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250 Cards in this Set

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Formula for Planned Value (PV)
Planned percent complete x Budgeted at Complete (BAC)
Formula for Earned Value (EV)
EV=Actual % complete x BAC
Actual Cost
Sum of project costs for a given time frame.
Formula for Cost Variance (CV)
CV=EV-AC
Formula for Schedule Variance (SV)
SV=EV-PV
Formula for Cost Performance Index (CPI)
CPI=EV/AC
Formula for Cumulative CPI
CPIcum=EVcum/ACcum
Formula for Schedule Performance Index (SPI)
SPI=EV/PV
Formula for Estimate at Completion (EAC)
EAC=BAC/CPIcum
Formula for Estimate to Completion (ETC)
ETC=EAC-AC
Formula for Variance at Completion (VAC)
VAC=BAC-EAC
Planned Value (PV)is also known as...
Budgeted Cost of Work Scheduled (BCWS)
Earned Value (EV) is also known as...
Budgeted Cost of Work Performed
Actual Cost (AC) is also known as...
Actual Cost of Work Performed
Integration Processes - Initiating
-Develop Project Charter
-Develop Preliminary Scope Statement
Integration Processes - Planning
Develop Project Mgt Plan
Integration Processes - Executing
Direct & Manage Project Execution
Integration Processes - Monitoring & Controlling
-Monitor & Control Project Work
-Integrated Change Control
Integration Processes - Closing
Close Project
Scope Processes - These lie in which two process groups?
-Planning (3)
-Monitoring & Controlling (2)
Scope Processes - Planning
-Scope Planning
-Scope Definition
-Create WBS
Scope Processes - Monitoring & Controlling (2)
-Scope Verification
-Scope Control
Time Processes - These lie in which two process groups?
-Planning (5)
-Monitoring & Controlling (1)
Time Processes - Planning
-Activity Definition
-Activity Sequencing
-Activity Resource Estimating
-Activity Duration Estimating
-Schedule Development
Cost Processes - lie in which process groups?
-Planning (2)
-Monitoring & Controlling (1)
Cost Processes - Planning
-Cost Estimating
-Cost Budgeting
Cost Processes - Monitoring & Controlling
-Cost Control
Quality Processes - lie in which process groups?
-Planning (1)
-Executing (1)
-Monitoring & Controlling (1)
Quality Processes - Planning
Quality Planning
Quality Processes - Executing
Perform Quality Assurance
Quality Processes - Monitoring & Controlling
Perform Quality Control
Human Resource Processes - lie in which process groups?
-Planning (1)
-Executing (2)
-Monitoring & Controlling (1)
Human Resource Processes - Planning
Human Resource Planning
Human Resource Processes - Executing
-Acquire Project Team
-Develop Project Team
Human Resource Processes - Monitoring & Controlling
-Manage Project Team
Communications Processes - lie in which process groups?
-Planning (1)
-Executing (1)
-Monitoring & Controlling (2)
Communications Processes - Planning
Communications Planning
Communications Processes - Executing
Information Distribution
Communications Processes - Monitoring & Controlling
-Performance Reporting
-Manage Stakeholders
Risk Processes - lie in which process groups?
-Planning (5)
-Monitoring & Controlling (1)
Risk Processes - Planning
-Risk Mgt. Planning
-Risk Identification
-Qualitative Risk Analysis
-Quantitative Risk Analysis
-Risk Response Planning
Risk Processes - Monitoring & Controlling
Risk Monitoring & Controlling
Procurement Processes - lie in which process groups?
-Planning (2)
-Executing (2)
-Monitoring & Controlling (1)
-Closing (1)
Procurement Processes - Planning
-Plan Purchases & Acquisitions
-Plan Contracting
Procurement Processes - Executing
-Request Seller Responses
-Select Sellers
Procurement Processes - Monitoring & Controlling
Contract Administration
Procurement Processes - Closing
Contract Closure
Integration Processes - lie in which process groups?
-Initiating (2)
-Planning (1)
-Executing (1)
-Montitoring & Controlling (2)
-Closing (1)
Components of the "Triple" Constraint (6)
-Scope
-Cost
-Time
-Quality
-Risk
-Customer Satisfaction
Recommended Corrective Action
Anything done to bring future results in line with the plan
Work Authorization System
System used to ensure that work gets performed at the right time and in the right sequence.
