Numbers Flashcards

1
Q

What is the formula for cost performance index

(CPI)?

A

EV / AC

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2
Q

What estimating method would use optimistic time estimates?

A

Three point estimates

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3
Q

“The estimated value of work that will be done” has what earned value name?

A

Planned Value

PV

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4
Q

What is the critical path?

A

The longest duration in the network; the shortest time to complete the project

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5
Q

The types and quantities of resources required are calculated in what part of time management?

A

Estimate Activity Resources

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6
Q

What does the estimate at completion tell you?

A

How far you are ahead or behind of schedule

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7
Q

What schedule network analysis technique involves crashing?

A

Schedule compression

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8
Q

What does a start-to-finish relationship mean?

A

One activity must start before successor can finish (rare)

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9
Q

What does the estimate at completion tell you?

A

What we now expect the project to cost

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10
Q

Why would you want to crash a project?

A

To shorten the project duration

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11
Q

A software technique that uses the network diagram and estimates to simulate project outcome is known as?

A

Monte Carlo analysis

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12
Q

What are sunk costs?

A

Expended costs

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13
Q

What does a milestone chart show?

A

Dates of significant events on the project

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14
Q

What is the duration of a milestone?

A

Zero

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15
Q

What is analogous estimating?

A

Top-down estimating

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16
Q

What are fixed costs?

A

Costs that do not change with project activity

17
Q

What are direct costs?

A

Costs incurred directly by the project

18
Q

What is the earned value for “how much have you have spent to date”?

A

Actual Cost (AC)

19
Q

What is value analysis?

A

Finding a less costly way to complete the work without affecting quality

20
Q

What is management reserve?

A

An amount of time or money set aside to cover unforeseen risks

21
Q

What is the cost variance formula?

22
Q

Cost risk is greater for the buyer in what type of contract?

A

Cost-reimbursable

23
Q

Which schedule network analysis technique uses buffers?

A

Critical chain method (CCM)

24
Q

What does present value mean?

A

The value today of future cash flows

25
What is the formula for calculating float?
LS - ES or LF - EF; This is the amount of time an activity can be delayed without delaying the project
26
Why would a project manager want to use resource leveling?
To smooth out the valleys of monthly resource usage consumed by the project
27
What does a benefit cost ratio of 2.5 mean?
The benefits are 2.5 times the cost
28
A critical path activity will generally have how much float?
Zero
29
What is parametric estimating?
Looking at the relationships between variables on an activity to create estimates (e.g., dollars per square foot)
30
What is the range of accuracy with a rough order or magnitude estimate?
-25 to + 75 percent