Project Management Part 2

The PERT estimation technique:

• uses the pessimistic, optimistic and most likely estimates to make the estimates
• uses the pessimistic, optimistic and most likely estimates to make the estimates, with a bias towards the pessimistic estimates, to have more flexibility in the schedule
• uses the pessimistic, optimistic and most likely estimates to make the estimates, with a bias towards the most likely estimates, to arrive at a weighted average
• uses the pessimistic, optimistic and most probable estimates to make the estimates with a bias towards the optimistic estimates, to provide a stimulating challenge to the project team

The correct rule to follow by organizations that have not defined the margin of precision for estimating the order of magnitude is:

• -25% to +75%
• 0% to +100%
• -15% to +50%
• -5% to +10%.

Contingencies (contingency reserves) are

• funds paid into a personal account to ensure regulatory compliance
• used for bonuses at the end of a successful project
• a representation of the level of confidence in the project estimates
• always included in each particular estimate

A network diagram should represent

• a breakdown of the total amount of work required for the project
• linkages between project activities
• the network required to support the technical infrastructure
• the relationship of the critical path to the non-critical paths.

A path in a network diagram is represented by:

• a series of related tasks
• all tasks that have one or more predecessors
• all tasks that have one or more successors
• 1 and 3

To ensure that a project stays on schedule, a project manager must:

• manage according to the critical path
• send a progress report to all stakeholders
• reduce activity estimates to meet deadlines
• manage the stakeholder expectations.

In managing the duration of an activity, the best technique is to manage according to:

• from the start date at the latest
• the date set for completing the activity
• the less solid path
• percentage complete

Which of the following techniques is not good for solving a problem?

• Pareto analysis
• The network diagram
• Root cause analysis
• Fishbone diagram.

An essential factor in the management of major problems is:

• Create and understand the process for dealing with major problems before the first major problem arises
• select a stakeholder to be the target of blame when major issues affect the project
• ensure that the action plan to resolve major problems is executed without impacting the project schedule
• that only the sponsor can solve the major problem

When there is no good solution for a major problem, which of the following alternatives should be used:

• among bad alternatives choose the one that would be the best in the long run
• among bad alternatives choose the one that causes less difficulty than the others
• propose to the sponsor only the alternative that the project manager prefers
• 1 and 2