Project Management Fundamentals, Exams of Project Management

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PMP Flashcards QUESTIONS & COMPLETE

SOLUTIONS

Project - ANSWER A temporary endeavor with a beginning and an end. It creates a unique product, service, or result. Stakeholders - ANSWER Any people or organizations whose interests may be positively or negatively impacted by the project. Predictive - ANSWER Relies on a planning process during which requirements and scope may be defined in detail early in the project. Require scope, schedule, and cost to be determined in detail early in the life of a project, before the work begins to produce deliverables. Plan-driven, traditional, or waterfall. Agile - ANSWER Works best for projects where the definition of scope is emerging. Planning, executing, and managing the project happens in smaller increments to changes can be easily made as information about the product and project's needs changes. Incremental and iterative life cycles involve early planning of high-level scope sufficient enough to allow for preliminary estimates of time and cost; scope is developed a little more with each iteration. Change-driven or adaptive.

Program management - ANSWER Grouping related projects into a program allows an organization to coordinate their management of these projects. Portfolio management - ANSWER A _____ includes programs, projects, and related operational work that are prioritized and implemented to achieve a specific strategic business goal. Supportive PMO - ANSWER Provides the policies, methodologies, templates, and lessons learned for managing projects within the organization. It typically exercises a low level of control over projects. Controlling PMO - ANSWER Provides support and guidance on how to manage projects, trainings others in project management and project management software, assists with specific project management tools, and ensures compliance with organizational policies. Typically has a moderate level of control over projects. Directive PMO - ANSWER Provides PMs for different projects and is responsible for the results of those projects. All projects or projects of a certain size, type, or influence are managed by this office. Has a high level of control over projects. Business case - ANSWER The business document most commonly used to create the project charter. Describes the necessary information from a business standpoint to determine whether the expected outcomes of the project justify the required investment. Organizational governance - ANSWER The overall structure of an organization. Involves setting the policies and procedures for how work will be performed to meet strategic goals and to support organizational operations and decision-making

Functional - ANSWER _____ organizations are grouped by areas of specialization within _____ areas, like marketing or accounting. Projects generally occur within a single department. When you see "_____" think "silo" Team members complete project work in addition to normal department work. Project-oriented - ANSWER The entire company is organized by projects. When you see "_____" think "no home" Team members complete only project work and when the project is over, they do not have a department to go back to. They need to be assigned to another project or get a job with a different employer. Matrix - ANSWER An attempt to maximize the strengths of the functional and project-oriented structure. When you see "_____" think "two managers" Team members report to two managers - PM and functional manager. Organizational Process Assets (OPAs) - ANSWER Processes, procedures, and policies Organizational knowledge repositories - historical knowledge bases Enterprise Environmental Factors (EEFs) - ANSWER Provide context within which to plan the project.

_____ are generally outside the control of the project team. External EEFs - ANSWER Governmental or other rules and regulations that apply to the performing organization. Internal EEFs - ANSWER Structure, culture, systems, and geographic locations of the organizations. Payback Period - ANSWER The length of time it takes for the organization to recover its investment in a project before it starts accumulating profit. Cost benefit analysis - ANSWER Compares the expected costs of a project to the potential benefits the project could bring to the organization. A benefit-cost ratio greater than 1 means the benefits are greater than the costs; benefit-cost ratio less than 1 means the costs are greater than the benefits. A benefit-cost ratio of 1.7 means the revenue, or benefits, the project brings to the organization are 1. times the cost of the initiative. Sunk costs - ANSWER Expended costs. They should not be considered when deciding whether to continue with a troubled proejct. Law of Diminishing Returns - ANSWER States that after a certain point, adding more input will not produce a proportional increase in productivity. Working Capital - ANSWER This term refers to an organization's current assets minus its current liabilities. In other words, is it the amount of money the company has available to invest.

