19 monitoring methods Flashcards
What are the 2 monitoring methods?
milestone and earned value analysis
how does milestone monitoring work?
as the project is planned the milestones in terms of time and cost for the project process are set and fixed
What are the benefits of earned value analysis
1 it allows assessment of time and cost
2 gives estimation of outcome of project (time and cost)
What is a disadvantage of milestone monitoring?
it can not be done at any point you wish
What are the measured variables during earned value analysis?
1 budgeted cost of work performed
2 budgeted cost of work scheduled
3 actual cost of work performed
How is the budgeted cost of work performed calculated?
percentage complete x total budget
How is the budgeted cost of work scheduled calculated?
proportion of work scheduled to measure point x total budget
what does the scheduled variance indicate?
the difference between the value of work actually done and the value of what was expected
what does the cost variance indicate?
the difference between the value of work actually done and the cost of work actually done
how do you calculate the scheduled variance?
BCWP-BCWS
how do you calculate the cost variance?
BCWP-ACWP
What is the schedule performance index?
BCWP/BCWS
What is the cost performance index?
BCWP/ACWP
What is the duration at completion?
original scheduled duration/ schedule performance index
What are the 3 methods of determining the cost at completion?
1 EAC= original budgeted cost/ CPI ( trend stays the same)
2 EAC = ACWP + ( BAC - BCWP) ( trend reverts back )
3 EAC = ACWP + new estimate