Knowledge Areas
Integration Management
Scope Management
Time Management
Cost Management
Quality Management
Human Resource Management
Risk Management
Communication Management
Procurement Management
Process Groups
Initiation
Planning
Executing
Monitoring & Controlling
Closing
Intergration Management Process Outputs - Develop Project Charter
Project Charter
Intergration Management Process Outputs - Develop Preliminary Scope Statement
Preliminary Project Scope Statement
Intergration Management Process Outputs - Develop Project Management Plan
Project Management Plan
Intergration Management Process Outputs - Direct & Manage Project Execution
Deliverables
Intergration Management Process Outputs - Monitor & Control Project Work
Recommended Corrective Actions
Requested Changes
Intergration Management Process Outputs - Integrated
Change Control
Approved Change Requests
Deliverables
Intergration Management Process Outputs - Close Project
Final Project
Scope Management Process Outputs - Scope Planning
Project Scope Management Plan
Scope Management Process Outputs - Scope Definition
Project Scope Statement
Scope Management Process Outputs - Create WBS
WBS
Scope Management Process Outputs - Scope Verification
Accepted Deliverables
Scope Management Process Outputs - Scope Control
Requested Changes
Recommended Corrective Actions
Time Management Processes - Activity Definition
Activity List
Activity Attributes
Time Management Processes - Activity Sequencing
Project Network Diagrams
Time Management Processes - Activity Resource Estimating
Resource Requirements
Time Management Processes - Activity Duration Estimating
Duration Estimates
Time Management Processes - Schedule Development
Project Schedule
Time Management Processes - Schedule Control
Schedule Updates
Cost Management Processes - Cost Estimating
Activity Cost Estimates
Cost Management Processes - Cost Budgeting
Cost Baseline
Funding Requirements
Cost Management Processes - Cost Control
Performance Measures
Forecasted Completion
Quality Management Processes - Quality Planning
Quality Management Plan
Metrics
Checklists
Quality Management Processes - Perform Quality Assurance
Requested (process) Changes
Quality Management Processes - Perform Quality Control
Quality Control Measures
Validated Defect Repair
Human Resource Management Processes - Human Resource Planning
Roles & Responsibilities
Staffing Management Plan
Time Management Processes - Activity Duration Estimating
Duration Estimates
Time Management Processes - Schedule Development
Project Schedule
Time Management Processes - Schedule Control
Schedule Updates
Cost Management Processes - Cost Estimating
Activity Cost Estimates
Cost Management Processes - Cost Budgeting
Cost Baseline
Funding Requirements
Cost Management Processes - Cost Control
Performance Measures
Forecasted Completion
Quality Management Processes - Quality Planning
Quality Management Plan
Metrics
Checklists
Quality Management Processes - Perform Quality Assurance
Requested (process) Changes
Quality Management Processes - Perform Quality Control
Quality Control Measures
Validated Defect Repair
Human Resource Management Processes - Human Resource Planning
Roles & Responsibilities
Staffing Management Plan
Time Management Processes - Activity Duration Estimating
Duration Estimates
Time Management Processes - Schedule Development
Project Schedule
Time Management Processes - Schedule Control
Schedule Updates
Cost Management Processes - Cost Estimating
Activity Cost Estimates
Cost Management Processes - Cost Budgeting
Cost Baseline
Funding Requirements
Cost Management Processes - Cost Control
Performance Measures
Forecasted Completion
Quality Management Processes - Quality Planning
Quality Management Plan
Metrics
Checklists
Quality Management Processes - Perform Quality Assurance
Requested (process) Changes
Quality Management Processes - Perform Quality Control
Quality Control Measures
Validated Defect Repair
Human Resource Management Processes - Human Resource Planning
Roles & Responsibilities
Staffing Management Plan
Human Resource Management Processes - Acquire Project Team
Staff Assignments
Human Resource Management Processes - Develop Project Team
Team Performance Assessment
Human Resource Management Processes - Manage Project Team
Requested Changes
Recommended Corrective Actions
Communications Management - Communications Planning
Communications Management Plan
Communications Management - Information Distribution
Requested Changes
Communications Management - Performance Reporting
Performance Reports
Requested Changes
Communications Management - Manage Stakeholders
Resolved Issues
Approved Change Requests
Risk Management - Risk Management Planning
Risk Management Plan