Depreciation - ANSWER A decrease or loss in value Large assets, like equipment, lose value over time. Straight-line - ANSWER The same amount of depreciation is taken each year. Accelerated - ANSWER Depreciates faster than a straight line. 2 kinds: Double declining balance Sum of the years digits Life cycle - ANSWER A progression through a series of developmental stages. The project development ___ ___ reflects the performing organization's methodology for managing a project. Reasons for entering project Initiating (3) - ANSWER 1. New project (business need)

2. Begin a new phase of the project
3. Project has so many problems that you reevaluate the business need Reasons for entering project Planning (3) - ANSWER 1. Project initiating is complete
4. Project executing necessitates ongoing planning
5. Project monitoring and controlling necessitates additional planning Reasons for entering project Executing (2) - ANSWER 1. Project planning is complete
6. Integrated change control results in a changed project management plan

Reasons for entering project Closing (3) - ANSWER 1. Project phase is complete

2. Project is complete
3. Project is terminated Domain 1 - ANSWER People This domain relates to the ability to interact with and support the needs of project stakeholders. Leadership, team building, motivation, and conflict management. Domain 2 - ANSWER Process Includes the technical project management skills and activities needed to manage a project with the overall goal to deliver the benefits for which the project was undertaken. PM and team work together in this effort, so you are using skills needed from People domain. Domain 3 - ANSWER Business environment Projects occur within the larger organization and business environment. Organizational and project governance are both essential to overall project success as it relates to the business environment. The environment is continuously evaluated to ensure that changes do not affect procurements, project objectives, and other project needs. Project charter - ANSWER Formally recognizes (authorizes) the existence of the project, or establishes the project.

Gives PM authority to commit corporate resources to the project. Defines key roles and responsibilities. Provides project objectives, high-level requirements, and success criteria. Project management plan - ANSWER Integrates all the individual management plans into one cohesive whole, creating a centralized document to describe what is involved in the project. Also includes the baselines. Scope baseline - ANSWER The approved project scope statement and its associated WBS and WBS dictionary. Schedule baseline - ANSWER The final, approved project schedule that is used during project execution to monitor project progress. Includes start and stop dates for each activity, and scheduled milestones. Cost baseline - ANSWER The approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results. Requirements management plan - ANSWER A component of the project or program management plan that describes how requirements will be analyzed, documented, managed, and controlled throughout the project. Change management plan - ANSWER This plan details the project procedures for entertaining change requests: how change requests are managed, documented, approved, or declined. Configuration management plan - ANSWER Defines the naming conventions, version control system, and document storage and retrieval system. It details how you will manage changes to the documentation.

Project documents - ANSWER Any project-related documents that are not part of the project management plan. Assumption log - ANSWER Repository of both assumptions and constraints. Started at the time the project charter is developed. Is an input to many project processes, and assumption log updates are a frequent output. Constraints - ANSWER Easier to identify than assumptions as they are usually clearly imposed by management or the sponsor. Return on Investment (ROI) - ANSWER Determines the potential profitability of an investment by calculating the benefits in received in relation to the cost. Present Value (PV) - ANSWER The value today of future cash. PV = FV/(1+r^n) FV = future value r = interest rate n = number of time periods Net Present Value (NPV) - ANSWER The present value of the total benefits (income or revenue) minus the costs over many time periods. Generally, if ___ is positive, the investment is a good choice. The project with the greatest ___ should be selected. Internal Rate of Return (IRR) - ANSWER The rate (interest rate) at which the project inflows (revenues) and project outflows (costs) are equal.

Know that the higher the ___ number the better. Kickoff meeting - ANSWER A meeting used to initiate the start of the project; typically attended by all the key stakeholders; can be done when Initiating or Planning is complete depending upon the organization. Explicit knowledge - ANSWER Fact-based and can be easily communicated through words and symbols. Traditional lessons learned, processes and procedures, and other information repositories fall under this knowledge type. Tacit knowledge - ANSWER May provide content or explanation. It includes emotions, experience, and ability, which are difficult to communicate in words and symbols but can be learned through job shadowing. Corrective action - ANSWER Any action taken to bring expected future project performance in line with the project management plan. Since _____ actions with deal with actual deviations, you need a realistic performance measurement baseline and/or project management plan, including acceptable variances to determine when a variance has occurred and when corrective action is needed. Preventive action - ANSWER Dealing with anticipated or possible deviations from the performance measurement baseline and other metrics. Knowing when _____ action is needed requires more experience than calculation because you are evaluating trends in the measurement analysis and anticipating that if they continue they could lead to deviation from the baseline. Defect repair - ANSWER An intentional activity to modify a nonconforming product or product component. Another way of saying "rework".

