Prep for Quiz Flashcards
What are typical steps used in risk management process?
Risk Identification
Risk Assessment
Risk Response Control
Risk Response Development
Two categories of risk assessment methods?
Qualititave &Quantitive Assessment
4 Responses for an identified Risk
1) Mitigate risk
2) Transfer risk
3) Share risk
4) Retain risk
Who filles the request for purchase enquiry during purchasing process?
Engineer
Steps involved in Project Mnmgt & Control during proj execution phase ? (close control loop)
1) Setting a baseline plan
2) Measure Progress & Performance
3) Compare Plan vs Actual
4) Taking action
What is earned value
Earned value for a task is the percentage work completed multiply by budget cost.
What are the 2 methods for monitoring cost performance
1) Earned Value Analysis
2) Milestone Analysis
What is Planned Value? (PV)
PV is the planned time-phased baseline of the value of the work scheduled
What is Actual Cost? (AC)
Actual cost of work completed/ sum of cost incurred in accomplishing a task
Cost Variance (CV)
The cost variance tells us if work accomplished costs more than planned (at any point of the proj),
so, CV = EV-AC
Schedule Variance (SV)
Presents an overall assessment of all work package in the project scheduled to date.
SV= EV-PV
+SV ?
Project ahead of schedule
- SV
Project behind schedule
+ CV
Underbudget
-CV
Project overbudget (Actual cost is higher)
What is CPI, Cost Performance index
CPI is a measure of cost efficiency of budgeted resources.
It is defined as EV/AC
What is SPI, Schedule Performance index
A measure of schedule efficiency it measures how efficient the proj is accomplishing the work
CPI > 1 & SPI > 1 ?
Undercost & Ahead of schedule
CPI = 1 & SPI= 1 ?
On cost and on schedule
CPI < 1 and SPI < 1
Overcost & Behind Schedule
What is EAC?
EAC, Estimated Costs At Completion. It includes costs to date plus revised estimated costs for the work remaining. (incl. mngmt reserve)
What are the 2 types of changes?
1) Funded changes (changes request by customer)
2) Unfunded changes (within own org, no client or customer
How can a project monitor time performance?
The Project Network schedule can monitor time performance. The network schedule can be derived from WBS/OBS, it is the baseline to compare against actual performance.
