FPM Week 10 - Reporting and Metrics

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Questions and Answers

What does Earned Value Management (EVM) integrate to assess project performance?

Communication and stakeholder management

Resource allocation and risk management

Scope, cost, and time data (correct)

Quality metrics and procurement data

Which key metric in EVM represents the budgeted cost of work performed?

Actual Cost (AC)

Earned Value (EV) (correct)

Planned Value (PV)

Budget at Completion (BAC)

What is the Cost Baseline in EVM often represented by?

S-Curve (correct)

Histogram

Pie Chart

Scatter Plot

Which of the following describes Planned Value (PV) in EVM?

The budgeted cost of work scheduled Signup and view all the answers

What is Schedule Variance (SV) in EVM?

SV = EV - PV Signup and view all the answers

A positive Cost Variance (CV) in EVM indicates that:

The project is under budget Signup and view all the answers

What does a Schedule Performance Index (SPI) value greater than 1 indicate?

The project is ahead of schedule Signup and view all the answers

Which formula calculates Cost Performance Index (CPI)?

CPI = EV / AC Signup and view all the answers

What does a CPI value less than 1.0 indicate?

The project is costing more than planned Signup and view all the answers

In EVM, what is Estimate at Completion (EAC) used for?

To forecast the expected total cost of the project Signup and view all the answers

Which formula can be used for EAC when current cost performance is expected to continue?

EAC = BAC / CPI Signup and view all the answers

What does a Burnup Chart represent in project metrics?

Progress towards project completion Signup and view all the answers

What does the vertical axis of a Burndown Chart typically represent?

Effort remaining Signup and view all the answers

In a Burndown Chart, if the actual work line is above the ideal line, what does it indicate?

The project is behind schedule Signup and view all the answers

What is the purpose of a change control process in project management?

To identify, evaluate, and manage changes to project scope, cost, and schedule Signup and view all the answers

Who is typically responsible for approving project changes?

Change Control Board (CCB) Signup and view all the answers

What is scope creep?

Uncontrolled changes to the project scope Signup and view all the answers

In adaptive projects, how is change managed differently compared to predictive projects?

Changes are added to the Product Backlog and prioritized Signup and view all the answers

What is a progress report used for in project management?

To describe what the team has accomplished in the last period Signup and view all the answers

What does the Schedule Performance Index (SPI) measure?

The variance between earned value and planned value Signup and view all the answers

Which type of report forecasts project performance based on historical data?

Forecast report Signup and view all the answers

Which document is used to track unresolved project issues?

Issue Log Signup and view all the answers

What is the purpose of Key Performance Indicators (KPIs) in project reporting?

To gauge the project’s performance quantitatively Signup and view all the answers

Which KPI category measures how well resources are being utilized?

Resource usage Signup and view all the answers

What does the Cost Performance Index (CPI) value indicate if it is greater than 1.0?

The project is under budget Signup and view all the answers

What type of variance analysis is used to determine if the project is on schedule?

Schedule Variance (SV) Signup and view all the answers

In EVM, what is Actual Cost (AC)?

The cost incurred for the work completed to date Signup and view all the answers

What is the purpose of a variance report?

To compare actual performance to planned performance Signup and view all the answers

What does Estimate to Complete (ETC) represent in project forecasting?

The cost required to complete the remaining project work Signup and view all the answers

Which report type is used to communicate project progress to a broad audience?

Dashboard Signup and view all the answers

Which of the following is an example of a positive risk response strategy?

Exploit Signup and view all the answers

What does a burnup chart typically include to indicate progress?

Ideal trajectory, completed line, and total scope Signup and view all the answers

Which change request status indicates that a change will be implemented at a later time?

Defer Signup and view all the answers

What does the term 'information radiator' refer to in project reporting?

Big visual boards displayed in high-traffic areas to show project progress Signup and view all the answers

Which document lists all changes made to the project, including their status?

Change Log Signup and view all the answers

What is a key benefit of variance analysis in project reporting?

It helps project managers understand differences between planned and actual performance Signup and view all the answers

In project metrics, what is a velocity chart used for?

To measure how much work the team can complete in each iteration Signup and view all the answers

What is the significance of a Schedule Performance Index (SPI) value of 1.0?

