Module 13: Overview of monitoring and controlling projects Flashcards
Controlling
Managing changes, making improvements, and taking corrective action to prevent possible problems. PM must ensure change is controlled efficiently and effectively.
Monitoring
Tracking changes against the project plan and baselines created during project planning.
Project integration management
Control project work and ensure that change control is implemented in all areas of the project.
Earned Value Management
Integrates scope, time (schedule), and cost. Start with baseline of each. Used for future comparisons. Provides performance information. PM able to see whether the project is on, behind or ahead of schedule.
Planned value
AKA budgeted cost of work scheduled (BCWS). Need to know budgeted cost at completion and the percentage of work completed so far.
10% complete, estimated cost = 10,000, EV = $1,000 (10% of 10,000).
Earned Value
AKA budgeted cost of work performed (BCWP)
% of actual work completed based on what was planned (rate of work).
Actual cost
AKA actual cost of work performed (ACWP)
Variances
Schedule (SV), cost (CV), schedule performance index (SPI), cost performance index (CPI).
Schedule variance
Amount ahead or behind schedule. SV = planned value (PV) - Earned value (EV)
Cost variance
measures budget deficit or surplus. CV = actual cost (AC) - earned value (EV). negative = over-budget
Schedule performance index
SPI (how efficiently team uses time). Ratio of EV:PV. SPI < 1 = less work completed as planned. >1 = more work completed than planned. SPI = 1, work going according to plan
CPI
Most important measure. How monies were used against project budget based on work completed so far. <1
Project schedule managment
Biggest challenge a PM faces. Least amount of flexibility as it moves whether you like it or not. People get sick, vacation, and sometimes do not work out