Risk Management - Risk Identification
Risk Register
Risk Management - Qualitative Analysis
Risk Register Updates
Risk Management - Quantitative Analysis
Risk Register Updates
Risk Management - Risk Response Planning
Risk Register Updates
Contract Agreements
Risk Management - Risk Monitoring & Controlling
Risk Register Updates
Requested Changes
Procurement Management Processes - Plan Purchases & Acquistions
Procurement Management Plan
Contract SOW
Procurement Management Processes - Plan Contracting
Procurement Docs
Evaluation Criteria
Procurement Management Processes - Request Seller Responses
Qualified Sellers List
Procurement Management Processes - Select Sellers
Contract
Contract Management Plan
Procurement Management Processes - Contract Administration
Risk Register Updates
Contract Agreements
Procurement Management Processes - Contract Closure
Risk Register Updates
Requested Changes
Project Charter Inputs
Contract
Project Statement of Work
Enterprise Env. Processes
Project Charter Outputs
Project Charter
Project Charter Tools
Project Selection Methods
Project Selection Methods
Benefit Cost Ratio
Internal Rate of Return
Net Present Value
Economic Value Add
Opportunity Cost
Return on Investment
Return on Invested Capital
Project Charter
Created during Develop Project Charter process
Created based on business needs. (Should explain why it is being done.)
Signed by senior management
Names project manager
Includes high-level project requirements
Should include high level milestone view of project schedule.
Includes summary project budget.
Includes milestone level schedule
Preliminary Scope Statement
Explains project scope
Constraints & assumptions
How customer will accept deliverables
Schedule milestones
High level WBS
High level cost estimates
All may be modified later
Preliminary Project Scope Statement Inputs
Project Charter
Project Statement of Work
Ent. Env. Factors
Org. Proc. Assets
Preliminary Project Scope Statement Tools
Project Management Methodology
Project Management Info System.
Expert Judgement
Preliminary Project Scope Statement Outputs
Preliminary Project Scope Statement
Develop Project Management Plan - Inputs
Preliminary Project Scope Statement
Project Management Processes
Ent. Env. Factors
Org. Process Assets
Develop Project Management Plan - Tools
Project Management Methodology
PMIS
Expert Judgement
Develop Project Management Plan - Outputs
Project Management Plan
Project Management Plan Components
Project Scope Management Plan
Schedule Management Plan
Cost Management Plan
Quality Management Plan
Process Improvement Plan
Staffing Management Plan
Communications Management Plan
Risk Management Plan
Procurement Management Plan
Milestone List
Resource Calendar
Schedule Baseline
Cost Baseline
Quality Baseline
Risk Register
Direct & Manage Project Execution - Inputs
Project Management Plan
Approved Corrective Actions
Approved Preventive Actions
Approved Change Requests
Approved Defect Repairs
Validated Defect Repairs
Administrative Closure Procedure
Direct & Manage Project Execution - Tools
Project Management Methodology
PMIS
Direct & Manage Project Execution - Outputs
Deliverables
Requested Changes
Implemented Change Requests
Implemented Corrective Actions
Implemented Preventive Actions
Implemented Defect Repairs
Work Performance Information
Monitor & Control Project Work
Looks at work performed and makes certain that the deliverables and the way that they are produced is in line with the plan.
Monitor & Control Project Work - Inputs
Project Management Plan
Work Performance Info
Rejected Change Requests
Monitor & Control Project Work - Tools
PM Methodology
PMIS
Earned Value Technique
Expert Judgement
Monitor & Control Project Work - Outputs
Recommended Corrective Actions
Recommended Preventive Actions
Requested Changes
Forecasts
Recommended Defect Repair
Integrated Change Control - What it is
Every change to the project must be processed through Integrated Change Control. Assess the change's impact on the project here. (Manage project scope changes)
Integrated Change Control - Inputs
Project Management Plan
Requested Changes
Work Performance Info
Recommended Preventative Actions
Recommended Corrective Actions
Recommended Defect Repair
Deliverables
Integrated Change Control - Outputs
Approved Change Requests
Rejected Change Requests
Project Management Plan Updates
Project Scope Statement Updates
Approved Corrective Actions
Approved Preventative Actions
Approved Defect Repair
Validated Defect Repair
Deliverables
Close Project - What it is
Shutting down project properly. Create necessary documentation, archives, capture lessons learned, ensure contract is properly closed, update org. process assets.
