CAPM I phone APP Cost Managment Flashcards
Project Cost MGT
Cost baseline
Answer: A time-lapse exposure of when the project monies are to be spent in relation cumulative values of the work completed in the project
Earned value Rules
Answer: 1. Earned value Management Computation formulas or determining the estimate to complete are defined. 2. Earned value credit criteria are established.3. Define the WBS level at which earned value technique analysis will be performed.
Earned Value Technique
Answer: Compares planned performance to actual
Scheduled Variance (SV)
Answer: The difference between the earned value and the planned value. The formula is SV = EV - PV.
What is the range for a rough order of magnitude estimate?
Answer: +/-50% from actual.
Bottom-Up Estimating
Answer: Start by estimating the work packages with the lowest level of detail and work your way up.
What is the formula for TCPI?
Answer: (BAC - EV)/(BAC - AC)
Cost Change Control System:
Answer: A system that examines any changes associated with scope changes, the cost of materials, and the cost of any other resources, and the associated impact on the overall project cost.
In which process is the cost management plan created?
Answer: In integration management as part of the Develop Project Management Plan process.
Cost Budgeting:
Answer: Aggregating the estimated costs of individual activities or work packages to establish a cost baseline.
Cost Aggregation:
Answer: Cost are parallel to each WBS work package. The cost of each work package are aggregated to their corresponding control accounts. Each control account then is aggregated to the sum of the project cost.
Cost baseline
Answer: Time-phased budget that is used in a basis against which to measure, monitor, and control overall performance on the project.
Variance
Answer: The difference between what is expected and what was experience
Direct Cost
Answer: Cost are attributed directly to the project work and cannot be shared among projects. (For example, airfare, hotels, long distance phone charges, and so on).
Variance =
Answer: Variance = BAC - AC
