Project Management Terms

Question 1

PV

Answer 1

Planned Value–Authorized Budget

Question 2

TCPI Meaning (EV First!)

Answer 2

To Complete Performance Index

Question 3

On Plan TCPI =

Answer 3

(BAC-EV)/(BAC-AC)

Question 4

Complete EAC; TCPI =

Answer 4

(BAC-EV)/(EAC-AC)

Question 5

Communication Channels

Answer 5

n (n-1) / 2 where n = number of stakeholders. (Be sure and add 1 for the Project Manager!

Question 6

EV

Answer 6

Earned Value–Measure of Work Performed

Question 7

SF

Answer 7

Start to Finish–Successor Cannot Start Until Predecessor Finishes (Ex.: 2 Security Guards)

Question 8

SS

Answer 8

Start to Start–Successor Cannot Start Until Predecessor Starts (Ex.: Concrete-Foundation)

Question 9

FF

Answer 9

Finish to Finish–Successor Cannot Finish Until Predecessor Finishes (Ex.: Writing-Editing)

Question 10

FS

Answer 10

Finish to Start–Successor Activity Cannot Start Until Predecessor Has Finished (Ex.: Awards-Race)

Question 11

3 Point Estimating (Time)

Answer 11

tM = Most Likely
tO = Optimistic
tP = Pessimistic
(Beta) tE = tO + 4fM +tP / 6

Question 12

VAC

Answer 12

Variance at Completion

Question 13

Projection of Amount of Budget or Surplus

Answer 13

VAC = BAC - EAC

Question 14

ETC

Answer 14

Estimate to Complete

Question 15

Expected Cost to Finish All Remaining Work

Answer 15

ETC = EAC - EC

Question 16

Future Work Accomplished at Planned Rate

Answer 16

EAC = AC + BAC - EV

Question 17

Initial Plan No Longer Valid

Answer 17

EAC = AC + Bottom_Up AC

Question 18

EAC if BOTH CPI and SPI Influence Remaining Work

Answer 18

EAC = AC + [(BAC - EV) / (CPI x SPI)]

Question 19

EAC

Answer 19

Estimate at Completion

Question 20

Expected Total Cost of Completing All Work with CPI the Same for Entire Project

Answer 20

EAC = BAC / CPI

Question 21

SPI

Answer 21

Schedule Performance Index–Measure of Schedule Efficiency

Question 22

SPI =

Answer 22

EV / PV (Lower = Lesser)

Question 23

CPI

Answer 23

Cost Performance Index–Measure of Cost Efficiency for Budgeted Resources

Question 24

CPI =

Answer 24

EV / AC (Lower = Loser)

Question 25

SV

Answer 25

Schedule Variance–Amount Ahead or Behind Delivery Date

Question 26

SV =

Answer 26

SV = EV -PV (Positive = Ahead of Schedule)

Question 27

CV

Answer 27

Cost Variance–Budget Deficit or Surplus

Question 28

CV =

Answer 28

EV - AC (Positive = Under Cost)

Question 29

BAC

Answer 29

Budget at Completion–Sum of All Budgets Established

Question 30

AC

Answer 30

Cost Incurred for Worked Performed

Question 31

EMV (Risk Quantity)

Answer 31

Expected Monetary Value (In-House or Out-Source)–Opportunities = Positive; Threats = Negative

Question 32

EMV =

Answer 32

%age Probability x Value of Possible Outcome + %age Probability x Value of Possible Outcome