_____ may be requested when a component of the project does not meet specifications. Perform Integrated Change Control - ANSWER The process of reviewing all change requests; approving changes and managing changes to deliverables, organizational process assets, project documents, and the project management plan; and communicating their disposition. Key focus is to look at the impact of each change on all the project constraints. A change to one project constraint should be evaluated for impacts on all other constraints. Change Control Board (CCB) - ANSWER A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions. Results of the decision are documented in the project's change log. Summary Process for Making Changes - ANSWER 1. Evaluate the impact of the change on all aspects of the project.

2. Identify options - cut other actives, compress the schedule, etc.
   3. Get the change request approved internally.
      4. Get customer buy-in, if required. In agile and hybrid environments, the decision-making authority is delegated to the product owner. Can't wait on CCB to meet, discuss, decide - too many delays. Product scope - ANSWER The features and functions that characterize a product, service, or result. Project scope - ANSWER The work performed to deliver a product, service, or result with the specified features and functions. Scope Management Plan - ANSWER Defines the process for preparing the scope statement and the WBS. This also documents the process that manages project scope and changes to project scope.

Product backlog - ANSWER A single, visible master list of all the functional and nonfunctional work identified for the project. In other words, a list of work that needs to be done. Items are removed from the list as they are completed. Grooming the backlog - ANSWER Keeping the backlog updated and accurately prioritized. Often done in release planning meetings held before the start of each new iteration with all stakeholders present. Product roadmap - ANSWER A visual depiction of the product releases and the main components that will be included in each release of an agile project. High-level planning tool - there will be changes. Communication tool that provides stakeholders with a quick view of the primary release points and intended functionality that will be delivered. Requirements gathering - ANSWER This activity determines the requirements that the product must address. Requirements are what stakeholders need from a project or product. Brainstorming - ANSWER The purpose of _____ is to encourage participants to build on each other's ideas. It can be highly beneficial to include people with different perspectives or backgrounds. Interviews - ANSWER A formal or informal approach to elicit information from stakeholders by talking to them directly. Can take place between two individuals or in group settings.

Focus Groups - ANSWER An elicitation technique that brings together prequalified stakeholders and subject matter experts to learn about their expectations and attitudes about a proposed product, service, or result. Questionnaires and Surveys - ANSWER A written set of questions designed to quickly accumulate information from a wide number of respondents. Benchmarking - ANSWER Comparing an organization's practices, processes, and products against the world's best. Can be very costly and time-consuming. May inhibit team creativity because the focus is on studying solutions that have been used elsewhere, rather than on developing new, innovative ideas. Voting - ANSWER Common method to make decisions in a group setting. Multicriteria Decision Analysis - ANSWER A technique that utilizes a decision matrix to provide a systematic analytical approach for establishing criteria, such as risk levels, uncertainty, and valuation, to evaluate and rank many ideas. Affinity Diagram - ANSWER This technique allows large numbers of ideas to be sorted into groups for review and analysis. Each group of requirements is given a title. The sorting makes it easier to see additional areas of scope that have not been identified. Mind Maps - ANSWER A diagram of ideas or notes to help generate, classify, or record information. It branches out of a central core word or words.

Nominal Group Technique - ANSWER A decision-making technique in which group members write down ideas and solutions, read their suggestions to the whole group, and discuss and then rank the alternatives. Facilitation - ANSWER Brings together stakeholders with different perspectives to talk about the product and define requirements. This technique uses a consensus approach which achieves general agreement about a decision. Context Diagram - ANSWER A data-flow diagram of the scope of an organizational system that shows the system boundaries, external entities that interact with the system, and the major information flows between the entities and the system. Prototype - ANSWER A model of the proposed product that is presented to stakeholders for feedback. It may be updated multiple times to incorporate feedback. Timeboxing - ANSWER A short, fixed period in which a defined set of activities or work is undertaken. If the work planned for the _____ isn't complete within the timeframe given, the team stops what they're doing and leaves the uncompleted work on the backlog to finish in another ______. This method bring some level of order and consistency to an otherwise highly variable work environment. Work Breakdown Structure (WBS) - ANSWER A visual, hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables. Work refers not to an activity, but to the work products or deliverables that result from an activity or group of activities.

