Numbers Flashcards
What is the formula for cost performance index
(CPI)?
EV / AC
What estimating method would use optimistic time estimates?
Three point estimates
“The estimated value of work that will be done” has what earned value name?
Planned Value
PV
What is the critical path?
The longest duration in the network; the shortest time to complete the project
The types and quantities of resources required are calculated in what part of time management?
Estimate Activity Resources
What does the estimate at completion tell you?
How far you are ahead or behind of schedule
What schedule network analysis technique involves crashing?
Schedule compression
What does a start-to-finish relationship mean?
One activity must start before successor can finish (rare)
What does the estimate at completion tell you?
What we now expect the project to cost
Why would you want to crash a project?
To shorten the project duration
A software technique that uses the network diagram and estimates to simulate project outcome is known as?
Monte Carlo analysis
What are sunk costs?
Expended costs
What does a milestone chart show?
Dates of significant events on the project
What is the duration of a milestone?
Zero
What is analogous estimating?
Top-down estimating
What are fixed costs?
Costs that do not change with project activity
What are direct costs?
Costs incurred directly by the project
What is the earned value for “how much have you have spent to date”?
Actual Cost (AC)
What is value analysis?
Finding a less costly way to complete the work without affecting quality
What is management reserve?
An amount of time or money set aside to cover unforeseen risks
What is the cost variance formula?
EV - AC
Cost risk is greater for the buyer in what type of contract?
Cost-reimbursable
Which schedule network analysis technique uses buffers?
Critical chain method (CCM)
What does present value mean?
The value today of future cash flows
