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BSYS603 Project Management > (08) Project Performance > Flashcards

(08) Project Performance Flashcards

1
Q

Reasons for reducing project duration.

A
  • customer requirements
  • contract commitments
  • time to market matrix
  • incentives, bonuses for early completion
  • overhead and good will costs
  • pressure to move resources to another project
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2
Q

Monitoring and controlling projects (definition)

A

Comparing actual performance against plan to identify deviations.

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3
Q

What deviations?

A
  • Current status of project (schedule and cost)
  • Remaining cost and date that project will be completed
  • Potential problems that need to be addressed now
  • Out of control activities that require intervention
  • Causes of schedule and cost overruns
  • Forecast of overruns at time of project completion
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4
Q

Crashing (formula)

A

slope = crash cost - normal cost / normal time - crash time

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5
Q

Changes (cus..)

A

Due to customer requests - add new features or taking out original features.

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6
Q

Changes (risk..)

A

Due to risk event - implementation of contingency plan.

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7
Q

Changes (pro..)

A

Due to suggestions from project team members - improvement.

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8
Q

Time Management (sch..)

A

Schedule control to..

  • Keep track of project status.
  • Determine whether there is change in schedule.
  • Manage changes in schedule when they occur.
  • Influence factors that cause a change in schedule.
  • Tracking gantt chart, performance review, team member morale, earned value management, milestone completion dates.
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9
Q

Cost Management (cost control to..)

A
  • Monitor cost performance
  • Ensure only appropriate project changes are included
  • Inform stakeholders of changes that will affect costs
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10
Q

Cost Management (cost control for..)

A
  • Updating project management plan
  • Documentation of corrective plan
  • Revised estimate of project completion
  • Requested changes
  • Updating organisational process assets
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11
Q

Baseline.

A

The primary reference point against which we measure changes in our project

  • Start and end date
  • Durations
  • Work and cost estimates
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12
Q

Tracking Gantt Chart.

A

Used to monitor and control projects.

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13
Q
  • Actual performance = 1.3 million.

- Planned = 1 million. Why?

A
  • May be ahead of schedule, $300k may represent costs for labour working ahead of schedule.
  • Behind schedule.
  • Therefore, need to performance EVM analysis to be sure.
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14
Q

EVM (definition)

A

A systematic project management process used to find variances in projects based on the comparison of worked performed and work planned.

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15
Q

Term (ear..)

A

Earned Value or BCWP

- Percent of original budget earned from work completed

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16
Q

Term (pla..)

A

Planned budget or BCWS

- Cumulative time phased baseline of the value of the work scheduled

17
Q

Term (act..)

A

Actual cost or ACWP

- Actual cost incurred from accomplishing work

18
Q

Term (cos..)

A

Cost Variance
- Difference between EV and AC for work completed to date
CV = EV - AC or = BCWP - ACWP

19
Q

Term (sch..)

A

Schedule Variance
- Difference between EV and and the baseline line to date
SV = EV - PV or = BCWP - BCWS

20
Q

Term (bud..)

A

Budgeted at Completion (BAC)

- Total budgeted cost of the baseline

21
Q

Term (var..)

A

Variance at Completion (VAC)
- Indicates actual cost at completion
VAC = BAC - EACe derived from estimators in field
VAC = BAC - EACf derived from a formula

22
Q

Performance Index (CPI)

A

Cost Performance Index
- Measures cost efficiency of work accomplished to date
(CPI = EV/AC)

23
Q

Performance Index (SPI)

A

Scheduling Performance Index
- Measures scheduling efficiency
(SPI = EV/PV)

24
Q

Performance Index (ETC)

A

Estimate to Complete

= (BAC-EV)/CPI

25
Q

Performance Index (EAC)

A

Estimated at Completion

= ETC + AC

26
Q

Performance Index (PCIB)

A

Percent of Completion in terms of Budget.

= EV/BAC

27
Q

Performance Index (PCIC)

A

Percent of Completion in terms of Actual Expenditure.

AC/EAC

28
Q

Variance analysis

A

Comparing EV against:

  • PV
  • AC
  • Positive value = good, negative value = bad (e.g. over budget, behind schedule etc.)
29
Q

If EV charts show cost overrun or performance under- run, project manager has to..

A
  1. Use resources from activities that have performed better than expected
  2. Hold a meeting with project team members to think of solution
  3. Telling clients that project may be late or over-budget

BSYS603 Project Management (12 decks)

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