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131 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What does PV stand for? |
Planned Value |
also known as BCWS (Budgeted Cost of Work Scheduled)
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How is PV defined? |
The value of the work planned to be completed TO A POINT IN TIME. |
how much you think you will have to spend to get to a certain point |
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What does EV stand for? |
Earned Value |
also known as BCWP (Budgeted Cost of Work Performed)
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How is EV defined? |
The planned value (PV) of all the work completed (earned) TO A POINT IN TIME, without reference to actual costs. |
how much you thought you would have to spend by this point |
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What does AC stand for? |
Actual Cost |
also known as ACWP (Actual Cost of Work Performed)
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How is AC defined? |
The actual cost of all the work completed to a point in time. |
in reality... |
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What does BAC stand for? |
Budget at Completion |
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How is BAC defined? |
The value of total planned work, or, the project cost baseline. |
The v. of t.p.w., or, the p.c.b. |
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What does CV stand for? |
Cost Variance |
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How is CV calculated? |
CV = EV - AC |
what you thought it would cost to get to this point - what it actually ended up costing |
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If your calculated CV value is greater than 1, what does that mean? |
You are under your planned cost. |
CV = EV - AC
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If your calculated CV value is less than 1, what does that mean? |
You are over your planned cost. |
CV = EV - AC
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What does SV stand for? |
Schedule Variance |
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How is SV calculated? |
SV = EV - PV |
it doesn't make sense - just memorize it
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If your calculated SV value is greater than 1, what does it mean? |
You are ahead of schedule. |
SV = EV - PV
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If your calculated SV value is less than 1, what does it mean? |
You are behind schedule. |
SV = EV - PV
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What does VAC stand for? |
Variance at Completion |
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How is VAC calculated? |
VAC = BAC - EAC |
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If your calculated VAC is greater than 1, what does it mean? |
You are under your planned cost. |
VAC = BAC - EAC
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If your calculated VAC is less than 1, what does it mean? |
You are over your planned cost. |
VAC = BAC - EAC
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What does CPI stand for? |
Cost Performance Index |
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How is CPI defined? |
It is a measure of the cost efficiency of budgeted resources |
It is a m. of the c.e. of b.r. |
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How is CPI calculated? |
CPI = EV / AC |
it's a ratio... |
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If your calculated CPI is greater than 1, what does it mean? |
You are under planned costs. |
CPI = EV / AC
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What does it mean if your calculated CPI is less than 1? |
You are over your planned costs. |
CPI = EV / AC
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What does SPI stand for? |
Schedule Performance Index |
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How is SPI defined? |
It is a measure of schedule efficiency. |
It is a m. of s.e.
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How is SPI calculated? |
SPI = EV / PV |
"An SPI of 1.0 means the project is exactly on schedule, that the work actually done so far is exactly the same as the work planned to be done so far." |
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What does it mean if your SPI is greater than 1? |
You are ahead of schedule. |
SPI = EV / PV
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What does it mean if your SPI is less than 1? |
You are behind schedule. |
SPI = EV / PV |
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What does EAC stand for? |
Estimate at Completion |
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How is EAC defined? |
The expected total cost of completing all work. |
The e.t.c. of c.ing a.w.
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How is EAC calculated if the future work will be accomplished at the planned rate? |
EAC = AC + BAC - EV |
AC = how much it has actually cost to get to this point EV = how much it was supposed to cost to get to this point BAC = how much it is supposed to cost to complete the project |
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What is the difference between PV and EV? |
PV is the budgeted cost of work SCHEDULED; EV is the budgeted cost of work COMPLETED. |
PV = b.c. of w. S. EV = b.c. of w. C. |
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How is EAC calculated if the CPI is expected to be the same for the remainder of the project? |
EAC = BAC / CPI |
The CPI is a ratio - this applies the ratio to the entire BAC. |
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How is EAC calculated if the initial plan is no longer valid? |
EAC = AC + Bottom-Up ETC |
start over... |
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What does ETC stand for? |
Estimate to Complete |
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How is ETC defined? |
The expected cost to finish all the remaining project work. |
The e.c. to f. all the r.p.w.
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If work is proceeding on plan, how do you calculate ETC? |
ETC = EAC - AC |
how much you think you will spend in total - how much you've actually already spent
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What is the difference between BAC and EAC? |
BAC is your original projected budget, the project cost baseline. It does not change over time. EAC is your estimate of the total project cost, updated as the project advances. |
original v updated |
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What does VAC stand for? |
Variance at Completion |
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How is VAC defined? |
A projection of the amount of budget surplus or deficit. |
A p. of the a. of b.s. or d.
