2611 - Earned Value Management Flashcards
While the __________ identifies the work to be done, the _________ identifies the people who will do the work
- Work Breakdown Structure (WBS)
* Organizational Breakdown Structure (OBS)
What is a tool that allows both Government and contractor Program Managers (PMs) to have visibility into technical, cost, and schedule planning, performance, and progress on their contracts.
Earned Value Management (EVM)
___________-= BCWP – ACWP
Cost Variance
____________= BCWP – BCWS
Schedule Variance
______________-= BCWP/ACWP
Cost Performance Index
___________= BCWP/BCWS
Schedule Performance Index
Contracts of _____ or more require a formal EVM system validation
$50M
___________________is an integrated management system; coordinates work scope, schedule, and budget goals, and objectively measures progress towards these goals.
Earned Value Management (EVM)
The___________________________________ is the only organization recognized by DoD to perform EVMS Validation.
Defense Contract Management Agency (DCMA)
The __________________________is responsible for conducting audit reviews of the contractor’s accounting system policies, procedures, and activities.
Defense Contract Audit Agency (DCAA)
For contract’s awarded prior to July 1, 2012, the __________________is a contractually required report, prepared by the contractor, containing performance information derived from the internal EVMS.
Contract Performance Report (CPR)
For contracts awarded after July 1, 2012 the _______________________ has replaced the Contractor performance reports and and Integrated Master Schedule (IMS) contractual requirements.
Integrated Program Management Report (IPMR)
There are _____ formats for the integrated program management report (IPMR)
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______________ indicates how much over or under budget the project is.
Cost Variance (CV)
________________indicates how much ahead or behind schedule the project is.
Schedule Variance
________________________measures how efficiently the contractor is performing the work based on the original planned budget.
Cost Performance Index (CPI)
What are the three basic elements of performance measurement
- Cost performance
- Schedule considerations
- Accomplishment of technical performance requirements
The___________________________ is the sum of the time-phased BCWS for all work, planning, and summary level packages.
Performance Measurement Baseline (PMB)
The ____________________ is the contractor’s time-phased plan for accomplishing the work on the contract. It establishes the scope, schedule, and budget targets for the program.
Performance Measurement Baseline (PMB)
Performance Measurement Baseline (PMB) development follows a 3 step process:
- Define the work (WBS)
- Schedule the work
- Allocate budgets
_______________are management points for planning and control since they represent the work assigned to one responsible organizational element on one program WBS.
Control accounts
What are the different methods to measure performance against the Performance Measurement Baseline.
- 0-100 Method: Once job is finished, value is earned (short duration)
- 50/50 Method: Earn 50% when start, earn 50% when completed
- Value Milestone Method: Assign budgets to milestones and earn as each milestone is reached
- Completed or Equivalent Unit Method: Count units being fabricated or completed operations that go into a unit
- Planning Package (Rolling Wave): Lock in budgets prior to beginning work.
For the EVM accounting system the PM must be able to account for both labor and ___________ costs
Material
What are the two aspects of Labor cost?
- Performance: Did we use more hours than planned to accomplish the work?
- Rates: Did the work cost us more than planned?
What are the two aspects of Material cost?
Price: Did the material we used cost more than we planned?
• Usage: Did we use more materials than planned?
The _______________________ is a formal review conducted jointly between the government and the contractor to assess the validity of control account budgets, resources, and time phasing. It is mandatory for all EVM contracts
The Integrated Baseline Review (IBR)
DCMA performs two major types of EVMS surveillance:
- System Surveillance
* Program / Contract Surveillance
Who are the Key DCMA players involved in the surveillance
EVM Monitor – Inspects to ensure system compliance and monitors metrics to evaluate contract performance
Administrative Contracting Officer (ACO) – Approves contractor’s EVMS system and ensures contractual EVMS requirements are met
Program Integrator (PI) (ACAT I/II Programs)- Leads a multi-functional Program Support Team (PST). Takes input from EVM Monitor, ACO and other functional experts (e.g. Quality, Manufacturing, Supply Chain) to provide “insightful analysis” based on all inputs including EVM analysis if contractually required
The 32 EVMS guidelines in _______________provide a framework to evaluate the adequacy of a contractor’s EVM system.
ANSI/EIA-748