Should be created by the PM using input from the team and stakeholders. Control account - ANSWER A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement. A tool that allows you to collect and analyze work performance data regarding costs, schedule, and scope. Provides a way to manage and control costs, schedule, and scope at a higher level than the work package. WBS dictionary - ANSWER A document that describes detailed information about each WBS item. Lists the acceptance criteria for each deliverable, schedule milestones, durations, interdependencies, and other information about work packages. Can use to prevent scope creep Rolling wave planning - ANSWER A form of progressive elaboration planning where the work to be accomplished in the near term is planned in detail and future work is planned at a higher level of the WBS. Progressive elaboration - ANSWER The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available. Clarifying and refining plans as the project progresses. Milestones - ANSWER Significant events within the project schedule. They are not work activities and they have no duration. Precedence Diagramming Method (PDM) - ANSWER A technique used for constructing a schedule model in which activities are represented by nodes and are graphically linked by one or more logical relationships to show the sequence in which the activities are to be performed.

Finish to Start - most commonly used relationship Mandatory dependency (hard logic) - ANSWER A mandatory dependency is inherent in the nature of the work or is required by a contract. Discretionary dependency (soft logic) - ANSWER This is the way an organization has chosen to have work performed. You can change a discretionary dependency as needed. Important when analyzing how to compress the schedule to decrease the project duration (fast track the project). External dependency - ANSWER Based on the needs or desires of a party outside the project (government, suppliers). Internal dependency - ANSWER Based on the needs of the project and may be something the project team can control. Lead - ANSWER May be used to indicate that an activity can start before its predecessor activity is completed. The amount of time a successor activity can be advanced with respect to a predecessor activity. Lag - ANSWER Waiting time inserted between activities. The amount of time a successor activity will be delayed with respect to a predecessor activity. Path convergence - ANSWER When an activity has two or more activities directly preceding it.

An indicator of great risk. Path divergence - ANSWER When an activity has two or more activities directly following it. An indicator of great risk. Project Schedule Network Diagram - ANSWER An image depicting the flow of project activities in the logical order in which they will be performed. Helps you to plan which activities can be completed in parallel and to see where leads or lags are required. Padding - ANSWER Extra time or cost added to an estimate because the estimator doesn't have enough information. A sign of poor project management and can damage your reputation or credibility. Never a viable way to plan a project or to solve a problem. Relative sizing - ANSWER An estimating technique which uses a unit called a "story point" rather than hours or days. Uses completed tasks to help estimate future project timelines. One-point estimating - ANSWER The estimator submits one estimate per activity. Can be based on expert judgement or historical information, or just a guess. This technique can be problematic.

Negative effects: may encourage people to pad their estimates since they're limited to one; doesn't provide PM with information about risks and uncertainties; can result in a schedule that no one believes in, thus decreasing buy-in. Analogous estimating (top-down) - ANSWER A technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project. Can be done at various times throughout the project. Accuracy depends on how closely the project or activity matches the historical data used. Parametric estimating - ANSWER An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters. Regression analysis (scatter diagram) - ANSWER A type of parametric estimating. This diagram tracks two variables to see if they are related. Learning curve - ANSWER A type of parametric estimating. Improved efficiency. Heuristic - ANSWER A generally accepted rule or best practice. Three-point estimating - ANSWER A technique used to estimate cost or duration by applying an average or weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates. Triangular Distribution (Simple Average) - ANSWER (P+O+M)/ "simple" or "straight" = Triangular

Beta Distribution (Weighted Average) - ANSWER (P+4M+O)/ The beta distribution gives stronger consideration to the Most Likely estimate. "weighted" = Beta Bottom-up estimating - ANSWER Involves creating detailed estimates for each part of an activity or work package (if activities aren't defined). Doing this type of estimating well requires an accurate WBS. Affinity estimating - ANSWER An adaptive technique that involves grouping items into similar categories or collections (affinities). One of the most important reasons teams use this technique is to make sure a story point unit remains consistent for all estimates over duration of project. It is a form of triangulation - it offers a comparative view of the estimates and provides a reality check. T-shirt sizing - ANSWER A high-level estimating approach that is used to do the initial estimates of the product features and user stories during the early stages of an adaptive project. Team isn't trying to generate detailed estimates - just enough to map out overall effort. Planning Poker - ANSWER An estimation technique which balances group thinking and individual thinking to estimate relative sizes of User Stories or the effort required to develop them. Iterative, adaptive, and anonymous enough to minimize most bias. Common way for agile times to create estimates for user stories.

