MGT1201 Chapter 6 Schedule & Budget

Front

What is a Gantt Chart used for in project management?

Back

A Gantt Chart is used to create a timeline for project tasks.

Front

What does the project schedule depend on?

Back

The project schedule depends on how activities are sequenced and the tasks and time estimates in the Work Breakdown Structure (WBS).

Front

What is the objective of project scheduling and budgeting?

Back

The objective is to create a realistic project schedule and budget.

Front

What are the components of the project planning framework?

Back

The components include Gantt Charts, Project Network Diagrams, Activity on the Node (AON), Critical Path Analysis, Program Evaluation and Review Technique (PERT), and Precedence Diagramming Method (PDM).

Front

What is the Critical Path in project management?

Back

The Critical Path is the longest path in a project that determines the total time; if any task on this path is delayed, the whole project is delayed.

Front

What is PERT and how is it related to CPM?

Back

PERT stands for Program Evaluation and Review Technique, developed around the same time as the Critical Path Method (CPM), and it employs a project network diagram with a statistical distribution.

Front

What are direct costs in project budgeting?

Back

Direct costs are money spent directly on the project, such as software licenses or hiring a part-time developer.

Front

What are indirect costs in project budgeting?

Back

Indirect costs are shared or background costs that support the project but are not directly tied to one task, like electricity or internet usage.

Front

What are sunk costs?

Back

Sunk costs are money already spent that cannot be recovered, such as a laptop purchased last year.

Front

What are reserve or contingency funds?

Back

Reserve or contingency funds are extra money saved for unexpected issues that may arise during the project.