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136 Cards in this Set
- Front
- Back
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what are the outputs of control schedule process? |
work performance information schedule forecasts change requests |
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the estimates or predictions of conditions and events in the projects future based on info and knowledge available at the time of the forecast |
schedule forecasts |
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List all the processes in Project Cost Management |
Plan Cost Management Estimate Costs Determine Budget Control Costs |
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list all the processes in project scope management |
plan scope management collect requirements define scope create WBS validate scope control scope |
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list all the processes in Project Integration Management |
Develop Project Charter Develop Project Mgmt Plan Direct and Manage Project Work Monitor and Control Project Work Perform Integrated Change Control Close project or phase |
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list all the process is in Project Time Managment |
Plan Schedule Management Define Activities Sequence Activities Estimate Activity resources Estimate Activity Durations Develop Schedule Control Schedule |
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list all the processes in project quality management |
Plan Quality Management
Perform Quality Assurance Control Quality |
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list all the processes in the knowledge area of Project Human Resource Management |
Plan Human Resource Management Acquire Project Team Develop Project Team Manage Project Team |
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List all the processes in the knowledge area, Project Risk Management |
Plan Risk Management Identify Risks Perform Qualitative Risk Analysis Perform Quantitative Risk Analysis Plan Risk Responses Control Risks |
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List all the processes in the Knowledge Area, Project Procurement Management |
Plan Procurement Management Conduct Procurements Control Procurements Close Procurements |
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List all the processes in the knowledge area, Project Stakeholder Management |
Identify Stakeholders Plan Stakeholder Management Manage Stakeholder Engagement Control Stakeholder Engagement |
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The ability to influence costs is greatest at what point in the project? |
the beginning or early stages |
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the process that establishes the policies procedures and documentation for planning managing expending and controlling project costs |
plan cost management |
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WBS component used for the project costs accounting |
control account |
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the process of developing an approximation of the monetary resources needed to complete project activites |
estimate costs process |
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rough order of magnitude (ROM) |
-25% to 75% range |
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The Rough order of magnitude early in the project is what? Then later in the project is what? |
early in the project the ROM = -25% to 75% late in the project the ROM = -5% to +10% |
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costs that cannot be directly traced to a specific project and therefore will be accumulated and allocated equitably over multiple projects by some approved and documented accounting procedure |
indirect costs |
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project constraint examples |
limited budget, required delivery date, available skilled resources, and organizational policies |
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when the project experiences a negative risk event, the near term cost of the project will A. increase B. decrease |
increase |
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enterprise environmental factors are an input to cost. 2 examples of factors are |
Market conditions Published commercial information |
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this is a tool used in cost estimating. It uses values such as scope, cost, budget and duration or measures of scale such as size weight and complexity from previous similar projects as a basis for estimating the current project |
analogous estimating |
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this tool is used in cost estimating. Uses a statistical relationshio between relevant historical data and other variables to calculate costs for project work |
parametric estimating |
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this is a tool used in cost estimating. Estimates each work package which is then rolled up to higher levels for reporting/tracking |
bottom up estimating |
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cost estimating technique. considers level of uncertainty, cost estimates based on 3 points with an assumed distribution provide an expected costs |
3 point estimating |
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there are 2 types of 3 point estimating techniques. what are they and their formulas? |
Beta = (Optimistic + (4)(Most likely) + Pessimistic)/6 Triangular = (optimistic + Most Likely + Pessimistic)/3 |
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the budget within the cost baseline that is allocated for identified risks, which are accepted and for which contingent or mitigating responses are developed |
contingency reserves |
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Cost estimates may include _________ to accounts for cost uncertainty |
contingency reserves |
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used to address the unknown unknowns that can affect the project |
management reserves |
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used to address the known unknowns |
contingency reserves |
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not included in the cost baseline but is part of the overall project budget and funding requirements |
management reserves |
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what are the outputs to estimate costs |
activity cost estimates basis of estimates project document updates |
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the quantitative assessments of the probable costs required to complete project work |
activity costs estimates |
