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Project Management > Lecture 6 > Flashcards

Lecture 6 Flashcards

1
Q

What Five phases can Management Cost and Control System (MCCS) be divided into?

A
  • Planning
  • Work and contract authorisation and release
  • Cost data collation and reporting
  • Cost accounting, tracking cost
  • Customer and management reporting
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2
Q

How are Management cost and control systems used?

A

To evaluate the performance of resources

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3
Q

Stage 1 of MCCS - planning includes (6)

A
  • WBS
  • Work planning authorisation
  • master production schedule
  • detailed schedule
  • program plan
  • MCCS budget
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4
Q

Stage 3 of MCCS - cost data collation and reporting includes (2)

A
  • Actual cost ACWP

- Budgeted cost for work performed BCWP

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5
Q

Stage 4 of MCCS Cost accounting, tracking cost using : (2)

A
  • cost accounting variance analysis (difference between planned/budgeted)
  • Earned value
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6
Q

Stage 5 of MCCS customer & management reporting including : (6)

A
  • Variance analysis
  • estimate at completion
  • cost summary
  • schedule summary
  • milestone report
  • event report
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7
Q

Cost control is important to compare resource usage against budgets, which three main aspects are compared?

A
  • time
  • cost
  • performance
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8
Q

steps to effectively control systems

A
  • schedule performance
  • compare expenditure against budgets
  • identify variances
  • take corrective action when needed
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9
Q

Budgets must be (4)

A
  • reasonable
  • attainable
  • based on contractually negotiated costs
  • based on the statement of work
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10
Q

Budgets are usually based upon (3)

A
  • historical cost
  • best estimate
  • industrial engineering standards
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11
Q

Budgets must not only be outlined for normal procedures but also for (3)

A
  • management reserve
  • unforeseen problems
  • contingencies for additional costs resulting in out-of-scope work and expences
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12
Q

What two types of variances are there?

A
  • Budgeted cost for work scheduled

- Actual cost for work performed

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13
Q

What is BCWS

A

Budgeted cost for work scheduled : includes cost and level of effort (aka earned value) which needs to be accomplished in a set period of time

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14
Q

What is ACWP

A

Actual cost for work performed

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15
Q

what is the difference between cost and scheduling variance

A

they both provide a comparison between planned and actual performance but scheduling does not include cost

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16
Q

cost and schedule trends can be analysed using

A

performance indexes which can produce an early warning system to alleviate unfavorable trends through corrective actions

17
Q

Budget at completion BAC

A

sum of all the budgets BCWS allocated - which forms the baseline for total cost

18
Q

Estimate at completion EAC

A

total cost to date in addition to a realistic estimation of all the remaining work

19
Q

The aim of Status reporting SR

A

To keep executives up to date on project process (inform them that everything is on track/ initiate a process of corrective action if things are not on track)

20
Q

Status Reports should be concise including (6)

A
  • variance analysis
  • estimate at completion
  • cost summary
  • schedule summary
  • milestone report
  • event report
21
Q

risk management systems are designed to

A
  • quantify risk

- predict impact

22
Q

risk is a measure of

A
  • probability and consequences of not achieving goal
23
Q

Risk definition

A

a function of uncertainty and damage that forms modelling scenarios for risk forecasting

24
Q

formal process of identifying and measuring risk (3)

A
  • risk factors systematically identified, assessed and provided for
  • areas or events of high risk are identified and controlled
  • risk factors are responded to throughout lifetime
25
Q

Major high -level risks have a critical impact, but low-level risks..

A

yeild a cumulative detrimental effect

26
Q

Objective sources (to identify risk) (3)

A
  • experience
  • lesson learned files
  • program evaluations and performance data
27
Q

subjective sources (to identify risk) (4)

A

-experts (consultants)
-surveys
-customer and users
PERT (programe evaluation and review technique) estimates

28
Q

four modelling tools which describe and quantify specific risks and their magnitude

A
  • network analysis
  • life-cycle cost analysis
  • probability analysis and estimating relationships
  • WBS simulations and monte carlo simulations
29
Q

3 factors that influence the response to risk

A
  • lack of info
  • magnitude and probability
  • knowledge of cost-effective alternatives
30
Q

Techniques for controlling risk (4)

A
  • prevention or control
  • deflection- transfer risk to others
  • retention - deal with consequences later
  • knowledge and research for extensive forecasting and simulations

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