Chapter 6: Managing Project Time

  1. Activity list
    Primary output of breaking down WBS work packages
  2. Analogous estimating
    • somewhat unreliable method
    • relies on historical information to predict what current activity durations should be
    • aka top-down estimating
  3. Bottom-up estimating
    • most accurate approach
    • considers every activity, its predecessor and successor activities, and the exact amount of resources needed
  4. Control account
    • WBS entry that considers the time, cost, and scope measurements for that deliverable within the WBS.
    • Estimated performance is compared against actual performance to measure overall performance for the deliverables within that control account
  5. Crashing
    • schedule compression approach that adds more resources to activities on the critical path to complete the project earlier.
    • Crashing adds cost
  6. Critical chain method
    • Network analysis approach where teh deadlines associated with individual tasks are removed and the only date that matters is the promised date of the project deliverable.
    • Modifies schedule based on the availability of resources rather than on the pure sequence of events (like the critical path method)
  7. Critical path
    • Path in the project network diagram that cannot be delayed, or the project completion date will be late
    • There can be more than one critical path.
    • Activities on this path have no float
  8. Discretionary dependencies
    • Preferred order of activities
    • Logic behind decisions based on these dependencies should be documented
    • Allow activities to happen in a preferred order because of best practices, unique conditions, or external events
  9. Early finish
    • Earliest a project activity can finish.
    • Used in forward pass procedure to discover the critical path and project float.
  10. Early start
    • Earliest a project activity can begin.
    • Used in forward pass procedure to discover the critical path and project float.
  11. External dependencies
    • Outside project control
    • Ex.: Delivery from a vendor, another project's deliverable, or decision of a committee, lawsuit, unexpected new law
  12. Fast tracking
    • Schedule compression mthod that changes the relationship of activities
    • Activities that would normally be done in sequence are allowed to be done in parallel or with some overlap.
    • Adds risk
  13. Fragnet
    • Project network diagram that is often used for outsourced portions of a project, repetitive work within a project, or a subproject.
    • AKA subnet
  14. Free float
    Total time a single activity can be delayed without affecting the early start of its immediately following successor activities
  15. Hard logic
    Describes activities that must happen in a particular order
  16. Lag time
    Positive time that forces two or more activities farther apart
  17. Lead time
    Negative time that allows two or more activities to overlap where ordinarily these activities would be sequential
  18. Management reserve
    • Percentage of project duration to combat Parkinson's Law.
    • When project activities become late, their lateness is subtracted from management reserve
  19. Mandatory dependencies
    • Natural order of activities.
    • AKA hard logic
  20. Monte Carlo Analysis
    • Project simulation approach predicts how scenarios may work out, given any number of variables
    • Churns out a range of possible answers, not one specific one
  21. Parametric estimate
    Quantitiative duration estimate uses mathematical formulas to predict how long an activity will take based on the quantities of work to be completed
  22. Parkinson's Law
    Work expands to fill the time available for its completion
  23. Planning Package
    • WBS entry located below a control account and above the work pacakges.
    • Signifies that there is more planning that needs to be completed for this deliverable
  24. Precedence Diagramming method
    network diagram method that shows activities in nodes and the relationship between each activity
  25. Project float
    Total time the project can be delayed without passing the customer-expected completion date
  26. Refinement
    An update to the WBS
  27. Resource Breakdown Structure (RBS)
    • Hierarchical breakdown of the project resources by category and resource type.
    • Category examples: equipment, HR, materials
  28. Resource-leveling heuristic
    A method to flatten the schedule when resources are overallocated.
  29. Rolling wave planning
    • imminent work is planned in detail, while work in the future is planned at a high level.
    • this is a form of progressive elaboration
  30. Soft logic
    Order of activities doesn't necessarily have to happen in a specific order
  31. Subnet
    • A representation of a project network diagram that is often used for outsourced portions of projects, repetitive work, or a subproject.
    • AKA fragnet
  32. Total float
    time one activity can be delayed without delaying project completion
  33. Three-point estimate
    Averaging most likely, optimistic, and pessimistic estimates to predict how long an activity should take
Card Set
Chapter 6: Managing Project Time
Phillips PMP exam prep, Chapter 6 key terms