20 Questions
What is the time period where a worker is most efficient at a task due to experience from repeating the task?
Period of maximum productivity
Who is usually responsible for recording actual costs according to the text?
Project engineers and cost accountants
Which method for measuring performance involves breaking work into sequential steps, each contributing to the final product?
Incremental milestone (steps method)
What does earned value analysis link budget values to progress using?
Cost accounts
What is a use of actual cost data according to the text?
Monitor costs and identify problem areas
What is the purpose of the cost baseline (cost plan) on a construction project?
To establish the budget for all costs to be measured against
What are 'planned costs' based on in a construction project?
The project schedule and budget at the beginning of the project
How is 'average daily output' defined in the context of a construction project?
The average amount of work completed each day over the duration of the task
What does 'task production' relate to in the context of a construction project?
The total amount of work completed for a given task
What does the term 'learning curve' refer to in the context of a construction project?
The concept that a worker's productivity increases with experience
What is the formula to calculate earned value in Earned Value Management?
EV = Percent Complete × QAB
What does the Cost Variance (CV) indicate in Earned Value Management?
Over/under budget
What does the Schedule Performance Index (SPI) indicate in Earned Value Management?
Ahead/behind schedule
Which index predicts the cost performance needed to complete the project within the BAC?
TCPI
What is the Estimate at Completion (EAC) in Earned Value Management?
Total cost of the project, including what has been spent and estimated future costs
What problem might be indicated by intersecting lines in an S-curve in Earned Value Management?
Delays
What does a Cost Performance Index (CPI) less than 1 indicate in Earned Value Management?
Cost overruns
What does the Budget at Completion (BAC) represent in Earned Value Management?
Total approved budget for the project
What does the Schedule Variance (SV) measure in Earned Value Management?
Difference between EV and BCWS
What might cause a Cost Variance (CV) according to Earned Value Management?
Task linkage errors
Test your knowledge on the cost baseline (cost plan) used to track planned costs versus actual costs on construction projects. Learn about budget establishment, planned costs, and cost measurement.
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