15C - Control Project Costs

Question 1

The rate at which you are using up your budget.

Answer 1

burn rate

Question 2

The difference between the EV and the AC incurred to complete that work. The formula for calculating __ is __ = EV - AC.

Answer 2

CV

Question 3

What does CV stand for?

Answer 3

Cost Variance

Question 4

A measurement of cost performance that is used to determine whether the project is over or under budget. The formula for calculating ___ is ___ = EV / AC.

Answer 4

CPI

Question 5

What does CPI stand for?

Answer 5

Cost Performance Index

Question 6

Used to illustrate trends in cost performance.

Answer 6

cost control chart

Question 7

Meetings that are used to measure, analyze, and compare schedule performance. This includes comparing the actual start and finish dates, percent complete, and the time needed to complete the work in progress.

Answer 7

performance reviews

Question 8

The total budgeted cost of the project at completion.

Answer 8

BAC

Question 9

What does BAC stand for?

Answer 9

Budget at Completion

Question 10

It is the difference between the BAC and the EAC. The formula to calculate ___ is BAC - EAC.

Answer 10

VAC

Question 11

What does VAC stand for?

Answer 11

Variance at Completion

Question 12

An estimate that is derived by dividing the budgeted cost of remaining work by the remining project budget.

Answer 12

TCPI

Question 13

What does TCPI stand for?

Answer 13

To-Complete Performance Index