Running head: PROJECT MANAGEMENT DISCUSSION QUESTION #5 1

PROJECT MANAGEMENT DISCUSSION QUESTION #5

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PROJECT MANAGEMENT DISCUSSION QUESTION #5 2

Project management discussion question #5

Question #1.

Project time management and its processes

Project time management is a strategy used by project managers in time management on

a project. The project manager uses the strategy to identify the best way to allocate time to

project activities, identify time for key deliverables besides milestones, and ensure that the

schedule is strictly followed throughout the project. The processes used in the time management

of a project include the creation of a plan for the project, which involves planning the project,

and management of the schedule processes, which involves creating a calendar for the project

alongside the required resources. Defining the project activities for the project that must be

completed to complete the project, determining the dependencies, creating a sequence for the

activities using the dependence knowledge, and lastly, estimating the durations besides resources

for each of the tasks, milestones, and the entire project.

Plan schedule management

This is managing a project's schedule across the project's lifetime to create a plan to guide

the project, set expectations, and provide the procedures to be followed to ensure the schedule is

correct. The tools and techniques used in plan schedule management include the critical path

method, the schedule variance, the work breakdown structure, the Gantt chart, simulations, and

the task list. The expected outcome is a well-structured and controlled project schedule plan that

improves project schedule management.

Why group decision-making has better time and schedule estimates

This is due to the presence of decision advantage during individual group member

response accuracy. This improves the final decisions made, thus yielding better times besides

schedule estimates.

Difference between lead and lag time

Lead time refers to the time needed to complete a task, while lag time refers to the time

lapse since the start of an activity.

Question #2.

Activities data flow

These are the output metrics based on the number of written rows for every sink and the rows

that read from the source.

Sequence activity, inputs, tools used, and expected outcomes and outputs

Sequence activities demonstrate consistency in planning the work to achieve the highest

effectiveness for project constraints. The tools needed procedure diagramming approach, lead

and lag times, determined dependency, besides Project management information systems

(Kerzner, 2017). Inputs needed include project plans, documents, organizational process assets,

besides business environmental factors. The expected outputs are project schedule work network

diagrams and project document updates.

Question #3.

What is the precedence diagramming method?

A tool that is used for scheduling tasks within a project plan.

Types

Finish to start C cannot start until activity B is completed

Start to start- task C cannot start until task B starts

Finish to Finish- Task B cannot be completed until activity C is completed

Start to Finish- Task C cannot be completed until activity B starts

Question #4.

At least 4 estimating methods

Top-down estimation: estimation starts from the top with major features included in the design

estimates but is progressively broken down into smaller work packets in more detailed

information (Kerzner, 2017).

Bottom-up: Estimation approach where work packets (final tasks) are used to estimate the whole

project.

Parametric: independent measurable variables are used to estimate project work.

What if analysis: assumptions are used based on different factors to evaluate possible outcomes

by use of impact analysis.

Question #5.

Why reserve analysis will help in suitable contingencies for a project

Reserve analysis serves the purpose of ensuring the completion of the project on time and

within the budget by reducing the chances of unexpected delays besides cost overruns through

early risk identification and elimination.

Describe:

Use of critical path method

Used in identifying activities that are key to the completion of a project.

Critical chain method

Used to carry out schedule network analysis to identify task independence, resource

availability, and available buffers to ensure the success of a project even with limited resources.

What-if analysis

The technique used in evaluating how a change in activity or project estimates will affect the

outcomes of a project (Kerzner, 2017).

Resource optimization in project scheduling

Allocation of available resources in a more efficient way to achieve set goals.

Resource leveling and smoothing

Levelling is reducing over-burdened resources to complete the project on time.

Smoothing is a Technique for adjusting tasks on a schedule to optimize resources and ensure

completion of projects without affecting critical paths.

Schedule compression

technique for shortening project schedule without affecting scope or project quality.

What is crashing and fast-tracking

Crashing is speeding up the project timeline through the addition of resources without a

change in scope (Kerzner, 2017). Fast-tracking is reworking project activities to allow for

simultaneous completion of some activities.

What is a control schedule?

A process of monitoring project activity status for updating project progress and

managing changes to schedule baseline to achieve project goals.

Two types of trend analysis for evaluating project performance

Moving average and uptrend analysis

Reference

Kerzner, H. (2017). Project management: a systems approach to planning, scheduling, and

controlling. John Wiley & Sons.