Project Managment

Critical Path (CP) - by definition, it is the path of activities that all have a slack/float of 0. This path is especially important because if any of them complete later than scheduled, your project may not complete on time.

Early Start (ES) - is the EARLIEST time the activity could possibly start.

Early Finish (EF) - is the EARLIEST time the activity could possibly finish.

Late Start (LS) - is the LATEST time the activity can start and not jeopardize the scheduled completion of the project.

Late Finish (LF) - is the LATEST time the activity can finish and not jeopardize the scheduled completion of the project.

Slack/Float - is calculated by: LF - EF, or LS - ES (both formulas will result in the same answer; if not, one of your numbers is incorrect). The slack/float tells you the number of days/weeks/months that an activity can begin late, or the number of extra days/weeks/months that an activity can take without impacting the completion time of the project. However, this time is shared by all of the activities on a path. If you use up all of your slack on an activity at the beginning of a path, subsequent activities will have less slack or no slack.

7. What is the definition of the project control process?

Click to hide answer

The project control process involves regularly gathering data on project performance, comparing actual performance to planned performance, and taking corrective actions if actual performance is behind planned performance. |

11. Define crashing a schedule. How does it relate to a time-cost trade-off?

Click to hide answer

Crashing a schedule means expediting the task by increasing the resources and costs associated with the crashed activities to accelerate the duration of said activities. |

4. As a project manager, would you ideally want your cost variance and schedule variance to both be negative or both be positive? Why?

Click to hide answer

Both positive because that would mean your...