Podcast
Questions and Answers
What does Earned Value Management (EVM) integrate to assess project performance?
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?
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?
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?
Which of the following describes Planned Value (PV) in EVM?
What is Schedule Variance (SV) in EVM?
What is Schedule Variance (SV) in EVM?
A positive Cost Variance (CV) in EVM indicates that:
A positive Cost Variance (CV) in EVM indicates that:
What does a Schedule Performance Index (SPI) value greater than 1 indicate?
What does a Schedule Performance Index (SPI) value greater than 1 indicate?
Which formula calculates Cost Performance Index (CPI)?
Which formula calculates Cost Performance Index (CPI)?
What does a CPI value less than 1.0 indicate?
What does a CPI value less than 1.0 indicate?
In EVM, what is Estimate at Completion (EAC) used for?
In EVM, what is Estimate at Completion (EAC) used for?
Which formula can be used for EAC when current cost performance is expected to continue?
Which formula can be used for EAC when current cost performance is expected to continue?
What does a Burnup Chart represent in project metrics?
What does a Burnup Chart represent in project metrics?
What does the vertical axis of a Burndown Chart typically represent?
What does the vertical axis of a Burndown Chart typically represent?
In a Burndown Chart, if the actual work line is above the ideal line, what does it indicate?
In a Burndown Chart, if the actual work line is above the ideal line, what does it indicate?
What is the purpose of a change control process in project management?
What is the purpose of a change control process in project management?
Who is typically responsible for approving project changes?
Who is typically responsible for approving project changes?
What is scope creep?
What is scope creep?
In adaptive projects, how is change managed differently compared to predictive projects?
In adaptive projects, how is change managed differently compared to predictive projects?
What is a progress report used for in project management?
What is a progress report used for in project management?
What does the Schedule Performance Index (SPI) measure?
What does the Schedule Performance Index (SPI) measure?
Which type of report forecasts project performance based on historical data?
Which type of report forecasts project performance based on historical data?
Which document is used to track unresolved project issues?
Which document is used to track unresolved project issues?
What is the purpose of Key Performance Indicators (KPIs) in project reporting?
What is the purpose of Key Performance Indicators (KPIs) in project reporting?
Which KPI category measures how well resources are being utilized?
Which KPI category measures how well resources are being utilized?
What does the Cost Performance Index (CPI) value indicate if it is greater than 1.0?
What does the Cost Performance Index (CPI) value indicate if it is greater than 1.0?
What type of variance analysis is used to determine if the project is on schedule?
What type of variance analysis is used to determine if the project is on schedule?
In EVM, what is Actual Cost (AC)?
In EVM, what is Actual Cost (AC)?
What is the purpose of a variance report?
What is the purpose of a variance report?
What does Estimate to Complete (ETC) represent in project forecasting?
What does Estimate to Complete (ETC) represent in project forecasting?
Which report type is used to communicate project progress to a broad audience?
Which report type is used to communicate project progress to a broad audience?
Which of the following is an example of a positive risk response strategy?
Which of the following is an example of a positive risk response strategy?
What does a burnup chart typically include to indicate progress?
What does a burnup chart typically include to indicate progress?
Which change request status indicates that a change will be implemented at a later time?
Which change request status indicates that a change will be implemented at a later time?
What does the term 'information radiator' refer to in project reporting?
What does the term 'information radiator' refer to in project reporting?
Which document lists all changes made to the project, including their status?
Which document lists all changes made to the project, including their status?
What is a key benefit of variance analysis in project reporting?
What is a key benefit of variance analysis in project reporting?
In project metrics, what is a velocity chart used for?
In project metrics, what is a velocity chart used for?
What is the significance of a Schedule Performance Index (SPI) value of 1.0?
What is the significance of a Schedule Performance Index (SPI) value of 1.0?
What is the purpose of a cost variance analysis?
What is the purpose of a cost variance analysis?
Which project metric helps determine the remaining amount of work versus available time?
Which project metric helps determine the remaining amount of work versus available time?
What does the Estimate at Completion (EAC) formula AC + (BAC - EV) assume about cost variances?
What does the Estimate at Completion (EAC) formula AC + (BAC - EV) assume about cost variances?
What does a negative Schedule Variance (SV) indicate?
What does a negative Schedule Variance (SV) indicate?
Which of the following can be used as an input for project reporting?
Which of the following can be used as an input for project reporting?
What is the Cost Variance (CV) if EV = $149,100 and AC = $139,100?
What is the Cost Variance (CV) if EV = $149,100 and AC = $139,100?
What is an important step in the change control process after a change is approved?
What is an important step in the change control process after a change is approved?
What does a positive CPI value indicate about project cost?
What does a positive CPI value indicate about project cost?
In EVM, which value is calculated as EV - PV?
In EVM, which value is calculated as EV - PV?
What is the significance of BAC in EVM?
What is the significance of BAC in EVM?
In reporting, what does 'forecasting' focus on?
In reporting, what does 'forecasting' focus on?
What does SPI = EV / PV help determine?
What does SPI = EV / PV help determine?
Flashcards
Earned Value (EV)
Earned Value (EV)
The budgeted cost of the work performed on a project.
Cost Baseline
Cost Baseline
The approved budget for a project, often represented as an S-curve.
Planned Value (PV)
Planned Value (PV)
The budgeted cost of the work scheduled for a specific time period.
Schedule Variance (SV)
Schedule Variance (SV)
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Cost Variance (CV)
Cost Variance (CV)
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Cost Performance Index (CPI)
Cost Performance Index (CPI)
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Schedule Performance Index (SPI)
Schedule Performance Index (SPI)
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Estimate at Completion (EAC)
Estimate at Completion (EAC)
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Burnup Chart
Burnup Chart
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Burndown Chart
Burndown Chart
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Change Control Process
Change Control Process
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Scope Creep
Scope Creep
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Key Performance Indicators (KPIs)
Key Performance Indicators (KPIs)
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Issue Log
Issue Log
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Change Log
Change Log
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Forecast Report
Forecast Report
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Change Request (defer)
Change Request (defer)
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Velocity Chart
Velocity Chart
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Budget at Completion (BAC)
Budget at Completion (BAC)
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Estimate to Complete (ETC)
Estimate to Complete (ETC)
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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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