aaaaaaaaaaaaaaaaaaaaaaa Flashcards
How can scope creep be minimised?
To minimise scope creep it’s important for the project charter to outline the overall project goal of the project.
Define “scope creep” and how can it occur
“Scope creep” refers to when a project’s requirements increase over the project’s life cycle. These can be caused by key project stakeholders changing requirements, or by internal miscommunication or disagreements.
Triple constraints (list and explain all three)
Cost: all costs and expenses need to carry out the project.
Time: the time needed to complete the project, it’s important the project stays within the set schedule.
Scope: The requirements of the project and what the project needs to achieve in terms of functionality.
Describe risk avoidance as a risk response strategy
Risk avoidance is trying to completely eliminate the chance of risk occurring.
Describe risk acceptance as a risk response strategy
Risk acceptance is accepting the consequences of a risk.
Describe risk transference as a risk response strategy
Risk transference is passing the consequences of a risk onto a third part, e.g. an insurance company.
Describe risk mitigation as a risk response strategy
Risk mitigation is reducing the or minimalizing the consequences of a risk that happened or reducing or minimalizing the chance of a risk from occurring.
Give the formula for SV (Schedule Variance)
SV (Schedule Variance) = EV – PV
Give the formula for CPI (Cost Performance Index)
CPI (Cost Performance Index) = (EV/AC) *100
Give the formula for SPI (Schedule Performance Index)
SPI (Schedule Performance Index) = (EV/PV) *100
Give the formula for EV (Earned Value)
EV (Earned Value) = PV * RP
Give the formula for CV (Cost Variance)
CV (Cost Variance) = EV – AC
Give the formula for EAC (Estimate at Completion)
EAC (Estimate at Completion) = BAC/CPI
Give the formula for ROI (Return on Investment)
ROI (Return on Investment) = (total discounted benefits – total discounted costs) /total discounted costs
(total discounted benefits – total discounted costs) /total discounted costs is the formula for:
ROI (Return on Investment)
