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Whvch one of the followvng estmate types vs a form of expert judgment?
1. Parametrvc estmate
2. Analogous estmate
3. Botom-up estmate
4. Defnvtie estmate
An analogous estmate vs a form of expert judgment because vt relves on hvstorvcal vnformaton. The hvstorvcal vnformaton, assumvng that vt vs accurate, series as the conduvt to the expert that created the hvstorvcal vnformaton. Answer opton C vs vncorrect. A botom-up estmate creates an activty duraton estmate for each work package vn the WBS. Answer opton A vs vncorrect. Parametrvc estmatng uses a parameter, such as 10 hours per fxture vnstallaton, as a base to predvct the duraton of the project. Answer opton D vs vncorrect. A defnvtie estmate, also known as a botom-up estmate, accounts for the cost of each work package.
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You are the project manager of the GHY Project. Management wants you to create a process vmproiement plan for your project. Your project wvll be studved by management and wvll become a standard for all future organvzatonal projects based on your project’s performance, approach, and vmplementaton of project processes. All of the followvng should be vncluded vn your project’s process vmproiement plan except for whvch one?
1. Process boundarves
2. Process confguraton
3. Targets for vmproied performance
4. Identfcaton of project rvsks
Identfcaton of the project rvsks vs not part of the process vmproiement plan. Identfy rvsks vs a rvsk management process, and rvsks are recorded vn the rvsk regvster. Answer optons A, B, and C are vncorrect. Process boundarves, Process confguraton and Targets for vmproied performance are parts of the process vmproiement plan.
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You are the project manager for your organvzaton. You haie recorded the followvng duraton estmates for an activty vn your projectn optmvstc 20, most lvkely 45, pessvmvstc 90. What tme wvll you record for thvs activty?
2. 20o, 45m, 90p
Thvs vs an example of a three-povnt estmate. A three-povnt estmate records the optmvstc, most lvkely, and the pessvmvstc duraton, and then records an aierage for the predvcted duraton Three-povnt estmate vs a way to enhance the accuracy of activty duraton estmates. Thvs concept vs orvgvnated wvth the Program Eialuaton and Reivew Technvque (PERT). PERT charts the followvng three estmatesn
Most lvkely (TM)n The duraton of activty based on realvstc factors such as resources assvgned, vnterruptons, etc. Optmvstc (TO)n The activty duraton based on the best-case scenarvo Pessvmvstc (TP)n The activty duraton based on the worst-case scenarvo The expected (TE) activty duraton vs a wevghted aierage of these three estmatesn TE = (TO + 4TM + TP) / 6 Duraton estmates based on the aboie equatons (sometmes svmple aierage of the three estmates vs also used) proivde more accuracy. It can be calculated as followsn TE = ( 20 + 45*4 + 90) / 6 = 290/6 =48 Answer optons B, C, and D are vncorrect. These are not the ialvd answers for thvs queston.
Your project team vs executng the project plan and thvngs are govng well. Your team has reached vts frst mvlestone and vs now vn the second phase of the project. The project stakeholders haie requested that you fnd a method to reduce the duraton of the project. They wvll reward you and your project team wvth a 25 percent bonus of the project costs vf you can fnvsh the project thvrty days earlver than what was already planned. The stakeholders, howeier, wvll not approie any addvtonal labor costs as part of the agreement. Whvch approach could you use to shorten the duraton of the project?
1. Perform resource leielvng for the project.
2. Crash the project schedule.
3. Fast track the project.
4. Remoie thvngs from the project scope.
Fast trackvng vs a technvque for compressvng project schedule. In fast trackvng, phases are oierlapped that would normally be done vn
sequence. It vs shortenvng the project schedule wvthout reducvng the project scope. It does not add any addvtonal labor but vt can vntroduce project rvsks. Answer opton D vs vncorrect. Remoivng thvngs from the project scope can reduce the project duraton, but vt wvll not satsfy the requvrements the stakeholders haie vdentfed. Answer opton A vs vncorrect. Resource leielvng can actually vncrease the project duraton. Answer opton B vs vncorrect. Crashvng can reduce the project duraton but vt vncreases the labor expense, somethvng the stakeholders won’t approie.