Exam 2 Budget/Cost Interpretations

Question 1

Interpret the CPI

Answer 1

For every dollar spend through week x, only xx was earned

Question 2

Interpret CV

Answer 2

The value of work done through week x is xx less than what was actually expected

Question 3

Interpret method 1 of FCAC

Answer 3

If the project continues at the current rate of efficiency, then it will cost xx to complete

Question 4

Interpret method 2 of FCAC

Answer 4

If the remainder of the project operates at an efficiency of 100%, then it will cost xx

Question 5

Interpret TCPI

Answer 5

This is the efficiency rate that must be achieved for the rest of the project to be completed on time and budget

Question 6

Interpret CBC

Answer 6

The cumulative budget for the project is xx

Question 7

Interpret CAC

Answer 7

The total actual amount spent after week x is xx

Question 8

Interpret CEV

Answer 8

The total earned value of work after x weeks is xx