Release project resources and determine the success project

Assessment Task 1
Manage project time BSBPMG531

Student name

Nghia H Tran

Student ID

Date

Task Number

Question 3

Question 4

Student Name:

Assessor Name:
Assessor Signature:
Date:

The questions focus on the knowledge evidence required for this unit of competency:

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submit your answers to the questions within the set timeframe, answer all questions as instructed,
answer all questions using your own words and reference any sources appropriately,
all questions must be answered satisfactorily.

	answer the questions using online research and the learning material provided for the unit and by reviewing real or simulated relevant business documentation (such as policies and procedures), further research the topics addressed in each question.

Specifications

Answer all the questions below:

Question 1


	The analogous estimation technique uses information from similar projects to establish a cost estimate based on on available data. The analogous estimate needed Includes expert review for setup reusability of data. The analogous estimate is used where there is limited information about the project.
Parametric Model Estimating


	is a technique that uses optimistic and pessimistic estimates to determine ideal estimated value for a project task. The three-point estimation technique used in Information and management system application for the construction of an approximate probability distribution represents the outcome of future events, based on very limited information. When the distribution used for estimation can be a normally distributed, this is not always the case, and for for example a triangular distribution can be used, depending on the application.

	Reserve analysis is a special analytical techniques are used for the purposes complete and thorough identification of the full range of specific and precise features and or in multiple relationship instances of all individual projects related components currently exist as part of predefined project management plan. The purpose of making and performing a reserve analysis is the establishment of an estimate reserves can be used for purposes set schedule duration, any and all estimated expenses, budget, as well as the entire fund assigned or allocated to the project.

the Critical Path Method.

(50-100 words)

Step 4: Estimate the time to complete the activity
Using past experience or the knowledge of an experienced team member, you must Now estimate the time required to complete each activity. If you are managing a smaller project, you will most likely estimate time in days. If you are working with a complex projects, you may have to measure time in weeks.

Step 5: Identify the important path
There are two ways you can now define the key path. You can eyeball your net
diagram and simply determine the longest path in the whole network - the longest
sequence of operations on the path. Make sure to look for the longest path in terms of longest duration in days, not the path with the most boxes or buttons. You can also
identify critical operations with the Forward Pass / Backward Pass technique, identify
earliest start and end times as well as the latest start and end times for each activity.

change to project scope, cost or schedule.

(80-120 words)

Project phase	Summary and description (40-80 words/phase)


Implementation (execution)	The execution phase turns your plan into action. The project manager’s job in this phase of the project

summarise their capabilities, limitations, applications and outcomes.

Best-practice time management methodologies
	During project execution, if any of those tasks are delayed, the project’s estimated duration will also be exceeded.
Pert
	With Waterfall project management, the entire scope of The project must be defined and agreed at the beginning of the project. Some of the difficulties it presents is that it is not flexible enough to deal with volatile and uncertain environment in which most projects currently being delivered. But Waterfall has benefits. Predetermine the expected outcome project clarity and simplify project planning. It It is also easy to track whether the project is on track or not. That makes it good for more stable projects the environment needs to commit to a schedule or budget, such as large infrastructure the projects.



Critical Path Analysis	Critical path analysis (CPA) is a project management technique that requires mapping out every key task that is necessary to complete a project. It includes identifying the amount of time necessary to finish each activity and the dependencies of each activity on any others.

A Work Breakdown Structure (WBS) identifies tasks and deliverables associated with a project. Resources are identified for each item within the WBS that facilitates budgeting as well as assignment of responsibilities. The WBS can be used to determine the critical path of the project and create the project schedule.

Project activities in which WBS and schedules are useful:
Drafts are created during the project definition phase of the project then details are flushed out during the planning phase. The WBS and schedules are
continuously revisited and updated through the duration of the project.