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