Alternatives analysis - ANSWER A technique used to evaluate identified options in order to select which options or approaches to use to execute and perform the work of the project. Evaluate impact of each option on project constraints, including financial investment vs. time save and level of risk. Reserve analysis - ANSWER An analytical technique to determine the essential features and relationships of components in the project management plan to establish a reserve for the schedule duration, budget, estimated cost, or funds for a project. Contingency reserves - ANSWER Provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level; also called contingency allowances. Allocated for the identified risks remaining after Plan Risk Response process (known unknowns). These reserves are included in the project schedule baseline. Management reserves - ANSWER Dollar amounts included in a cost estimate to allow for future situations that are unpredictable (sometimes called unknown unknowns). Additional funds and time to cover unforeseen risks that could impact the project's ability to meet the schedule (unknown unknowns). These are NOT part of the schedule baseline. Fist of Five - ANSWER A simple and fast mechanism that can be used as an estimation practice, as well as a general group consensus building technique. After initial discussion on a given item for estimation, the Scrum Team members are each asked to vote on a scale of 1 to 5 using their fingers. Basis of estimates - ANSWER Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail, ranges, and confidence levels. Schedule Network Analysis - ANSWER A technique to identify early and late start dates, as well as early and late finish dates, for the uncompleted portions of project activities.

Critical Path Method - ANSWER A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model. Critical Path - ANSWER The longest sequence of tasks that must be completed to successfully conclude a project, from start to finish. The tasks are known as critical activities because if they're delayed, the whole project will be delayed. Has zero float. Near Critical Path - ANSWER Closest in duration to the critical path. Monitor and control activities on the critical and near critical paths so there is no delay to project completion. Float - ANSWER The amount of time a given task can be delayed without causing a delay in the project. Total float - ANSWER The amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint. Free float - ANSWER The amount of time an activity can be delayed without delaying the early start date of any successor while still adhering to any imposed schedule constraints. Project float - ANSWER The amount of time a project can be delayed without delaying the externally imposed project completing date required by the customer or management. Schedule compression - ANSWER Techniques used to shorten the schedule duration without reducing the project scope. Fast tracking - ANSWER Involves taking critical path activities that were originally planned to be done one after another and instead doing them in parallel for some or all of their duration. Often results in rework

Always adds risk Requires more attention to communication Crashing - ANSWER Involves adding or adjusting resources in order to compress the schedule while maintaining the original project scope. Always results in creased costs (trade time for money) May add risk Monte Carlo Analysis - ANSWER The most common simulation technique in which risks and other sources of uncertainty are used to calculate possible schedule outcomes for the total project. Involves calculating multiple work package durations with different sets of activity assumptions, constraints, risks, issues, or scenarios using probability distributions and other representations of uncertainty. Can help deal with path convergence. Resource optimization - ANSWER Finding ways to adjust the use of resources. Two techniques Resource leveling - ANSWER A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand for resources with the available supply. Performed to balance the demand and supply of resources. Resources are under or over allocated. Used to produce a resource-limited schedule. Can cause critical path to change. Allows you to level the peaks and valleys of the schedule from month to month, resulting in a stable number of resources used on your project.

