
fast tracking - Answers - A schedule compression technique in which activities or
phases normally done in sequence are performed in parallel for at least a portion of
their duration.
Critical Chain Method - Answers - A schedule method that allows the project team to
place buffers on any project schedule path to account for limited resources and project
uncertainties.
Project Indirect Costs - Answers - -costs associated with sustaining the project:
supervision, administration, consultants, and interest
crashing - Answers - A technique used to shorten the schedule duration for the least
incremental cost by adding resources.
crash time - Answers - the shortest possible time to complete an activity
crash cost - Answers - the activity cost associated with the crash time
advantages of outsourcing - Answers - 1. cost reduction
2. Faster project completion
3. High level of expertise
4. Flexibility
disadvantages of outsourcing - Answers - 1. coordination breakdowns
2. loss of control
3. conflict
4. security issues
5. political hot potato
Request for Proposal (RFP) - Answers - A type of procurement document used to
request proposals from prospective sellers of products or services. In some application
areas, it may have a narrower or more specific meaning.
Agile Project Management - Answers - approach that focuses on adaptability to rapid
and unexpected change. Relies on incremental, interactive development cycles.
What kind of projects is agile project management ideal for? - Answers - exploratory
projects in which requirements need to be discovered and tested. final project design is
unknown
Iterative Development - Answers - consists of a series of tiny projects
What do project network times require in order to be a schedule? - Answers -
resources must be assigned
what requirement do cost estimates require in order to become a budget? - Answers -
must be time-phased
resource smoothing - Answers - A technique which adjusts the activities of a schedule
model such that the requirement for resources on the project do not exceed certain
predefined resource limits.
Resource-Constrained Scheduling - Answers - The duration of a project may be
increased by delaying the late start of some of its activities if resources are not
adequate to meet peak demands.
Time-Constrained Project - Answers - Must be completed by an imposed date.
Time is fixed, resources are flexible: additional resources are required to ensure project
meets schedule.
Resource-Constrained Project - Answers - A project that assumes resources are
limited (fixed) and therefore time is variable.
leveling - Answers - Delay noncritical activities by using positive slack to reduce peak
demand and fill in the valleys for the resources
heuristics - Answers - Mental shortcuts or "rules of thumb" that often lead to a solution
(but not always).
Splitting Tasks - Answers - a planner splits the continuous work included in an activity
by interrupting the work and sending the resource to another activity for a period of time
and then having the resource resume the original activity.
Planned Value (PV) - Answers - The authorized budget assigned to scheduled work,
project cost baseline
Earned Value (EV) - Answers - An estimate of the value of the physical work actually
completed
what is the most common form of shortening project time? - Answers - assigning
additional employees and equipment to certain tasks
outsourcing project work - Answers - -contractor may have greater access to
equipment/expertise that will accelerate the activity.
, overtime scheduling - Answers - -preferred form for project acceleration, cost effective
and time effective
fast tracking - Answers - A schedule compression technique in which activities or
phases normally done in sequence are performed in parallel for at least a portion of
their duration.
Critical Chain Method - Answers - A schedule method that allows the project team to
place buffers on any project schedule path to account for limited resources and project
uncertainties.
Project Indirect Costs - Answers - -costs associated with sustaining the project:
supervision, administration, consultants, and interest
crashing - Answers - A technique used to shorten the schedule duration for the least
incremental cost by adding resources.
crash time - Answers - the shortest possible time to complete an activity
crash cost - Answers - the activity cost associated with the crash time
advantages of outsourcing - Answers - 1. cost reduction
2. Faster project completion
3. High level of expertise
4. Flexibility
disadvantages of outsourcing - Answers - 1. coordination breakdowns
2. loss of control
3. conflict
4. security issues
5. political hot potato
Request for Proposal (RFP) - Answers - A type of procurement document used to
request proposals from prospective sellers of products or services. In some application
areas, it may have a narrower or more specific meaning.
Agile Project Management - Answers - approach that focuses on adaptability to rapid
and unexpected change. Relies on incremental, interactive development cycles.
What kind of projects is agile project management ideal for? - Answers - exploratory
projects in which requirements need to be discovered and tested. final project design is
unknown
Iterative Development - Answers - consists of a series of tiny projects