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How is VAC calculated? |
VAC = BAC - EAC |
original - updated |
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What does it mean if your VAC is greater than 1? |
You are estimating that you will be under budget at the completion of the project. |
VAC = BAC - EAC
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What does it mean if your VAC is less than 1? |
You are estimating that you will be over budget at the completion of the project. |
VAC = BAC - EAC
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What does TCPI stand for? |
To Complete Performance Index |
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How is TCPI defined? |
It is a measure of the cost performance that must be achieved with the remaining resources in order to meet a specified management goal. |
It is a m. of the c.p. that must be a. with the r.r. in o.t.m. a s.m.g.
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How do you calculate TCPI in order to complete a project on the original plan? |
TCPI = (BAC - EV) / (BAC - AC) |
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How do you calculate TCPI in order to complete a project within your EAC? |
TCPI = (BAC - EV) / (EAC - AC) |
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What does it mean if your TCPI is greater than 1? |
It will be harder to complete your project on plan or within the EAC. |
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What does it mean if your TCPI is less than 1? |
It will be easier to complete your project on plan or within the EAC. |
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What does PERT stand for? |
Program Evaluation and Review Technique |
it is a Activity on Node (AON) method |
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What is the formula for the PERT mean? |
PERT mean = (P + 4L + O) / 6 |
pessimistic, likely, optimistic |
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What is the formula for the PERT standard deviation? |
PERT S.D. = (P - O) / 6 |
pessimistic, optimistic |
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How is decomposition defined?
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A technique used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts. |
decomposition breaks things down... |
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In which organizational structure do project managers have the most authority?
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Projectized |
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What are the three main types of organizational structures? |
Functional, Matrix, and Projectized |
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Matrix organizations are a blend of what two types of organizations? |
Functional and Projectized |
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a. lessons learned b. completed schedules c. rules and laws d. WBS templates |
c. rules and laws |
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What are the two types of organizational process assets?
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AND corporate knowledge base |
AND c.k.b. |
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Who are the project stakeholders? |
Project stakeholders include all members of the project team as well as all interested entities that are internal or external to the organization. |
team + internal + external |
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When is stakeholder identification performed? |
Stakeholder identification is a continuous process throughout the entire project life cycle. |
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What does PMO stand for?
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Project Management Office |
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What are the four phases of the generic project life cycle? |
Organizing and preparing Carrying out the work Closing the project |
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What are the five project management process groups?
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Initiating Process Group Planning Process Group Executing Process Group Monitoring and Controlling Process Group Closing Process Group |
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What is a Pareto diagram?
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A special form of a vertical bar chart that are used to identify the sources that are responsible for causing most of a problem's effects. |
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What are two other names for cause-and-effect diagrams?
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Fishbone diagrams AND Ishikawa diagrams |
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What is the basic structure of a fishbone diagram? |
Bones: Why did this happen? Continue asking why |
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What are control charts used for?
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To determine whether or not a process is stable or has predictable performance.
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When is a process considered out of control?
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2. 7 consecutive plot points are above the mean 3. 7 consecutive plot points are below the mean |
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What is benchmarking?
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Benchmarking involves comparing actual or planned project practices to those of comparable projects to identify best practices, generate ideas for improvement, and provide a basis for measuring performance. |
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_____ is the process of monitoring the status of the project to update the project process and manage changes to the schedule baseline: 1. Control Schedule 2. Schedule Analysis 3. Define Schedule Assumptions 4. Schedule Updating Process |
1. Control Schedule |
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What are the seven basic quality tools (7QC Tools)?
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Ishikawa diagrams flowcharts checksheets Pareto diagrams histograms control charts scatter diagrams |
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What is a force field analysis?
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A quality planning tool that diagrams forces for and against change.
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What are the five outputs of the Plan Quality Management process? |
Quality Management Plan Process Improvement Plan Quality Metrics Quality Checklists Project Documents Updates |
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The ___ technique allows large numbers of ideas to be sorted into groups for review and analysis: 1. Brainstorming 2. Nominal group 3. Idea/mind mapping 4. Affinity diagram |
4. Affinity diagram
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When is a deliverable considered an accepted deliverable?
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When it meets all acceptance criteria and has been formally signed off and accepted by the customer or sponsor.
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2 conditions... |
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What is the critical chain method? |
It 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. |
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What is a project buffer? |
A buffer placed at the end of the critical chain to protect the target finish date. |
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What is a feeding buffer?
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A buffer placed at a point where a chain of dependent activities that are NOT on the critical chain feed into the critical chain. |
side bar... |
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How is crashing defined?
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Crashing is a technique used to shorten the schedule duration for the least incremental cost by adding resources.
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How is fast tracking defined?
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Fast tracking is a schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration. |
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What is the schedule baseline.
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It is an output of the Develop Schedule process, and is the approved version of a schedule model that can be changed only through formal change control procedures. |
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What is resource leveling?