The project is exactly on schedule Signup and view all the answers

What is the purpose of a cost variance analysis?

To ensure costs do not exceed authorized funding Signup and view all the answers

Which project metric helps determine the remaining amount of work versus available time?

Burndown Chart Signup and view all the answers

What does the Estimate at Completion (EAC) formula AC + (BAC - EV) assume about cost variances?

They are considered atypical Signup and view all the answers

What does a negative Schedule Variance (SV) indicate?

The project is behind schedule Signup and view all the answers

Which of the following can be used as an input for project reporting?

Lessons Learned Signup and view all the answers

What is the Cost Variance (CV) if EV = $149,100 and AC = $139,100?

$10,000 Signup and view all the answers

What is an important step in the change control process after a change is approved?

Adjusting project baselines as per the approved change Signup and view all the answers

What does a positive CPI value indicate about project cost?

Costs are lower than planned Signup and view all the answers

In EVM, which value is calculated as EV - PV?

Schedule Variance (SV) Signup and view all the answers

What is the significance of BAC in EVM?

It is the original total budget for the project Signup and view all the answers

In reporting, what does 'forecasting' focus on?

Future performance based on current trends Signup and view all the answers

What does SPI = EV / PV help determine?

If the project is meeting its schedule goals Signup and view all the answers

Study Notes

Earned Value Management (EVM) Essentials

EVM integrates scope, cost, and time data to assess project performance effectively.
Earned Value (EV) represents the budgeted cost of work performed, crucial for analyzing progress.
The Cost Baseline in EVM is typically represented by an S-Curve, illustrating planned versus actual costs over time.

Key Metrics in EVM

Planned Value (PV) serves as the budgeted cost of work scheduled, important for timing assessments.
Schedule Variance (SV) is calculated using the formula: SV = EV - PV, indicating whether a project is ahead or behind schedule.
A positive Cost Variance (CV) means the project is under budget, while a CPI (Cost Performance Index) value is a key measure of cost efficiency, with CPI = EV / AC as its calculating formula.

Project Schedule Assessments

A Schedule Performance Index (SPI) value greater than 1 indicates the project is ahead of schedule.
Estimate at Completion (EAC) forecasts the total expected cost of the project, providing insights for budget management.

Reporting Tools and Charts

Burnup Charts illustrate progress towards project completion, showing completed work against total scope.
Burndown Charts display the remaining effort, where actual work above the ideal line indicates the project is behind schedule.

Change Management and Scope Control

A change control process is essential for identifying, evaluating, and managing changes to project scope, cost, and schedule.
Scope creep refers to uncontrolled changes to the project scope, emphasizing the need for effective change management.

Key Performance Indicators (KPIs)

KPIs are crucial for quantitatively assessing project performance and resource utilization, with specific categories measuring resource efficiency.
A CPI value over 1 indicates that the project is under budget, showing effective cost control.

Variance Analysis

Variance analysis in project reporting helps project managers understand differences between planned and actual performance, aiding future planning.
Cost Variance (CV) is used to ensure costs do not exceed authorized funding by tracking deviations from the budget.

Documentation and Reporting

An Issue Log is used to track unresolved project issues, while a Change Log documents all changes made to the project and their statuses.
A forecast report predicts project performance based on historical data, helping guide decision-making moving forward.

Change Request and Project Metrics

A change request marked as defer indicates implementation will occur at a future date.
A velocity chart measures the amount of work the team completes in each iteration, providing insight into productivity levels.

Important EVM Formulas and Values

EAC = BAC / CPI is a formula used when current cost performance is expected to continue, projecting future costs accurately.
Estimate to Complete (ETC) signifies the cost required to finish the remaining project work, essential for budget management.

Scheduling and Cost Assessment

A negative Schedule Variance (SV) indicates the project is behind schedule, necessitating corrective measures.
BAC (Budget at Completion) represents the total original budget for the project, critical for financial analysis and forecasting conclusions.

Conclusion

Understanding EVM, key metrics, reporting tools, and change management strategies is vital for successful project execution and achieving desired outcomes.

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Description

Test your knowledge of Earned Value Management (EVM) concepts and metrics. This quiz covers key components like scope, cost, and time data, as well as important EVM metrics such as Planned Value and Earned Value. Assess your understanding of project performance evaluation through EVM techniques.