Parcial 3 Flashcards
¿What is Earned Value?
progress is measured by how much of the project value (its cost) you’ve EARNED so far
¿Who is interested in EV?
Project Costumers
Project sponsors
Project Stake-holders
¿What Earned value tells you?
How much of the project cost you have earned
Which are the requirements for earned value analysis?
Setting up a base-line
Enter actual values as the project progresses
Establishing a status date
Which is the acronym of BCWS?
Budgeted Cost of work scheduled
Explain what is BCWS
The cost you expect to incur for the work scheduled through the status date
Which is the acronym of BCWP?
Budgeted cost of work performed
What represents BCWP
the base-line cost you’ve earned by completing work as of the status date
Which is the acronym of ACWP?
Actual cost of work performed
What is happening when more PV than EV
Less work is complete than you expected.
What is happening is more EV than PV
More work is complete than you expected
Earned value < actual cost
worked performed costed more than expected
Earned value > actual cost
worked performed costed less than expected
Mention the components of effective monitoring
Representative Perfomance Metrics Costs & Schedule Milestones Reporting Schedule Managemente Scheme Involvement of responsible and knowledgeable people Project Reviews Project Audits
Which is the most effective progress measurements?
Project Outputs
Goal: Meausres progresses towards completion
How do we measure outputs
Where possible, divide activities into stages – Define clear-cut milestones – Keep track of costs, labor, time on per-activity basis
Characteristics of Well Defined Milestone
Clearly Defined Entity
•Verifiable Parameters for Each Delivery Item
• Clear Relationship to Program Management Plan
• Well Defined Responsible Organization or Individual
What is the goal of CCM
Is to avoid project cracshing by planning for the variance inherent in each task duration
Main points of CCM
Dont waste safety time
Aggregate safety time into project and feeder buffers
Monitor the buffers to know when to control
Concentrate in the longest chain of dependent tasks or resources
Which is the critical chain definition
is the set of activities for which there is no slack after resource de-confliction
Cultural Keys to a succesful implementation
Evaluate your team as a unit
Management must hold up their end of the bargain
Need support from the top
All key team members must be trained and participate in putting together the schedule
Clear communicaction between the schedule keeper and team mebers
Which are the phases in monitoring using buffer method
OK- green
Watch and plan- yellow
Act- Red
For longer projects, we implement…
buffered schedule within each phase or stage.
What is SOW?
Sample Statement of Work
