Bus 395 stuvia - Study guides, Class notes & Summaries

Project Schedule Management - Answer involves the processes required to ensure timely completion of a project Main processes in Schedule Management - Answer - Plan Schedule Management - Define Activities - Sequence Activities - Estimate Activity Durations - Develop the Schedule - Control the Schedule Plan Schedule Management - Answer involves determining the policies, procedures, and documentation that will be used for planning, executing, and controlling the project schedule main...

Project Schedule Management - Answer the processes we have to perform to ensure timely completion of the project (has 7 processes) 7 Project time management processes - Answer 1. Planning schedule management 2. Defining activities 3. Sequencing activities 4. Estimating activity resources 5. Estimating activity durations 6. Developing the schedule 7. Controlling the schedule What is the main output of planning schedule management? - Answer Schedule management plan Elements of a sch...

Operation - Answer work done to sustain a business. Continues Project - Answer a temporary endeavor undertaken to create a unique product, service, or result. Projects end when their objectives have been reached or the project has been terminated Project Attributes - Answer A project: -has a unique purpose -is temporary -drives change and enable value creation -is developed using progressive elaboration -requires resources, often from various areas -should have a primary customer ...

Actual Cost - Answer The total of direct and indirect costs incurred in accomplishing work on an activity during a given period Analogous Estimates - Answer A cost estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project, also called top-down estimates. Baseline - Answer The original project plan plus approved changes. Bottom-up estimates - Answer A cost-estimating technique based on estimating individual w...

What is the Test Team's job? - Answer Test/quality control (risk mgmt and quality assessment) , quality assurance (test/QC mgmt and ensuring quality throughout the process) , and to make sure you're competent, staffed and politically supported for your role. Is independent testing a spectrum or linear? - Answer It's a spectrum. Outline the spectrum of independence from lowest to highest level of independence (6). - Answer (1) No independent testers. Developers test their own code. (2) ...

Advantages of Using Formal Project Management - Answer ◦Better control of financial, physical, and human resources ◦Improved customer relations ◦Shorter development times ◦Lower costs and improved productivity ◦Higher quality and increased reliability ◦Higher profit margins ◦Better internal coordination ◦Positive impact on meeting strategic goals ◦Higher worker morale Project - Answer a temporary endeavor undertaken to create a unique product, service, or result P...

_____________ is the degree to which a set of inherent characteristics fulfills requirements - Answer Quality What is the purpose of project quality management? - Answer To ensure that the project will satisfy the needs for which it was undertaken _________ generates ideas for quality improvements by comparing specific project practices or product characteristics to those of other projects or products within or outside the performing organization - Answer benchmarking What does the term...

Appropriate time to rent or lease if - Answer time in property is going to be short (1-3 years) Appropriate time to buy if - Answer - Time in property is going to be long (>3 years) Adjustable Rate Mortgage - Answer - is appropriate when time in property is short - 2/6 means the interest rate cannot increase more than 2% per year or 6% during the term of the loan Reverse Mortgages - Answer - homeowner receives a monthly payment or lump sum and retains right to live in house -repaym...

7 Project Time Management Processes - Answer - Planning schedule management - Defining activities - Sequencing activities - Estimating activity resources - Estimating activity duration - Developing the schedule - Controlling the schedule Elements of a schedule management plan - Answer - Project schedule model development - Scheduling methodology - Level of accuracy and units of measure - Control thresholds - Rules of performance measurement - Reporting formats - Process descripti...

Which objective is true of projects? - Answer they have a unique purpose project integration management must occur just within the context of a particular project - Answer false When does payback occur? - Answer when the net cumulative benefits equal the net cumulative costs Steve, an engineer in a construction company, is at present working on a home construction project. The home is being built for the Robinson family, the owners of the home. Steve is working with his project team and...