Cost Management

Question 1

PV

Answer 1

Planned Value

Question 2

EV

Answer 2

Earned Value

Question 3

AC

Answer 3

Actual Cost (total cost)

Question 4

CPI

Answer 4

Cost Performance Index

Question 5

SPI

Answer 5

Schedule Performance Index

Question 6

BAC

Answer 6

Budget at Completion (the budget)

Question 7

EAC

Answer 7

Estimate at Completion

Question 8

ETC

Answer 8

Estimate to Complete

Question 9

VAC

Answer 9

Variance at Completion

Question 10

CV

Answer 10

Cost Variance

Question 11

SV

Answer 11

Schedule Variance

Question 12

TCPI

Answer 12

To-Complete Performance Index

Question 13

ROM

Answer 13

Rough Order of Magnitude

Question 14

Planned Value

Answer 14

As of today, what is the estimated value of the work planned to be done?

Question 15

Earned Value

Answer 15

As of today, what is the estimated value of the work already done?

Question 16

Actual Cost

Answer 16

As of today, what is the actual cost of the work already done?

Question 17

Cost Performance Index

Answer 17

We are getting $x worth of work out of every $1 spent

Question 18

Schedule Performance Index

Answer 18

We are progressing at x% of rate originally planned

Question 19

Budget at Completion

Answer 19

How much did we budget for the total project effort?

Question 20

Estimate at Completion

Answer 20

What do we currently expect the total project to cost (forecast)?

Question 21

Estimate to Complete

Answer 21

From this point on, how much more do we expect it to cost to finish the project (forecast)?

Question 22

Variance at Completion

Answer 22

As of today, how much over or under budget do we expect to be at the end of the project (forecast)?

Question 23

To-Complete Performance Index

Answer 23

In order to stay within budget, what rate must we meet for remaining work?

Question 24

Rough Order of Magnitude Estimate usually made _____.

Answer 24

during project initiating

Question 25

Rough Order of Magnitude Estimates are usually - ___ to + ___ percent

Answer 25

-25 to +75 percent from actual

Question 26

Budget Estimate usually made _____.

Answer 26

during project planning

Question 27

Budget Estimates are usually - ___ to + ___ percent

Answer 27

-10 to +25 percent from actual

Question 28

Definitive Estimate usually made _____.

Answer 28

as the project progresses

Question 29

Definitive Estimates are usually - ___ to + ___ percent

Answer 29

-10 to +10 percent from actual, maybe -5 to +10 percent

Question 30

CPI =

Answer 30

EV / AC

Question 31

SPI =

Answer 31

EV / PV

Question 32

If no variance from BAC or same rate of spend , use EAC =

Answer 32

BAC / cumulative CPI

Question 33

ETC =

Answer 33

EAC - AC, or you can reestimate

Question 34

VAC =

Answer 34

BAC - EAC

Question 35

CV =

Answer 35

EV - AC

Question 36

SV =

Answer 36

EV - PV

Question 37

TCPI =

Answer 37

(BAC - EV) / (BAC - AC)

Question 38

value analysis

Answer 38

find less costly way to do the same work

Question 39

value analysis also called ______.

Answer 39

value engineering