Planning For Success Flashcards
What is Earned Value?
An assessment method used to calculate project performance at a given time
What would a variance of >0 signify when considering
A. Schedule
B. Cost
A: ahead of schedule if >0
B. Underspent
When considering Scheduled Performance index (SPI), what does a value <1 signify?
Behind schedule
How do you calculate schedule variance?
SV = earned value - planned value (PV)
SV = EV - PV
What are the benefits of Earned value management ?
Measures efficiency of work done
Provides trend analysis
Provides tighter control as you are measuring elements of project
Focuses on useful work done
What are the disadvantages of EVM?
Heavy on admin
Doesn’t consider quality , only delivery
Can be misrepresented or skewed if you have one area under performing and another over performing (takes a high level overview)
Calculate cost variance
cV = EV - actual cost (AC)
What is critical chain?
A resource based approach to scheduling, ensuring resource is constantly utilised.
Implements buffer on activities to prevent over run
What are the 3 ways to analyse critical path?
Forward pass - overall duration of project (early finish = early start + duration)
Backward pass - latest time activities can start (late start = late finish - duration )
Float - where and when there is flexibility in time
What is the difference between resource levelling and smoothing ?
Use levelling when resource is limited and can result in a delay to project.
Smoothing used when time is constrained and ensures resources are used efficiently - no effect on duration
Explain 2 stages of configuration management
Planning -
Identification -
Control -
Status Accounting -
Audit -
Name 6 stages of information management
Collection
Storage
Curation
Analysis
Archiving
Destruction
What do you find in a project management plan?
Scope - work breakdown structure
Resource - organisation breakdown structure
Cost - cost breakdown structure
Communication - communication plan
Risk management plan
What is the Responsibility Assignment Matrix (RAM) made up of
Organisation breakdown structure
And
Work breakdown structure
What would you find contained in a Business Case?
Justification for the project - why needed and why this approach over other option
Strategic Objectives
Options - what has been considered and chosen - rationale?
Benefits - expected from the project
Commercial elements - Cost, Investment Appraisal and funding
Risk evaluation high level - alternate options
Timescale - summary of delivery and realistic timeline