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what is the supporting detail for activity costs such as how the estimate was developed, all assumptions made, known constraints, range of possible estimates, confidence level |
basis of estimates |
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the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline |
determine budget process (this is a part of the Project cost mgmt knowledge area and planning process group) |
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what are the outputs of determine budget process? |
Cost Baseline Project Funding requirements project document updates |
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work package cost estimates = |
activity contingency reserves + activity cost estimates |
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control accounts =cost baseline = |
contingency reserves + work package cost estimates |
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the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline |
control cost process (KA is Cost Mgmt and Process group is Monitor and Control) |
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key to effective cost control is |
the management of the approved cost baseline and the changes to the baseline |
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project funding requirements include |
project expenditures and anticipated liabilities |
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a methodology that combines scope, schedule, and resource measurements to assess project performance and progress |
earned value management |
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the authorized budget assigned to scheduled work. it is the budget planned for the work to be accomplished for an activity or work breakdown structure component (not including mgmt reserves) |
Planned Value total planned value is also known as the BAC (budget at completion) |
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a measure of work performed expressed in terms of budget authorized for that work. it is the budget associated with the authorized work that has been completed |
earned value |
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the realized cost incurred for the work performed on an activity during a specific time period. total cost incurred in accomplishing work the the EV measured |
actual cost |
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a measure of schedule performance expressed as the difference between the earned value and the planned value. the amount by which the project is ahead or behind schedule |
schedule variance |
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Schedule Variance (SV)= |
SV=EV-PV |
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the amount of budget deficit or surplus at a given point in time expressed as the difference between earned value and the actual cost |
Cost variance |
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Cost Variance (CV)= |
CV= EV-AC |
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a measure of schedule efficiency expressed as the ratio of earned value to planned value. it measures how efficiently the team is using its time |
schedule performance index |
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SPI (Schedule Performance Index)= |
SPI = EV/PV |
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If SPI is less than 1, what does that indicate? |
that indicates less work was completed than was planned |
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a measure of cost efficiency of budgeted resources expressed as a ratio of easrned value to actual cost. measure cost efficiency for the work completed |
cost performance index |
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cost performance index (CPI)= |
CIP = EV/AC |
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a CPI value less than 1 indicates what? |
a cost overrun for work completed |
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Estimate At Completion (EAC) what are the 4 formulas to calculate it? |
EAC = AC + Bottom Up ETC or EAC = AC + (BAC - EV) or EAC = BAC/CPI or EAC = AC + [(BAC-EV)/(CPI*SPI) |
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If the project is expected to continue with the same cost performance index, what is EAC formula? |
EAC = BAC/CPI |
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What is EAC formula, if the actual cost is accepted and predicts all future estimates to completed work will be accomplished at the budgeted rate? |
EAC = AC +(BAC-EV) |
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what is the EAC formula that considers both the cost and schedule performance |
EAC = AC + [(BAC-EV)/(CPI*SPI) |
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a measure of the cost performance that is required to be achieved with the remaining resources in order to meet specific management goals, expressed as the ratio of the cost to finish the work to the remaining budget |
TCPI ( To complete performance index) |
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What is the TCPI formula? |
TCPI = (BAC -EV)/ (BAC-AC) or TCPI = (BAC-EV)/(EAC-AC) Use BAC or EAC below the divide sign depending on whether or not the BAC is still viable or not |
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compares cost performance over time, schedule activities or work packages overrunning and under running the budget and estimated funds needed to complete work in progress |
Performance Reviews |
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What is the formula for Cost Variance |
CV = EV- AC |
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What is the formula for Schedule Variance |
SV=EV-PV |
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what is the formula for variance at completion |
VAC = BAC- EAC |
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earned value performance compares what |
compares the performance measurement baseline to actual schedule and cost performance |
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work performance information is an output of control costs. what are some example info you should calculate? |
CV, SV, CPI, SPI, TCPI, and VAC values for WBS components are documented and communicated to stakeholders |
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name the types of costs |
fixed, variable, direct, indirect, sunk |
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what are costs that are not recoverable and supposed to be treated as irrelevant |
sunk costs. note: don't continue a project just because you've already sunk money into it. |
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Planned Value = |