Resource smoothing - ANSWER A technique which adjusts the activities of a schedule model such that the requirement for resources on the project do not exceed certain predefined resource limits. Resources are unevenly allocated. Used when the time constraint takes priority. The objective is to complete the work by the required date while avoiding peaks and troughs of resource demand. Velocity - ANSWER The measure of the productivity rate of the project team with respect to the produced, validated and accepted deliverables. Release - ANSWER A group of iterations that results in the completion of a valuable deliverable on the project. Cumulative Flow Diagram (CFD) - ANSWER A useful tool for reporting and tracking project performance. It provides a simple, visual representation of project progress at a particular point in time. It is usually used to provide a higher level status of the overall project and not daily updates for individual Sprints. Milestone Charts - ANSWER These charts are similar to bar charts, but only identify the scheduled start or completion of major deliverables and key external interfaces. Good tools for reporting to management and the customer. Bar Charts - ANSWER Also known as Gantt charts, they represent schedule information where activities, dates, and durations are listed. Easy to read and are commonly used. Good tools for tracking progress and reporting to the team. Control thresholds - ANSWER Variance thresholds for monitoring cost performance may be specified to indicate an agreed-upon amount of variation to be allowed before some action needs to be taken. Thresholds are typically expressed as percentage deviations from the baseline plan

Variable costs - ANSWER Costs that vary with the quantity of output. Materials, supplies, wages. Fixed costs - ANSWER Costs that do not vary with the quantity of output produced. Setup, rent, utilities. Direct costs - ANSWER Costs that can be specifically identified with a particular project or activity. Directly attributable to work on the project. Team wages, team travel. Indirect costs - ANSWER Costs that cannot be easily and accurately traced to a cost object. Overhead items of costs incurred for the benefit of more than one project. Taxes, fringe, janitorial services, benefits. Rough Order of Magnitude (ROM) estimate - ANSWER A cost estimate prepared very early in the life of a project to provide a rough idea of what a project will cost, usually during initiating. A typical range is -25% to +75%. Budget estimate - ANSWER This estimate is also somewhat broad and is used early in the planning processes and also in top-down estimates. The range of variance for the estimate can be from -10% to +25%. Definitive estimate - ANSWER A cost estimate that provides an accurate estimate of project costs. Estimate becomes more refined as planning progresses. -5% to +1-%. Cost aggregation - ANSWER Summing the lower-level cost estimates associated with the various work packages for a given level within the project's WBS or for a given cost control account. Work package costs are rolled up to control account costs and finally to project costs. PMI Talent Triangle - ANSWER Technical Project Management Leadership Strategic and Business Management

Performance Measurement Baseline - ANSWER An approved, integrated scope-schedule-cost plan for the project work against which project execution is compared to measure and manage performance. The PMB includes contingency reserve, but excludes management reserve. Work Performance Data - ANSWER The raw observations and measurements identified during activities being performed to carry out the project work. Examples include work completed, KPIs, technical performance measures, actual start and finish dates of activities, deliverables status, etc. Plan Scope Management - ANSWER The process of creating a scope management plan that documents how the project scope will be defined, validated, and controlled. Collect Requirements - ANSWER The process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives. Define Scope - ANSWER The process of developing a detailed description of the project and product. Create WBS - ANSWER The process of subdividing project deliverables and project work into smaller, more manageable components. Validate Scope - ANSWER The process of formalizing acceptance of the completed project deliverables. Control Scope - ANSWER The process of monitoring the status of the project and product scope and managing changes to the scope baseline. Storyboarding - ANSWER A prototyping technique to show a sequence of images. Acceptance Criteria - ANSWER A set of conditions that is required to be met before deliverables are accepted.

Inspection - ANSWER Includes activities such as measuring, examining, and validating to determine whether work and deliverables meet requirements and product acceptance criteria. Plan Schedule Management - ANSWER The process of establishing the policies, procedures, and documentation for planning, developing, managing, executing, and controlling the project schedule. Define Activities - ANSWER The process of identifying and documenting the specific actions to be performed to produce the project deliverables. Sequence Activities - ANSWER The process of identifying and documenting relationships among the project activities. Estimate Activity Durations - ANSWER The process of estimating the number of work periods needed to complete individual activities with estimated resources. Develop Schedule - ANSWER The process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule model. Control Schedule - ANSWER The process of monitoring the status of project activities to update project progress and manage changes to the schedule baseline to achieve the plan. Decomposition - ANSWER A technique used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts. Plan Cost Management - ANSWER The process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled. Estimate Costs - ANSWER The process of developing an approximation of the monetary resources needed to complete project activities. Determine Budget - ANSWER The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.