Project resources

Question 1

Maintaining a Schedule

Answer 1

1. Establish a baseline
2. Gather work status from project workers
3. Check if any changes have been approved
4. If there are approved changes, then update the baseline
5. Update schedule with current status (actual)
6. Check actual vs the baseline
7. If deviation is greater than tolerance, then log an issue
8. Otherwise, schedule is up to date

Question 2

Purpose of a Network Diagram

Answer 2

• The activities and their logic and dependencies
• Identify the Early start/finish using the forward pass
• Identify the Late start/finish using the backward pass
• Calculate the project duration
• Identify an activity’s Total Float
• Identify an activity’s Free Float
• Identify the Critical path

Question 3

Advantages of Software Scheduling

Answer 3

• Once all project information is loaded, the software manages the notification and project tasks.
• It helps in thinking about the small details for the project
• Provide project status tracking.
• Help identify any delays or trends
• Reduced cost and license fees if web based scheduling tools are used
• Allow managing complicated projects

Question 4

Disadvantages of Software Scheduling

Answer 4

• Needs training to get the best out of the software
• No way of checking the validity of the input
• No allowance for flexibility
• Cost and licence fees
• Reflects personal approach to modelling so not easy for another person to understand logic
• New versions and file type interchangeability issues

Question 5

Purpose of Resource Management

Answer 5

• Optimise and balance the allocation of resources to projects
• Manage resource costs
• Balance between internal and external resources
• Develop staff’s capabilities and abilities
• Matching tasks to people’s skills
• Provide varying and challenging work

Question 6

Benefits of Resource Management

Answer 6

• Being efficient in resource utilisation
• Deliver more projects with less resource
• Reduce requirement for external resources
• Identify skill gaps and resource shortages
• Support strategic goals by identifying staff development plans
• Deliver more projects on schedule

Question 7

Resources Scheduling Process

Answer 7

1. Allocation
2. Aggregation
3. Scheduling

Question 8

Methods of Resource Management

Answer 8

1. Resource Smoothing (time limited)

2. Resource Levelling (resources limited)

Question 9

Resources might be reshuffled due to:

Answer 9

• A change in overall perspective – if they business needs and justification for the project changes, this will change resourcing requirements.
• If progress is slower than expected; resources may need to be introduced to compensate for time slippage. This can also work in reverse with resourcing levels changed if a project has a high Schedule Performance Index or Cost Performance Index for example.]
• It is common on most projects for staffing levels to change over time. People will join and leave the organisation. Holidays, unexpected leaves, promotions, sideways moves and so forth all have an effect on the staffing resources that a Project Manager can call upon. As these change, they have to attempt to maintain their focus on achieving the project success criteria.
• If project team members are under-performing, they may need further training or new team members may need to be assigned. This is a common problem as it is rare for a project team to have the perfect set of skills and experiences to deliver a project from the concept stage.

Question 10

Major components of a budget:

Answer 10

1. Base Cost Estimate
2. Contingency
3. Management Reserve

Question 11

Cost Types

Answer 11

• Direct Costs
• Indirect Costs
• Fixed Costs
• Variable Costs
• Sunk Costs

Question 12

The Three Costs

Answer 12

• Committed Costs
• Expense Accruals
• Actual Costs