Which process in Project Time Management includes reserve analysis as a tool or technique?
Answer(s): C
Process: 6.5 Estimate Activity DurationsDefinition: The process of estimating the number of work periods needed to complete individual activities with estimated resources.Key Benefit: The key benefit of this process is that it provides the amount of time each activity will take to complete, which is a major input into the Develop Schedule process.Inputs1. Schedule management plan2. Activity list3. Activity attributes4. Activity resource requirements5. Resource calendars 6. Project scope statement7. Risk register8. Resource breakdown structure9. Enterprise environmental factors10. Organizational process assetsTools & Techniques1. Expert judgment2. Analogous estimating3. Parametric estimating4. Three-point estimating5. Group decision-making techniques6. Reserve analysisOutputs1. Activity duration estimates2. Project documents updates6.5.2.6 Reserve AnalysisDuration estimates may include contingency reserves, sometimes referred to as time reserves or buffers, into the project schedule to account for schedule uncertainty. Contingency reserves are the estimated duration within the schedule baseline, which is allocated for identified risks that are accepted and for which contingent or mitigation responses are developed. Contingency reserves are associated with the “known-unknowns,” which may be estimated to account for this unknown amount of rework.As more precise information about the project becomes available, the contingency reserve may be used, reduced, or eliminated. Contingency should be clearly identified in schedule documentation.[..]Estimates may also be produced for the amount of management reserve of time for the project. Management reserves are a specified amount of the project duration withheld for management control purposes and are reserved for unforeseen work that is within scope of the project. Management reserves are intended to address the “unknown-unknowns” that can affect a project. Management reserve is not included in the schedule baseline, but it is part of the overall project duration requirements. Depending on contract terms, use of management reserves may require a change to the schedule baseline.
Which risk management strategy seeks to eliminate the uncertainty associated with a particular upside risk by ensuring that the opportunity is realized?
11.5.2.2 Strategies for Positive Risks or OpportunitiesThree of the four responses are suggested to deal with risks with potentially positive impacts on project objectives.The fourth strategy, accept, can be used for negative risks or threats as well as positive risks or opportunities. These strategies, described below, are to exploit, share, enhance, and accept.Exploit. The exploit strategy may be selected for risks with positive impacts where the organization wishes to ensure that the opportunity is realized. This strategy seeks to eliminate the uncertainty associated with a particular upside risk by ensuring the opportunity definitely happens. Examples of directly exploiting responses include assigning an organization’s most talented resources to the project to reduce the time to completion or using new technologies or technology upgrades to reduce cost and duration required to realize project objectives.Enhance. The enhance strategy is used to increase the probability and/or the positive impacts of an opportunity. Identifying and maximizing key drivers of these positive-impact risks may increase the probability of their occurrence. Examples of enhancing opportunities include adding more resources to an activity to finish early.Share. Sharing a positive risk involves allocating some or all of the ownership of the opportunity to a third party who is best able to capture the opportunity for the benefit of the project. Examples of sharing actions include forming risk-sharing partnerships, teams, special-purpose companies, or joint ventures, which can be established with the express purpose of taking advantage of the opportunity so that all parties gain from their actions.Accept. Accepting an opportunity is being willing to take advantage of the opportunity if it arises, but not actively pursuing it.
Payback period, return on investment, internal rate of return, discounted cash flow, and net present value are all examples of:
Answer(s): B
7.1.2.2 Analytical TechniquesDeveloping the cost management plan may involve choosing strategic options to fund the project such as: self-funding, funding with equity, or funding with debt. The cost management plan may also detail ways to finance project resources such as making, purchasing, renting, or leasing. These decisions, like other financial decisions affecting the project, may affect project schedule and/or risks.Organizational policies and procedures may influence which financial techniques are employed in these decisions. Techniques may include (but are not limited to): payback period, return on investment, internal rate of return, discounted cash flow, and net present value.
The definition of when and how often the risk management processes will be performed throughout the project life cycle is included in which risk management plan component?
Answer(s): A
11.1.3.1 Risk Management PlanThe risk management plan is a component of the project management plan and describes how risk management activities will be structured and performed. The risk management plan includes the following:Methodology. Defines the approaches, tools, and data sources that will be used to perform risk management on the project. Roles and responsibilities. Defines the lead, support, and risk management team members for each type of activity in the risk management plan, and clarifies their responsibilities.Budgeting. Estimates funds needed, based on assigned resources, for inclusion in the cost baseline and establishes protocols for application of contingency and management reserves.Timing. Defines when and how often the risk management processes will be performed throughout the project life cycle, establishes protocols for application of schedule contingency reserves, and establishes risk management activities for inclusion in the project schedule.
When a backward pass is calculated from a schedule constraint that is later than the early finish date that has been calculated during a forward pass calculation, this causes which type of total float?
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