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
Which technique identifies the minimum project duration by finding the longest sequence of dependent activities?
Answer: Critical Path Method (CPM)
CPM calculates the longest path through the project network, which determines the shortest possible project duration.
A project manager uses Monte Carlo simulation for schedule risk analysis. What is the primary output of this technique?
Answer: A probability distribution of possible project outcomes
Monte Carlo simulation runs thousands of scenarios to produce a probability distribution showing the likelihood of completing by various dates.
What is 'management reserve' in project cost management?
Answer: Budget withheld by management for unknown unknowns outside project scope
Management reserve is a portion of the total budget held by upper management for unforeseen work outside the current project scope.
Which schedule compression technique increases project risk the most?
Answer: Fast-tracking
Fast-tracking increases risk because performing planned sequential activities in parallel creates more opportunities for rework and errors.
What is a 'lead' in project scheduling?
Answer: A time advance that allows a successor activity to start before its predecessor completes
A lead allows a successor activity to begin before its predecessor finishes, effectively accelerating the schedule.
When actual costs exactly equal earned value (AC = EV), what is the Cost Performance Index (CPI)?
Answer: 1.0
CPI = EV / AC; when EV equals AC, CPI = 1.0, meaning the project is exactly on budget.
Which type of cost is directly attributable to a specific project activity and would not exist without it?
Answer: Direct cost
Direct costs are expenses that can be traced directly to a specific project activity, such as materials, labor, or equipment specific to a task.