PV = Planned % complete *BAC example 5 week project. At week 2 you would be 40% complete with the BAC. 2/5=.4 then take 0.4*BAC to get the PV |
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Earned value= |
EV = Actual % complete * BAC If you have to update 6 rooms and by a certain point 2 rooms are complete. at that moment in time the Actual % complete is 2/6. |
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Is it better for the TCPI to be higher or lower? |
Lower this formula breaks the general rule of 1 or greater is good. In this formula, the lower the better. |
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the money spent during a given period of time |
actual cost Sum of costs for the given period of time |
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how much work was actually completed during a given period of time. |
Earned value Actual % complete * BAC |
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how much work should have been completed at a point in time based on the plan |
Planned value Planned % complete * BAC |
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The CPI tells you what you are getting for every dollar spent If the CPI is .10 what does that mean |
you are only getting 10 cent per every dollar spent. that is really bad for the project |
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activity cost estimates are an input to what process? |
determine budget |
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what is the difference between Present Value and Net Present value? |
Present Value does not factor in cost |
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Kayla is reviewing the budget and spending to ensure that she has enough money to pay vendors for the next projected phase. The CFo of the company has provided extra funds to allow for contingencies but kayla is not yet certain that is enough. what is kayla doing and what process? |
she is performing reserve analysis this process is control costs |
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one of your team members makes a change to the budget with your approval. In what process is he engaged? |
control costs Note: Key word is change. Approved Changes =Control. |
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during the excuetion of the project you are alerted that the construction of a foundation is expected to have serious cost overrun. What do you do first? |
Evaluate the cost and size of the overrun. Your job as a project manager is almost always to evaluate and understand first. always verify the information yourself, Don't take anyone's word for it. |
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To Complete Performance Index tells you what? |
The CPI needed to finish the project at the same BAC. |
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EV= 1,124,767 Total Budget = 3,111,845 PV= 950,000 Project spent = 1,000,975 what is the CPI needed from this point forward to meet original cost expectations? |
TCPI = (BAC-EV)/ Remaining Funds = (3111845-1124767)/2110870 =0.94 |
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The best definition of earned value is |
the measure of work performed expressed in terms of the budget authorized to perform that work do not be tricked by the formula bc that is not the definition |
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The best use of project cost baseline would be to |
measure and monitor cost performance on the project |
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includes the processes and activities of the performing organization that determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which it was undertaken |
project quality management (this is a knowledge area) |
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the process of identifying quality requirements and standards for the project and its deliverables and documenting how the project will demonstrate compliance with quality requirements |
plan quality management process |
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The process of auditing the quality requirements and the results from quality control measurements to ensure the appropriate quality standards and operational definitions are used |
Perform Quality Assurance process |
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the process of monitoring and recording results of executing the quality activities to assess performance and recommend necessary changes |
control quality process |
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the degree to which a set of inherent characteristics fulfill requirements |
quality |
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a category assigned to deliverables having the same functional use but different technical characteristics |
grade |
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what process provides guidance and direction on how quality will be managed and validated throughout the project |
Plan Quality Management |
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a tool and technique used in plan quality management that compares the cost of the quality step to the expected benefit |
cost benefit analysis |
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includes all costs incurred over the life of the product by investment in preventing non conformance to requirements appraising the product for conformance to requirements and failing to meet reqs. |
cost of quality |
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example cost of conformance |
preventation costs like training, document processes, time to do it right AND appraisal costs such as testing |
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example cost of nonconformance |
internal failure costs such as rework AND external failure costs such as liabilities, lost business and warranty work |
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7 basic quality tools |
cause and effect diagrams flowcharts checksheets pareto diagrams histograms control charts scatter diagrams |
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a tool and technique used in project quality management it 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 |
Benchmarking |
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a statistical method for identifying which factors may influence specific variables of a product |
design of experiments (DOE) |
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allow ideas to be brainstormed in small groyps and then reviewed by a larger group |
nominal group technique |
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what are the outputs to plan quality management? |
quality management plan process improvements plan quality metrics quality checklists project documents updates |
