CSM Forum Banner

Oliver 75 - 46th Question

jyotimayank
Expert
Expert
Posts: 504
Joined: Mon Mar 09, 2015 6:01 am

Oliver 75 - 46th Question

Postby jyotimayank Wed May 04, 2016 12:24 pm

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.
Jyoti Gupta
PMP Mentor & Coach

iZenbridge Consultancy Pvt Ltd
Ananyapmp
Beginner
Beginner
Posts: 45
Joined: Fri Apr 22, 2016 11:25 am

Re: Oliver 75 - 46th Question

Postby Ananyapmp Fri May 06, 2016 12:27 pm

I think C, three-point and critical chain method
jyotimayank
Expert
Expert
Posts: 504
Joined: Mon Mar 09, 2015 6:01 am

Re: Oliver 75 - 46th Question

Postby jyotimayank Thu May 12, 2016 12:02 pm

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/
Jyoti Gupta
PMP Mentor & Coach

iZenbridge Consultancy Pvt Ltd
shalinigarg
Posts: 4
Joined: Sat Aug 13, 2016 5:59 pm

Re: Oliver 75 - 46th Question

Postby shalinigarg Wed May 24, 2017 4:12 am

How 3 point estimation help if network logic diagram is not sufficiently optimized for scarce resources. Please clarify.
manishpn
Expert
Expert
Posts: 2343
Joined: Sat Jan 04, 2014 3:55 pm

Re: Oliver 75 - 46th Question

Postby manishpn Wed May 24, 2017 4:27 pm

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.
Br,
Manish P
PMP, PMI - ACP, SAFe Agilist
http://www.izenbridge.com/blog/7-effect ... ification/

Return to “Oliver 75 PMP Questions”

Who is online

Users browsing this forum: No registered users and 4 guests