Close Project - Inputs
Project Management Plan
Contract Documentation
Ent. Env. Factors
Org. Proc. Assets
Work Performance Info
Deliverables
Close Project - Outputs
Administrative Closure Procedure
Contract Closure Procedure
Final Product, Service or Result
Org. Proc. Asset Updates
Standard Deviation - (Used in Activity Duration Est.
Sigma=Pess-Optim/6
3 Point Estimates - (Pert Estimates)
Pess+(4xRealistic)+Optim/6
Critical path
The combination of activities that, if any are delayed, will delay the project's finish.
Purpose of critical path method
1. Calculate project finish date
2. Identify individual activities' float times. (How much they can slip without delaying the project.)
Schedule Compression - Types
Crashing
Fast tracking
Schedule Crashing
Adding resources in order to complete activity more quickly. May increase cost.
Schedule Fast Tracking
Reorder activity sequence so that some of the activities are performed concurrently. Usually increases risk, as discretionary dependencies are being ignored.
What if schedule analysis
Typically uses Monte Carlo analysis to predict likely schedule outcomes and identify areas of highest risk.
Resource leveling
Resource needs matched up with organizations ability to supply resources. (If your plan calls for 8 programmers and you only have two, you need to lenghthen the task duration to account for fewer resources being available.)
Critical chain method
Adds buffers between activities to allow for uncertainties. Goal is to allow project to complete on schedule, despite uncertainties.
Schedule Development Outputs
Project Schedule
Project Network Diagram
Bar charts
Milestone chart
Schedule Model Data
Schedule Baseline
Resource Requirement Updates
Activity Attribute Updates
Project Calendar Updates
Requested Changes
Project Management Plan Updates
Early Start Date
Earliest date the activity can start if everything takes as long as planned.
Earliest finish date
Early start date+duration-1
Late start
Early start+float =Late start
Late finish
Late start+activity duration-1
Early Start & Early finish are what kind of pass?
Forward pass, since you start from the beginning to figure them.
Late Start and Late Finish use what kind of pass?
Backward pass, as you start from the end and work toward the beginning.
Free float
Amount of time an activity can be delayed without affecting the early start date of subsequent dependant activities.
Negative float
Activity's finish date happens before its start date. Says that the schedule has problems.
Activity on Arrow Diagram
Network diagram where activities are represented by arrows. Always shown with finish to start relationships, where one activity ends and the other begins. Uses dummy activities that can have zero length. Represented by dotted lines.
Activity decomposition
Like scope decomposition, but final result is an activity list.
Activity list
Every activity that will be performed on the project.
Activity Duration Estimates
Probable number of periods, weeks, months,etc., that the activity should take. Should give a range - 1 wk + or - 3 days, for instance.
Analgous estimating
Used when little data is available, it compares this project with a previous one.
Backward pass
Method for calculating late start and finish.
Critical path
Shortest path through the network diagram. Show activites with greatest risk for delaying the project.
Dependencies
Activities that must be completed before other activities are either started or completed.
Mandatory dependency
Hard logic. Must be followed in sequence.
Discretionary dependency
Soft logic. Best practices dictate that activities are done in a certain order. Not mandatory, recommended.
External dependency
Dependency relying on factors outside the project. Eg. zoning approval for building, weather for rocket launch.
Dummy activity
Found only on 'activity on arrow' diagrams. O length, used to show a relationship. Shown with dotted line.
Duration compression
Two main types:
Crashing
Fast tracking
Crashing
Adding resources to speed things up. Increases cost.
Fast tracking
Ignore discretionary dependencies and do things concurrently to speed project completion. Adds risk to project.
Delphi technique
Means of gathering expert opinion where participants don't know who the others are. Seeks to eliminate group think to get participants' real opinions.
