Brain Dump

Question 1

Define PV

Answer 1

(planned value) Percent complete of where the project should be

Question 2

Define EV

Answer 2

(earned value) percent complete x budget at completion

What is the value of the work you have completed.

Question 3

CV= EV-AC (describe/define equation)

Answer 3

Cost Variance = earned value - actual cost

This tells you if you are over or under budget.

Question 4

SV= EV-PV (describe/define equation)

Answer 4

Schedule Variance = earned value - actual cost

Question 5

What does EV tell you?

Answer 5

Earned value tells you the value of the work that you have already completed. (if your actual cost is over your earned value you are over budget, if your actual cost is below your earned value you are under budget, if your actual cost equals your earned value you are on budget)

Question 6

What formula tells you if you are over or under budget? How do you know?

Answer 6

Cost Variance (CV=EV-AC).

If your CV is a positive number you are under budget (GOOD)
If your CV is a negative number you are over budget (BAD)
If your CV is zero you are meeting your budget

Question 7

What formula tells you if you are on schedule? How do you know?

Answer 7

Schedule Variance (SV= EV-PV).

If your SV is a positive number you are ahead of schedule (GOOD)
If your SV is a negative number you are behind schedule (BAD)
If your SV is zero you are meeting your schedule

Question 8

CPI=EV/AC (describe/define equation)

Answer 8

Cost Performance Index= Earned Value / Actual Cost

*** tells you over or under budget in percentage. Is good for portfolio management

Question 9

What formula tells you if you are over or under budget when you have a lot of projects under a portfolio?

Answer 9

Cost performance index (CPI=EV/AC)

If your CPI is a greater than one you are under budget (GOOD)
If your CPI is a less than one you are over budget (BAD)

Question 10

SPI=EV/PV (describe/define equation)

Answer 10

Schedule performance index= earned value / planned value

*** tells you ahead or behind schedule in percentage. Is good for portfolio management

Question 11

What formula tells you if you are ahead or behind schedule when you have a lot of projects under a portfolio?

Answer 11

Schedule Performance Index (SPI= EV/PV).

If your SPI is a greater than one you are ahead of schedule (GOOD)
If your SPI is a less than one you are behind schedule (BAD)
If your SV is zero you are meeting your schedule

Question 12

EAC=BAC/CPI (describe/define equation)

*When do you use this equation?

Answer 12

Estimate at completion= budget at completion/ cost performance index

• You are assuming the future work on the project will move at the same rate as the cost performance index

Question 13

ETC=EAC-AC (describe/define equation)

Answer 13

Estimate to complete= Estimate at completion- actual cost

*Tells us how much money we still have left to complete the project

Question 14

TCPI= (BAC-EV)/(BAC-AC) (describe/define equation)

Answer 14

To-complete performance index = (budget at completion - earned value)/ (budget at completion - actual cost)

*performance index of how the project is going

If TCPI is greater than one this is bad
If TCPI is less than one this is good

Question 15

TCPI= (BAC-EV)/(EAC-AC) (describe/define equation)

Answer 15

To complete performance index= (budget at completion - earned value)/(estimate at completion - actual cost)

*We use if the BAC is no longer relevant

Question 16

What are the two equations for TCPI?

Answer 16

TCPI= (BAC-EV)/(BAC-AC)
TCPI= (BAC-EV)/(EAC-AC)

Question 17

VAC=BAC-EAC (describe/define equation)

Answer 17

variance at completion = budget at completion - estimate at completion

Question 18

What is the way to memorize the PMP equations (mnemonic device)?

Answer 18

Please (planned value)
Eat (earned value)
Carol’s (cost variance)
Sweet (schedule variance)
Cake & (cost performance index)
S (schedule performance index)
E (estimate at completion)
E (estimate to complete)
The (to-complete performance index - BAC)
Terrific (to-complete performance index - EAC)
Violinist (variance at completion)

Question 19

What is the way to memorize the Process groups (mnemonic device)?

Answer 19

In                (initiating)
Physical      (planning)
Education   (executing)
Mary Cries   (monitoring & controling)
Constantly   (closing)

Question 20

What is the way to memorize the Knowledge Areas (mnemonic device)?

Answer 20

I            (Integration)
Saw      (scope)
Six         (schedule)
Cars      (cost)
Quickly  (quality)
Rip           (resources)
Carols     (communication)
Rear       (risk)
Passenger   (procurement)
Seat           (stakeholder)

Question 21

What is the number of processes for the process groups (mnemonic device)

Answer 21

2-24-10-12-1

2    In                (initiating)
24 Physical      (planning)
10  Education   (executing)
12  Mary Cries   (monitoring & controling)
1    Constantly   (closing)

Question 22

What is the number of processes for the knowledge areas (mnemonic device)

Answer 22

766-436-3734
7      I            (Integration)
6      Saw      (scope)
6      Six         (schedule)
4      Cars      (cost)
3      Quickly  (quality)
6      Rip           (resources)
3      Carols     (communication)
7       Rear       (risk)
3      Passenger   (procurement)
4      Seat           (stakeholder)