Oliver 75 - 46th Question

[jyotimayank]

46. You have used estimates made by your team members and applied the critical path method to compute a network logic diagram for your project. Then you found out that it cannot be sufficiently optimized for scarce resources and fast progress towards a given deadline. What should you do next?

A. Apply resource leveling heuristics to uncritical activities only.
B. Reduce estimates on duration and work efforts by an adequate percentage.
C. Apply Three-point estimation and critical chain project management.
D. Remove physical constraints and replace hard logic with soft logic.

[Ananyapmp]

I think C, three-point and critical chain method

[jyotimayank]

Yes the correct answer is C.

PMBOK® Guide Fifth Edition defines Three-Point Estimating as

The accuracy of single-point activity cost estimates may be improved by considering estimation uncertainty and risk and using three estimates to define an approximate range for an activity’s cost: • Most likely (cM). The cost of the activity, based on realistic effort assessment for the required work and any predicted expenses.• Optimistic (cO). The activity cost based on analysis of the best-case scenario for the activity.• Pessimistic (cP). The activity cost based on analysis of the worst-case scenario for the activity.

The critical chain method (CCM) is a schedule method that allows the project team to place buffers on any project schedule path to account for limited resources and project uncertainties. It is developed from the critical path method approach and considers the effects of resource allocation, resource optimization, resource leveling, and activity duration uncertainty on the critical path determined using the critical path method. To do so, the critical chain method introduces the concept of buffers and buffer management.

Refer to Page 205 (Three-point estimating) and 178 of PMBOK® Guide 5th Edition

You can refer to the following link for more insight of this topic
http://www.izenbridge.com/videogallery/ ... ck-period/

[shalinigarg]

How 3 point estimation help if network logic diagram is not sufficiently optimized for scarce resources. Please clarify.

[manishpn]

You should not be too much worried about 3 point estimates , the important thing is critical chain method in the option, its used when resources are scarce, critical path method is not effective when resources are scarce

3 point estimates is anyways good and there is already mention in question that estimates are done however 3-Point Estimation improves accuracy by considering uncertainty arising out of Project Risks. Expected Value (or mean) in a 3-Point Estimate can be calculated by using PERT formula or by doing a Simple Average.