Expert judgement
A method of estimating in which experts are asked to provide input into schedule.
Float
How much time an activity can be delayed without affecting the project's finish date.
Free float
Free slack. How much time an activity can be delayed without affecting the early start date of subsequent dependant activities.
Hueristics
Rules for which no formula exists.
Forward Pass
Method for calculating early start and finish dates.
Lag
Delay between an activity and the next, dependent one. Eg. Pouring concrete and waiting 3 days before building on it.
Lead
Starting a subsequent activity before its predecessor has finished. Like in relay race.
Mathmatical analysis
A technique showing scheduling possibilities where early and late start and finish dates are calculated without looking at resource estimates.
Milestones
High level pints in schedule used to track and report progress. Usually have no time associated with them.
Monte Carlo Analysis
Computer simulation that throws a high number of 'what if' scenarios at the project schedule to determine probable results.
Network diagram
A method of diagramming project activities to show sequence and dependencies.
Precedence Diagramming Method
also called Activity on Node.
Network diagram where boxes represent activities and arrows are used to show the dependencies between the activities.
Reserve Time
Contingency. A schedule buffer used to reduce schedule risk.
Schedule baseline
The approved schedule that is used as a basis for measuring and reporting. Includes original project schedule and approved updates.
Variance analysis
Comparing planned vs. actual schedule dates.
Cost Management Processes
Cost Estimating
Cost Budgeting
Cost Control
Cost Estimating Outputs
Activity Cost Estimate
Cost Budgeting Outputs
Cost Baseline
Funding Requirements
Cost Control Outputs
Performance Measures
Forecasted Completion
Real world planning
scope first
schedule second
budget third
Cost Management Processes - Planning
Cost Estimating
Cost Budgeting
Cost Management Processes - Controlling
Cost Control
Cost Estimating Output
Activity cost estimates
Cost Budgeting Outputs
Cost baseline
funding requirements
Cost Control Outputs
Performance measurements
Forecasted completion
Recommended corrective actions
Life cycle costing
Total cost of ownership from purchase or creation through operations and finally disposal.
Value engineering
Trying to get more from the project in every way. Trying to decrease costs, improve quality, shorten schedule.
Order of processes from scope definition through cost estimating
Scope definition
Create WBS
Activity Definition
Activity Resource Estimating
Activity Duration Estimating
Cost Estimating
Cost Estimating Types - Order of Magnatude
-50 to +100%
Cost Estimating Types - Conceptual
-30 to +50%
Cost Estimating Types - Preliminary Estimate
-20 to +30%
Cost Estimating Types - Definitive Estimate
-15 to +20%
Cost Estimating Types - Control Estimate
-10 to +15%
Cost Estimating Tools- Analgous Estimating
Uses actual results of projects your organization has performed to estimate costs of current project.
Cost Estimating Tools
Analgous Estimating
Detemine Resource Cost Rates
Bottom up Estimating
Parametric Estimating
Project Management Software
Vendor Bid Analysis
Reserve Analysis
Reserve Analysis
Cost of Quality
Cost Estimating Types - Bottom up Estimating
Creates separate estimate for each schedule activity and aggregates them to summary nodes on the WBS. Highly accurate but time consuming.
Cost Estimating Types - Parametric Estimating
Best for linear, scalable projects. Uses cost per unit to extrapolate cost. Eg, if it costs $4 mill. to build a mile of road, it would cost $32 million to build 8 miles of road.
Cost Estimating Types - Vendor Bid Analysis
Analyse vendor bids to understand project costs.
Cost Estimating Types - Reserve Analysis
Reserve monies, also called contingency, is added as a buffer against slippage. Reserve analysis looks at whether reserve is sufficient.
Cost Estimating Types - Cost of Quality (COQ)
Looks at the costs realized in order to acheive quality. (Cost of Poor Quality, on the other hand, looks at costs incurred due to quality standards not being met.)
Cost Estimating Outputs
Activity Cost Estimates
Activity Cost Est. supporting detail.
Requested Changes
Cost Management Plan Updates
Cost Budgeting
Also known as Cost Baseline. Takes estimated project expenditures and maps them back to dates on the calendar. Used to plan cash flow and likely expenditures.
Cost Budgeting -When Performed
After Schedule development and Cost Estimating.
