Assessment

Task 1
Manage project time
BSBPMG512

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Answer all the questions below:

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Question 1
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Explain each of the following estimating techniques, and how each can
be used to determine task duration and resource effort within a project.
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Estimating techniques Explanation (40-80 words/estimating technique)

Analogous Estimating Analogous estimating is the act of using former projects
to estimate how long or how much a current project will take or
cost. In other words, it is a technique that centers on
comparison. This means that the more data that is available,
the better the estimate will be.

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 Estimating techniques Explanation (40-80 words/estimating technique)
Parametric Model Parametric estimation is one of the four primary methods that
Estimating project companies use to produce estimates for the cost,
duration and effort of a project. For parametric estimation, the
person in charge of the estimates will model (or describe) the
project using a set of algorithms
3 Point Estimating The three-point estimation technique is used in management
and information systems applications for the construction of an
approximate probability distribution representing the outcome of
future events, based on very limited information.
Expert Judgment Expert Judgment is a technique in which judgment is
Estimating provided based upon a specific set of criteria
and/or expertise that has been acquired in a specific
knowledge area, application area, or product area, a particular
discipline, an industry, etc.

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Reserve Analysis Reserve Analysis is one of the techniques used to determine a

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project budget. During Reserve Analysis, a project

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is analyzed from a cost overruns point of view and buffers are

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placed in appropriate place. These buffers are called
Contingency and Management Reserves.

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Bottom Up Analysis Bottom-up analysts, sometimes referred to as 'fundamental'
rs e analysts, will conduct thorough due diligence on such factors as
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the prospects for a company's products, the technology it
employs, as well as any new services expected to come to
market before arriving at an outlook for its future earnings and
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sales growth.
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Question 2

Describe what the critical path of a project is, and explain the steps used
to identify it using the Critical Path Method.
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(50-100 words)
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In project management, a critical path is the sequence of dependent tasks that form the longest
duration, allowing you to determine the most efficient timeline possible to complete a project.
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1. Step 1: Specify Each Activity. ...

2. Step 2: Establish Dependencies (Activity Sequence) ...
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3. Step 3: Draw the Network Diagram. ...

4. Step 4: Estimate Activity Completion Time. ...
5. Step 5: Identify the Critical Path. ...
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6. Step 6: Update the Critical Path Diagram to Show Progress.

Question 3

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 Explain the concept of a project baseline, the procedures for establishing
project baselines and how to manage adjustments to a project baseline
due to a major change to project scope, cost or schedule.
(80-120 words)

A baseline in project management is a clearly defined starting point for your project plan. It
is a fixed reference point to measure and compare your project’s progress against. This
allows you to assess the performance of your project over time.

Start with schedule and cost baselines.

Identify activities and tasks which will be needed to produce each of the deliverables
included on your scope baseline. ...
For each task identify the resources needed, if known at this point.
Make an estimation of how many hours it will take to complete each task.

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In order to ensure changes to the project scope, schedule, and cost baselines are properly considered, project

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teams should use a formal change control process. A change control process involves “identifying, evaluating,

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and managing changes throughout the project life cycle” (Schwalbe, 2006, p. 151). Unmanaged changes can
quickly cause a project to spiral out of control. The information technology group at my company uses a formal

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process for submitting and obtaining approval for changes to project scope. The change request must include
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a description of the change, the reason for the change, and the impact on project schedule and cost
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baselines. The change request is reviewed by the project sponsors and key stakeholders. Once approved, the
project schedule and costs are updated and a new project baseline is established. However, the changes to
project schedule or costs at my company do not always follow the same structured process.
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Question 4
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Summarise the project life cycle phases and describe each phase.
Project phase Summary and description (40-80 words/phase)
Initiation
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The initiation phase is the beginning of the project. In

this phase, the idea for the project is explored and elaborated.
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The goal of this phase is to examine the feasibility of the

project.
Planning The planning phase is when the project plans are
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documented, the project deliverables and requirements are

defined, and the project schedule is created. It involves creating
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a set of plans to help guide your team through the

implementation and closure phases of the project.
Implementation The implementation phase represents the work done to meet
(execution) the requirements of the scope of work and fulfill the charter.
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During the implementation phase, the project team

accomplished the work defined in the plan and made
adjustments when the project factors changed.
Closing (finalisation) The closing phase of project management is the
final phase of the project lifecycle. This is the stage where all
deliverables are finalized and formally transferred, and all
documentation is signed off, approved, and archived. ... All

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 Project phase Summary and description (40-80 words/phase)
project management processes have been executed.

Question 5

Select and explain three best-practice time management methodologies.

For each, summarise their capabilities, limitations, applications and
outcomes.
Best-practice time Explanation and summary of capabilities,
management limitations, applications and outcomes. (50-100
methodologies words/best practice)
Getting Things Done (GTD) The GTD method, developed by David Allen, starts by getting
the user to write down all the things he wants or needs to do,
and then break them into smaller actionable items. The smaller
tasks are finished immediately, and the bigger tasks are divided

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into smaller ones to start completing now

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Important-Urgent Matrix Popularized by Stephen Covey’s “The Seven Habits of Highly
Effective People”, this 2x2 matrix is another method to help

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users manage their time more effectively. On one axis, users
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not urgent tasks go on the other axis. The result is 4
quadrants: tasks that are important and urgent, important but
not urgent, not important but urgent, and lastly not important
and not urgent.
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Rapid Planning Method (RPM) Created by Anthony Robbins, RPM aims to transform your
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thinking by causing you to focus on what is truly important,

that is, the results that you want. It also focuses on the
reasons why you want it. Constructing a flexible plan to
achieve it is the next step. Robbins makes a distinction
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between real progress and merely checking things off your to-
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do list.

Question 6
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Summarise the following key tools for project scheduling.

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Schedule Network
Analysis
Schedule Network Schedule Network Analysis is a strategy that is commonly used in
Analysis project management. The strategy consists of visualising the
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different project tasks and making connections between them in

the project management plan. For making a final schedule, a
schedule network analysis is finished utilizing a draft schedule.
Critical Path Analysis The critical path method, or critical path analysis, is an algorithm
for scheduling a set of project activities. It is commonly used in
conjunction with the program evaluation and review technique.

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 Schedule Network
Analysis
Schedule Compression Schedule compression refers to a series of techniques used to
shorten the duration of a project without compromising the
result. Common schedule compression techniques include
crashing, fast-tracking and resource reallocation

Question 7

Explain how a work breakdown structure is used to create project

schedules (50-100 words).

The building blocks of a schedule start with a Work Breakdown Structure (WBS). The WBS is a
hierarchical reflection of all the work in the project in terms of deliverables. In order to produce these

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deliverables, work must be performed. ... Each level of the WBS is a level of detail created by
decomposition.

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