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What is the formula for the total number of potential communication channels?
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C = (n*(n-1))/2 |
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What information should be included in a business case?
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The necessary information from a business standpoint to determine whether the project is worth the investment.
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What should be included in a requirements management plan?
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It should describe how requirements activities will be planned, tracked, and reported.
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You're managing something...
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What is an AOA network diagram?
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Activity on Arrow |
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What is an AON network diagram? |
Activity on Node |
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What is the Delphi technique?
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An information gathering technique used to reach a consensus of experts on a subject without letting one person dominate the discussion. It uses an anonymous questionnaire and recirculation. |
the Oracle was an expert...
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What is the critical path?
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The critical path is the sequence of activities that makes the longest path through a project, which determines the shortest possible project duration. |
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What is total float?
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The amount of time that a schedule activity can be delayed or extended for its early start date without delaying the project finish date or violating a schedule constraint. |
measures schedule flexibility... |
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What is a synonym for float?
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slack |
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A customer needs you to set up a booth for an upcoming exhibition on November 1. It is now September 1. It will take four days to set up the booth. What is the project float?
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60 days - 4 days = 56 days |
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What are the TWO formulas to calculate total float? |
TF = Late start - early start OR TF = Late finish - early finish |
late first... |
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What is the formula for calculating free float?
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FF = Early start of next activity - early finish of current activity - 1
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involves 2 activities...
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How much float do activities on the critical path have? |
zero - no free float, no total float |
they sink... |
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What are the five stages of team development in the Tuckman ladder?
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Forming Storming Norming Performing Adjourning/Mourning |
they rhyme! |
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What are "soft skills"?
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Interpersonal skills - communication skills, emotional intelligence, conflict resolution, etc. |
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What does QFD stand for?
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Quality Function Deployment
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What is a QFD? |
A QFD is a facilitated workshop technique that helps determine critical characteristics for new product development.
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A QFD is a f.w.t. that helps d.c.c. for n.p.d... |
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What three things can be included in schedule data? |
Cash-flow projections Activity attributes |
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What is the most commonly used contract type? |
Firm Fixed Price
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f.f.p. |
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What does WBS stand for?
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Work Breakdown Structure |
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What are JAD sessions?
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Joint application development sessions focus on bringing users and the development team together to improve the software development process.
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Which of the following tools & techniques in Estimate Activity Durations is considered to produce the most accurate estimate? a. expert judgment b. analogous estimating c. parametric estimating d. parabolic estimating |
c. parametric estimating is considerd more accurate than analogous estimating |
parabolic estimating isn't a thing... |
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What document details the steps for analyzing processes to identify activities and enhance their value?
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Process Improvement Plan |
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What is a Product Scope? |
The features and functions that characterize a product. |
its catalog description... |
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What does RACI stand for? |
Responsible Accountable Consulted Inform |
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What does RACI refer to? |
different tasks on a responsibility assignment matrix (RAM)
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Contingency reserves are used to managed what type of risks?
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Known risks
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What are the "Triple Constraints"? |
Scope, Time, Cost |
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What is the most accurate method of determining the project budget? |
Bottom-up estimating |
glug, glug...! |
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In Six Sigma, what percentage of accuracy is desired? |
99.99966% |
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During which phase of the project will the risks be the highest? |
Initiating |
risk decrease as project proceeds... |
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In which project phase(s) do you identify project stakeholders? |
All phases |
iterative process... |
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What does the Project Charter do?
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It formally authorizes the existence of the project & provides the PM with the authority to apply organizational resources to project activities |
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Can the Project Manager sign the Project Charter? |
No. |
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Which matrix is most like a Functional organization structure? |
Weak Matrix |
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In which matrix does the Project Manager have the most power?
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Strong Matrix |
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Who manages the project budget in a Weak Matrix organization? |
Functional Manager |
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In which matrix does the Project Manager have the most control over budget and resources?
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Strong Matrix |
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What is analogous cost estimating? |
Uses the values such as scope, cost, budget, and duration from a previous, similar project as the basis for estimating the same parameter or measurement for a current project. |
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When is analogous cost estimating often used?
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Where there is a limited amount of detailed information about the project (eg, in early phases)
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What is three-point estimating?
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Making three estimates (most likely, optimistic, & pessimistic) to define an approximate range for an activity's cost |
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In three-point estimating, how do you calculate a triangular distribution?
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Estimate = (P + L + O) / 3 |
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In three-point estimating, how do you calculate a beta distribution?
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Estimate = (P + 4L + 0) / 6 |
same as PERT mean.... |
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What does EMV stand for?
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Expected Monetary Value |
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What does SWOT stand for?
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Strengths, Weaknesses, Opportunities, Threats |
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What is a SWOT analysis? |
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