4 Project Resources and Budgeting Free Online FlashCards

What counts as a project resource?

People, equipment, materials, facilities, services, and funds needed to complete project work.

What should resource planning establish for each activity?

For each activity, identify the needed resource, quantity, timing and duration, responsible provider or approver, and availability.

What does a responsibility matrix clarify?

It clarifies who performs, approves, advises on, or receives information about each work item.

What information does a resource calendar record?

It records when resources are available, such as staff assignments, equipment reservations, holidays, and supplier lead times.

What can a team do when resource demand exceeds capacity?

Adjust task timing or sequence, reassign work, train staff, acquire equipment, or contract for services.

What is a project cost estimate?

A reasoned forecast of what the planned work is likely to cost, based on defined scope, schedule, assumptions, and supporting data.

How does analogous estimating work?

Use the cost of a similar completed project, adjusted for differences.

How does parametric estimating work?

Apply a cost rate to a measurable quantity, such as cost per installed unit.

What is bottom-up estimating?

Estimate individual activities or work packages and add them together; its detail depends on the quality of the underlying plan.

How does three-point estimating represent cost uncertainty?

It considers optimistic, most likely, and pessimistic costs. A commonly used weighted estimate is $\frac{O + 4M + P}{6}$.

How do direct and indirect project costs differ?

Direct costs relate to project work, such as labor or materials; indirect costs, such as overhead, are applied using consistent rates.

How does a project budget differ from a cost estimate?

An estimate forecasts likely costs; a budget allocates funding to planned work over time.