Project+ Extra 13 Flashcards
??? tools that indicate if project is meeting specific goals. Should be defined early in project, should be quantifiable, and should be measured regularly. Common KPIs relate to how well project is tracking against planned schedule and cost baseline and if project milestones are being met.
KPIs
Dashboards : graphical summaries of project measures, collection of multiple KPIs.
KPPs : key capabilities that must be met for a system to meet its goals. The threshold of KPPs is minimum acceptable value (cost, schedule, technology) below which system is unacceptable.
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??? tool that integrates project management and portfolio management so projects are aligned w/org.’s strategy. Identifies small no. of financial and non-financial measures and attaches targets to them. When performance deviates from expectations managers can focus on areas where meaningful improvements in performance is possible.
Balanced Scorecard :
??? estimated budget required to complete the remaining project work. ETC -> value is estimated cost to finish all remaining project work. EAC -> estimated total cost of completing all work. expressed as sum of actual cost to date and estimate to complete.
Budget Forecast :
??? tools that help collect, store, and distribute project info to stakeholders. ex.’s -> Progress Report = summary of activities over period of time, such as week or month. Status Report = summary of activities over cumulative period of time, such as year to date or since start of project. Dashboard Report = simple status report commonly used colored indicators like red, yellow and green to show at-a-glance identifier for state of a project component.
Reporting Systems :
??? document that reports progress made in project activities against a specified baseline.
Performance Report :
??? calculating variance between planned and actual technical performance or other scope performance measurements. Documented and presented to stakeholders. Report includes -> features of product planned vs. features of product being delivered. Any addition or deletion from features list. New changes to the project scope.
Work Performance Measurements :
EVM : method of measuring project progress by comparing actual schedule and cost performance against planned performance as laid out in schedule and cost baselines.
Planned Value (PV) : indicates value of work to be done during a particular time period. This amount is specified in projects cost baseline.
EV : indicates value of work actually performed during a particular time period. EV = %Completed x Planned Value.
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Actual Cost (AC) : actual money that has been spent for work that has been completed.
SV = EV - PV
SPI = EV / PV
Schedule Control Chart : illustrates schedule performance.
CV = EV - AC
CPI = EV / AC
Cost Control Chart : illustrate trends in cost performance.
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??? meetings held to review schedule activity, work package, or cost account status and progress, usually in concurrence w/1 or more performance reporting techniques.
Performance Reviews :
