Project Scheduling and Costing Flashcards
7 cards from real Project Management practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Project Scheduling and Costing flashcards as text
A project's To-Complete Performance Index (TCPI) is 1.15. What does this mean?
Answer: The project must perform at $1.15 worth of work for every $1 remaining in the budget
TCPI > 1.0 indicates the project must improve efficiency to complete within budget, spending remaining budget more productively than planned.
What is a milestone in project scheduling?
Answer: A significant point or event in the project with zero duration
A milestone marks a significant project event or decision point and has no duration — it is a moment in time, not a task.
Resource leveling is used to:
Answer: Adjust the schedule to resolve resource over-allocation, often extending the project duration
Resource leveling adjusts activity dates to address resource constraints or over-allocation, often resulting in a longer schedule.
Which document formally authorizes expenditure of project funds and serves as the approved budget for cost control?
Answer: Cost performance baseline
The cost performance baseline is the approved, time-phased budget used to measure and monitor project cost performance.
In schedule network analysis, what is the 'near-critical path'?
Answer: The second-longest path through the network with very little float
The near-critical path has very little total float and can become critical if any of its activities are delayed, making it important to monitor.
What does 'parametric estimating' involve?
Answer: Using statistical relationships between historical data and project parameters to calculate estimates
Parametric estimating uses statistical or mathematical models (e.g., cost per square foot, hours per line of code) to calculate estimates.
A Finish-to-Finish (FF) dependency with a lag of 2 days means:
Answer: The successor cannot finish until 2 days after the predecessor finishes
FF with a 2-day lag means the successor activity must wait until 2 days after the predecessor finishes before it can complete.