Cost Budgeting - Inputs
Project Scope Statement
WBS
WBS Dictionary
Activity Cost Estimates
Activity Cost Est. Supporting Detail
Project Schedule
Resource Calendars
Contract
Cost Management Plan
Cost Budgeting - Tools
Reserve Analysis
Parametric Estimating
Funding limit reconcilliation
Cost Budgeting - Outputs
Cost Baseline (Budget)
Project Funding Requirements
Cost Management Plan Updates
Requested Changes
Cost Control - What is it?
Concerned with cost variance, either positive or negative. Keeping costs in line with plan.
Cost Control - Inputs
Cost Baseline
Project Funding Requirements
Performance Reports
Work Performance Info
Approved Change Requests
Project Management Plan
Cost Control - Tools
Cost Change Control System
Performance Measurement Analysis
Forecasting
Project Performance Reviews
Project Management Software
Variance Management
Cost Control Tools - Performance Measurement Analysis
Earned Value - EV
Planned Value - PV
Actual Cost - AC
Estimate to Complete - ETC
Estimate at Complete - EAC
Cost Variance - CV
Schedule Variance - SV
Cost Performance Index - CPI
Schedule Performance Index - SPI
Cumlative CPI (CPIcum)
Cost Control - Forecasting
Uses current and previous cost info to predict future costs. Focuses on EAC adn ETC.
Cost Control - Project Performance Reviews
Measures actual performance against the plan.
Cost Control - Project Management Software
PM Software helps with tedious calculations, like Earned Value. Used to do 'what if' analysis.
Cost Control - Outputs
Cost Estimate Updates
Cost Baseline Updates
Performance Measurements
Forecasted Completion
Requested Changes
Recommended Corrective Actions
Organizational Process Updates
Project Management Plan Updates
Earned Value Key Formulas -12
BAC
PV
EV
AC
CV
SV
CPI
CPIcum
SPI
EAC
ETC
VAC
Earned Value Formulas - BAC
How much was originally planned for this project to cost.
Earned Value Formulas - Planned Value (PV)
How much work should have been completed at this point in time based on the plan. (In terms of work completed at a point in the schedule).
Planned % complete x BAC
Earned Value Formulas - Earned Value (EV)
How much work was actually completed during a given period of time. (Where you are in terms of work completed during a given period.)
EV=Actual % Complete x BAC
Earned Value Formulas - Actual Cost (AC)
Money spent during a given period of time.
Sum of all costs for the given time period.
Earned Value Formulas - Cost Variance (CV)
The difference between what we expected to spend and what was spent.
CV=EV-AC
Earned Value Formulas - Schedule Variance (SV)
The difference between where we planned to be and where we are in the schedule.
SV=EV-PV
Earned Value Formulas - Cost Performance Index (CPI)
The rate at which the project performance is meeting cost expectations during a given period of time.
CPI=EV/AC
Earned Value Formulas - Cumulative Cost Performance Index (CPIcum)
The rate at which the project performance is meeting cost expectations from the beginning to a point in time. Used to forecast project costs at completion.
CPIcum=EVcum/ACcum
CPI=EV/AC
Earned Value Formulas - Schedule Performance Index (SPI)
The rate at which the project performance is meeting schedule expectations up to a point in time.
SPI=EV/PV
Earned Value Formulas - Estimate at Completion (EAC)
Projecting the total cost at completion based on project performance up to a point in time.
EAC=BAC/CPIcum
Earned Value Formulas - Estimate to Completion
Projecting how much will be spent on the project, based on past performance.
ETC=EAC-AC
Earned Value Formulas - Variance at Completion (VAC)
The difference between what was budgeted and what will actually be spent
VAC=BAC-EAC
Types of Costs - Fixed
Costs stay the same throughout project. (Bulldozer)
Types of Costs - Variable
Costs that vary on the project. (Hourly labor, fuel for bulldozer)
Types of Costs - Direct
Explenses directly billed to project. (Materials to construct building)
Types of Costs - Indirect
Cost shared and allocated among several or all projects. (Manager's salary)
Types of Costs - Sunk
Costs that have been invested into or expeded on the project. (Like spilt milk. If unrecoverable, they are irrelevant.)