Module 31 Terms

Question 1

earned value

Answer 1

The Earned Value (EV) is the dollar value of all work completed to date.

Question 2

actual cost

Answer 2

The Actual Cost (AC) is the total dollar value of costs incurred to date.

Question 3

planned value

Answer 3

The Planned Value (PV) is the dollar value of all work scheduled tohave been completed to date.

Question 4

budget at completion

Answer 4

The Budget at Completion (BAC) is the approved total baseline budget approved for the completed project.

Question 5

50/50 rule

Answer 5

The 50-50 rule assigns 50% complete as soon as an activity is started and the activity is considered 100% upon completion.

Question 6

0/100 rule

Answer 6

The 0-100 rule assigns 0% to activities that have not been started andthose that are in progress.

Question 7

cost variance

Answer 7

the difference between planned cost and actual cost

Question 8

cost performance index

Answer 8

The Cost Performance Index (CPI) uses the same inputs as the CV measure but combines them using a ratio that creates a measure of cost efficiency.

Question 9

schedule variance

Answer 9

Schedule Variance (SV) compares differences between the EV and the PV to determine if the project is meeting its schedule expectations or if there is a variance.

Question 10

schedule performance index

Answer 10

The Schedule Performance Index (SPI) uses the same inputs as the SV measure but combines them using a ratio that creates a measure of time efficiency.

Question 11

to complete performance index

Answer 11

The To Complete Performance Index (TCPI) is essentially what the CPI will need to be for the remainder of the project if the team intends to finish on budget. TCPI is calculated by dividing the remaining work by the remaining budget. The difficulty of this estimate is that the measure of remaining budget changes depending on whether you are currently over budget or currently under budget.

Question 12

percent complete index

Answer 12

The percent complete index is a measure of how much of the total project work has been completed.

Question 13

estimate to complete

Answer 13

The Estimate to Completion (ETC) provides an estimate of how much money will be needed to complete the project. It is based on the CPI measure of cost efficiency and how much of the baseline total budget has already been expended.

Question 14

estimate at completion

Answer 14

The Estimate at Completion (EAC) is the new forecast of how much more in total the project is expected to cost once completed.