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Project management > Chapter 9 > Flashcards

Chapter 9 Flashcards

1
Q

Project Control Steps

A

Step 1: Monitor performance to determine how the project is coming along.

Step 2: Identify the cause of any cost and schedule problems.

Step 3: Take corrective actions to recover project performance.

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2
Q

Monitor and Control Project Work

A

the process of tracking, reviewing and reporting the progress to meet the performance objectives defined in the project management plan

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3
Q

How do you: monitoring Performance (Part I)

A

Use a variety of measures, qualitative and quantitative

Invoices
Time cards
Managers and supervisors assess progress by observation, asking questions, and reviewing reports
Achievement of milestones
Test and demonstration results.
Design reviews—meetings with managers and technical personnel to review progress
Opinions of outside experts.

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4
Q

How do you: monitoring Performance (Part II)

A

Do not only measure cost and time, which are measures of input.

Need measures of output from each task and work package

Output measures address the deliverables or results defined for each work package.

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5
Q

Project Control Emphasis

A

Scope Change Control
Quality Control
Schedule Control
Procurement Control

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6
Q

Project Control Emphasis (Scope Control)

A
  • identify where changes have occurred
  • ensure the changes are necessary or beneficial
  • contain or delimit the changes wherever possible
  • the implementation of changes.
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7
Q

Project Control Emphasis (Quality Control)

A
  • manage work to achieve requirements and specifications
  • take preventive measures to eliminate errors and mistakes
  • identify and eliminate sources of errors and mistakes
  • includes technical performance measurement, TPM
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8
Q

Project Control Emphasis (Schedule Control)

A
  • Keep the project on schedule and minimize schedule overruns
  • Use Time Buffers
  • Fight Tendency to Multitask
  • Frequently Report Activity Status
  • Publicize Consequences of Delays and Benefits of Early Finish
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9
Q

Project Control Emphasis (Procurement Control)

A
  • Monitor quality, schedule, and cost of all procured items
  • Visit and inspect the facilities of subcontractors and suppliers
  • Track subcontractors’ and suppliers’ progress and expenses,
  • Prepare contingency for all major procured material, equipment, components, and services
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10
Q

Setting the Stage for Earned Value Analysis (5 Steps)

A
  1. Define the Work Packages
  2. Schedule the Work Packages
  3. Assign the budget to Work Packages
  4. Determine the Planned Value (PV),
  5. Establish the Performance Measurement Baseline (PMB)
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11
Q

Planned Value (PV)

A

the authorized budget assigned to the scheduled work to be accomplished. Also known as Budgeted Cost of Work Scheduled (BCWS)

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12
Q

PV/EV Measurment Techniques

A

Fixed Formula (e.g. 50/50, 0/100)
Weighted Milestones
Percent Complete
Level of Effort

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13
Q

Fixed Formula (50/50)

A

Value of work is linked to the start and finish

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14
Q

Fixed Formula (0/100)

A

Value of work is linked to the start and finish. No funds until project is 100% complete.

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15
Q

Weighted Milestone Method

A

Value of work is linked to achievement of milestones

The budgeted cost (value) of the work package is distributed and planned to reflect scheduled accomplishment of discrete milestones that occur as part the work package.

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16
Q

Percent Complete

A

Value of work is linked to percent of work

PV: The budgeted cost (value) of the work package is planned to reflect the percent of the work scheduled for each period the work package is scheduled to be open.

Note: Percent complete can be objective when there is an observable measure of progress, or subjective where the assessment is made based on informed opinion.

17
Q

Level of Effort

A

Value of work is linked to time

PV: The budgeted cost (value) of the work package is distributed as a function of time. It is used for activities that do not produce tangible outcomes such as project management.

18
Q

Earned Value (EV)

A

the value of work performed expressed in terms of the budget assigned to that work. Also known as BCWP

19
Q

Actual Cost (AC)

A

Total costs actually incurred and recorded in accomplishing work performed during a given time period. Also known as Actual Cost of Work Performed (ACWP)

20
Q

Actual Cost (Key Point)

A

An organization needs to have a system in place for tracking costs over time and by project component. The sophistication and complexity of this system will vary by organization and project. The system must tie costs to the plan and to the way Earned Value is credited.

21
Q 
Are we under or over our budget? 
Cost Variance (CV)
A

CV=EV - AC

22
Q

How efficiently are we using our resources?

Cost Performance Index (CPI)

A

CPI = EV / AC

23
Q 
Are we ahead or behind schedule? 
Schedule Variance (SV)
A

SV = EV - PV

24
Q

How efficiently are we using time?

Schedule Performance Index (SPI)

A

SPI = EV / PV

25
Q

What is the project likely to cost?

Estimate at Completion (EAC)

A

EAC = AC + (BAC – EV)
= 26+ (76 – 24)
= 78 $K

EAC = (BAC/CPI)
= EAC = (76/.923)
= 82.34 $K

26
Q

How efficiently must we use our remaining resources?

To-Complete Performance Index (TCPI)

A

TCPI = work remaining/resources remaining

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

27
Q

How much will we be over or under budget at completion?

Variance at Completion (VAC)

A

VAC = BAC - EAC

28
Q

If we are having schedule problems…

A

Consider:

network techniques to identify critical activities

adding resources to reduce duration

overlapping activities when possible

breaking down long activities

looking at resource needs and substitutability

29
Q

If we are having cost problems…

A

Consider:

reviewing time charging practices

restricting overtime even if it increases duration

looking at resource needs and substitutability

identifying additional source of funds

reducing scope

Project management (7 decks)

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