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a component of the project management plan that describes how the organizations quality policies will be implemented.. Describes how the project mgmt team plans to meet the quality requirements set for the project |
Quality Management Plan |
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a subsidiary plan or component of the project mgmt plan. It details the steps for analyzing project management and product development processes to identify activities that enhance their value |
Process Improvement Plan |
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describes a project or product attribute and how the control quality process will measure it |
quality metric examples include ontime performance, cost control, defect frequency, failure rate, availability, reliability, and test coverage |
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a structured tool usually component specific used to verify that a set of required steps has been performed |
quality checklists |
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the process that implements a set of planned and systematic acts and processes defined withing the projects quality mgmt plan |
Quality Assurance Process |
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what the inputs to Perform Quality Assurance? |
Quality Management Plan Process Improvement Plan Quality Metrics Quality Control Measurements Project Documents |
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a structured independent process to determine if project activities comply with organizational and project policies |
quality audits |
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tools and techniques for perform quality assurance |
quality management and control tools quality audits process analysis |
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outputs for Performance QUality Assurance |
change requests Project management plan updates project documents updates organizational process assets updates |
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The process of monitoring an recording results of executing the quality activities to asses performance and recommend necessary changes |
control quality process |
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the examination of a work product to determine if it conforms to documented standards |
inspection |
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tools and techniques used in control quality process |
seven basic quality tools statistical sampling inspection approved change requests review |
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control quality outputs are: |
quality control measurements validated changes verified deliverables change requests project mgmt plan updates project documents updates orgr process assets updates |
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what are the processes involved with the Project Human Resources Management knowledge area? |
Plan Human Resource Management Aquire Project Team Develop Project Team Manage Project Team |
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includes the processes that organize manage and lead the project team. |
Project Human Resource Management |
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true or false Total Quality Management focuses on the importance of how something is produced |
true |
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Manufacturing method that brings inventory doen to zero. it forces a focus on quality since there is no excess inventory on hand to waster |
just in time |
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a standard to ensure companys document what they do and do what they document |
ISO 9000 |
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the statistical term that states one choice excludes the others |
mutual exclusive |
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when the outcomes of two processes are not linked together or dependant upon each other |
statistically independant |
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the statistical calculation used to measure and describe how a set of data is organized |
standard deviation |
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the higher your standard deviations |
the more diverse your data points are |
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puts primary focus on quantitifying measuring and controlling the quality of products and services and results |
6 sigma the goal is get rid of human error |
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true or false one sigma quality is the lowest quality level allowing 317500 defects per 1000000 outputs |
true |
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true or false 6 sigma is the highest quality only allowing 3.4 defects per million outputs |
true |
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unlike attribute sampling, this sampling measure how well something conforms to quality. not just if it conform or not |
variable sampling |
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____ causes are considered preventable and common causes are generally accepted |
special causes |
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the process of identifying and documenting project roles responsibilities required skills reporting relationships and creating a staffing mgmt plan |
plan human resource management |
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the process of confirming human resource availability and obtaining the team necessary to complete project activities |
acquire project team |
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the process of improving competencies team member interaction and overall team environment to enhance project performance |
develop project team |
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a hierarchical list of resources related by category and resource type that is used to facilitate planning and controlling of project work |
resource breakdown structure |
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a grid that shows the project resources assigned to each work package |
Responsibility assignment matric (RAM) |
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chart that details who is responsible accountable consult and inform |
RACI chart |
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Human resource Management plan contains |
roles and responsibilities project org charts staffing mgmt plan |
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the staffing management plan consists of |
staff acquisition resource calendars staff release plan training needs recognitions and rewards compliance safety |
