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29 Cards in this Set
- Front
- Back
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What does the scope baseline consist of? |
1) Scope statement 2) WBS 3) WBS dictionary |
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What is AC (Actual Cost)? |
The actual cost incurred and recorded in accomplishing the work. AC has no upper limit; it is whatever is spent to accomplish the work. |
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What are the three processes of Project Cost Management? |
1) Estimate Costs 2) Determine Budget 3) Control Costs |
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What is bottom-up estimating? |
A method of estimating project cost by estimating each component of the work. The work is broken down to the smallest specific detail. The detail cost is then "rolled up" to higer levels. |
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What are the 7 inputs to the Determine Budget process? |
1) Activity cost estimates 2) Basis of estimates 3) Scope baseline 4) Project schedule 5) Resource calendars 6) Contracts 7) Organizational process assets |
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What are the 6 outputs of the Control Costs process? |
1) Work performance measurements 2) Budget forecasts 3) Operational process assets updates 4) Change requests 5) Project managment plan updates 6) Project document updates |
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What is EV (earned value)? |
The value of the work performed. It is the authorized value of the work that has been completed. |
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On the perfect project (executed on schedule and on budget), what will be true relative to EVM at completion? |
PV = EV = AC = BAC |
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What is the PERT forumula for the mean cost? |
Mean cost = Co + 4Cm + Cp 6 |
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What is the Determine Budget process? |
Aggregating the estimated cost of individual activities or work packages to establish an authorized cost baseline. |
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What are the 4 EVM status measures? |
1) SV (schedule variance) 2) CV (cost variance) 3) SPI (schedule performance index) 4) CPI (cost performance index) |
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What is the three-point estimate named PERT? |
An estimating process that uses three estimates to define the range for an activity's cost, then weights the most likely by a factor of 4. |
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What is the Estimate Costs process? |
An approximation of the monetary resources needed to complete project activities. |
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What is analogous estimating? |
Gross top down method of estimating. It uses values of parameters (such as scope, cost, budget and duration) or measures of scale (such as size, weight, and complexity) from a previous similar or successfully executed project as the basis for estimating the same paramenters for a current project. |
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What are the 3 PERT estimates? |
1) Most likely (Cm) 2) Optimistic (Co) 3) Pessimistic (Cp) |
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What are 4 of the different ways to determine EV? |
1) Fixed formula rule 2) Weighted milestones 3) Apportioned effort 4) Percent complete |
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In the initiation phase, what is the cost estimate called? What is the range? |
1) ROM (rough order of magnitude) 2) Range = + / - 50% |
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What are the 6 inputs to the Estimated Costs process? |
1) Scope baseline 2) Project schedule 3) Human resource plan 4) Risk register 5) Enterprise environmental 6) Organizational process assets |
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What are the 3 ouputs of the Determine Budget process? |
1) Cost performance baseline 2) Project funding requirements 3) Project document updates |
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What are the 9 tools and techniques for Estimate Costs? |
1) Expert judgement 2) Analogous estimating 3) Parametric estimating 4) Bottom up estimating 5) Three point estimates 6) Reserve analysis 7) Cost of quality 8) Project management estimating software 9) Vendor bid analysis |
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What is PV (planned value)? |
The authorized budget assigned to the work to be accomplished for an activity or WBS component |
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What does the term ETC mean? |
Estimate to complete from this point to the end |
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What are the formulas for SV (schedule variance) and CV (cost variance) |
SV = EV - PV
CV = EV - AC |
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What is the general form of the EAC forula? |
EAC = AC + ETC |
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What is the TCPI (to complete performance index) formula when the BAC is still achievable? |
TCPI = BAC - EV ------------- BAC - AC |
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What are the 7 parameters normally established by the cost management plan? |
1) Level of accuracy 2) Units of measure 3) Organizational procedure links 4) Control thresholds 5) Rules of performance measurement 6) Reporting formats 7) Process descriptions |
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Which process is used for monitoring the status of a project to update the project budget and manage changes to the cost baseline? |
The Control Costs Process |
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Describe EAC (Estimate at Completion) |
This is the forecast of the most likely total cost of work based on project performance and risk qualification. |
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Describe what it means when the earned value (EV) is more than the planned value (PV)? |
The project is running ahead of schedule. |
