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Scope Management
Time Management
Cost Management
Quality Management
Communications Management
Risk Management
Procurement Management
Stakeholder Management
Bottom-up (because you need to aggregate the estimates of the WBS): it doesn’t make sense to
use parametric and/or analogous because you need to find the actual resources
Alternative analysis
Published estimated data, and
PM software
Expert Judgement
Analogous Estimates
Parametric
3 point
Group Decision
Reserve analysis
Estimate Costs:
Analogous
Parametric
Bottom-up
3 point,
Group decision
Reserve analysis
Expert judgement
Issue log:
- Input:
o Manage project team (remember - individuals have issues not teams)
o Control communications (again, individuals have issues)
o Control stakeholder engagement (again, individuals have issues)
- Output:
o Manage Stakeholder Engagement (issues are identified from stakeholders)
Others:
Cost performance index (CPI) is considered to be the most critical EVM metric and measures the
cost efficiency for the work completed.
You are the project manager for a highly visible project and are interviewing your project team
as to the duration of their activities. One activity in particular – Gathering Data for Web Site
– is proving very challenging for the team to estimate. Regardless, you need an estimate for
the schedule and you would like the owner of the activity to give you a range of estimates. The
estimates the team member gives you are as follows:
Optimistic = 10 days
Most Likely = 17 days
Pessimistic = 23 days
If the financial backer asks you for a range of estimates of finishing the project with a 99.73%
level of confidence, which of the following ranges will you give them?
A. 14.66 to 19 days
This question is asking you to calculate activity standard deviation. In order to do this:
1. You must first calculate the Expected Activity Duration (PERT) - The formula for PERT is
[Optimistic + (4 x Most Likely) + Pessimistic] / 6. So the math is [10 + (4x17) + 23] or 16.83
days
2. Then the Activity Standard Deviation - The formula for Activity Standard Deviation is
(Pessimistic - Optimistic) / 6 or 2.17.
3. Lastly - using that standard deviation - the range of the estimates. Now all that's left to
calculate the range of the estimates is to add and subtract the Activity Standard Deviation
from the mean (16.83) for as many times as you've been asked to calculate the range. Since
you've been asked to provide a range at 99.73% confidence which is 3 Standard Deviation
(aka Sigma), the calculation is 2.17 X 3 = 6.51. So subtracting that number from one side of
the mean (16.83) and adding it to the other gives us a range at three Sigma of 10.32 to
23.34. (Answer will turn out to be C)