Chapter 11: Measuring and Controlling Project Performance Flashcards
Core Topics: Project Monitoring, Change Control, Earned Value Management (EVM), and Corrective Actions.
What is the purpose of the Monitoring and Controlling Process Group?
The Monitoring and Controlling Process Group tracks, reviews, and regulates project performance and progress to ensure that project objectives are met.
What is the role of the Change Control Board (CCB)?
The CCB is a formally constituted group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, ensuring that only beneficial changes are implemented.
What is the Perform Integrated Change Control process?
Perform Integrated Change Control is the process of reviewing all change requests, approving or rejecting them, and managing their implementation throughout the project.
What is the Monitor and Control Project Work process?
Monitor and Control Project Work involves tracking, reviewing, and reporting project progress to meet the performance objectives defined in the project management plan.
What are the key components of a change request?
A change request includes the proposed change, the reason for the change, the impact on the project scope, schedule, cost, and quality, and any recommendations.
What is Earned Value Management (EVM)?
EVM is a project performance measurement technique that integrates scope, cost, and schedule to assess project progress and performance against the plan.
What is Planned Value (PV) in EVM?
Planned Value (PV) is the authorized budget assigned to scheduled work that should have been completed by a specific time.
What is Earned Value (EV) in EVM?
Earned Value (EV) is the value of work actually performed expressed in terms of the approved budget for that work.
What is Actual Cost (AC) in EVM?
Actual Cost (AC) is the total cost incurred for the work performed on a project at a specific point in time.
What is Schedule Variance (SV)?
Schedule Variance (SV) is the difference between the work planned and the work performed, calculated as SV = EV – PV.
What is Cost Variance (CV)?
Cost Variance (CV) is the difference between the budgeted cost of work performed and the actual cost, calculated as CV = EV – AC.
What is the Schedule Performance Index (SPI)?
The SPI is a measure of schedule efficiency, calculated as SPI = EV / PV. An SPI greater than 1 indicates ahead of schedule, while less than 1 indicates behind schedule.
What is the Cost Performance Index (CPI)?
The CPI is a measure of cost efficiency, calculated as CPI = EV / AC. A CPI greater than 1 indicates under budget, while less than 1 indicates over budget.
What is Estimate at Completion (EAC)?
EAC is the expected total cost of completing the project, based on current performance, and can be calculated using various formulas depending on the scenario.
What is Variance at Completion (VAC)?
VAC is the difference between the original budget and the expected total project cost, calculated as VAC = BAC – EAC.
What is the To-Complete Performance Index (TCPI)?
TCPI is the cost performance required to meet the budget or an alternative target, calculated as TCPI = (BAC – EV) / (BAC – AC) or TCPI = (BAC – EV) / (EAC – AC).
What is the purpose of status reports in project monitoring and controlling?
Status reports provide regular updates on project performance, progress, and issues to stakeholders, ensuring transparency and alignment with project goals.
What is a performance review in project management?
Performance reviews evaluate the project’s progress against the project management plan, using metrics like schedule and cost performance to determine if corrective actions are needed.
What are corrective actions in project management?
Corrective actions are steps taken to bring future project performance back in line with the project management plan if variances are detected.
What are preventive actions in project management?
Preventive actions are proactive measures taken to avoid potential issues or risks before they impact the project.
What is a variance analysis?
Variance analysis is the process of comparing actual project performance with the planned performance to determine deviations and their causes.
What is the purpose of trend analysis in project monitoring?
Trend analysis uses historical data to identify patterns or trends in project performance, helping to predict future outcomes and identify areas that need attention.
What is a forecasting method in project management?
Forecasting methods predict future project performance based on current project data, including cost and schedule forecasts.
What is the difference between a preventive action and a corrective action?
Preventive actions are proactive steps taken to prevent potential issues, while corrective actions are reactive steps taken to fix existing problems.
What is integrated change control?
Integrated change control ensures that all changes to the project are considered in a coordinated way, assessing the impacts on scope, schedule, and cost before approval.
What is earned schedule in project management?
Earned schedule is an extension of EVM that helps determine if a project is ahead or behind schedule, using time-based metrics instead of cost-based metrics.
What is a configuration management plan?
A configuration management plan outlines the process for identifying and controlling changes to project documents, deliverables, and baselines to maintain consistency.
What is a technical performance measurement (TPM)?
TPM measures project progress by comparing the actual technical accomplishments to the planned technical requirements.
What is the purpose of monitoring risk responses?
Monitoring risk responses ensures that agreed-upon risk response strategies are implemented effectively and that new risks are identified and managed.
What is a change log in project management?
A change log is a record of all change requests, their status, and any actions taken, used to track the history of changes throughout the project.
