Project+ Study Notes 23 Flashcards
is the value of the work completed to date as it compares to the budgeted amount (PV) for that period. ??? is typically expressed as a percentage of the work completed compared to the budget.
Earned value (EV)
tells you whether your costs are higher than budgeted (with a resulting negative number) or lower than budgeted (with a resulting positive number). It measures the actual performance to date against what’s been spent. CV = EV – AC. If cost from formula is a negative number then costs were higher than planned, if result is positive number then you spent less than what was planned for.
Cost variance (CV)
compares an activity’s actual progress to date to the estimated progress and is represented in terms of cost. It tells you whether the schedule is ahead of or behind what was planned for this period. SV = EV – PV. if result is negative than you are behind schedule.
Schedule variance (SV)
measures the value of the work completed at the measurement date against the actual cost. CPI = EV / AC. CPI > 1 means spending less than anticipated date, if CPI < 1 you are spending more than anticipated for the work completed at the measurement date.
cost performance index (CPI)
measures the progress to date against the progress that was planned. SPI greater than 1 your performance is better than expected and youre ahead of schedule. If SPI less than 1, youre behind schedule.
schedule performance index (SPI)
This is the cost estimate for the remaining project work. figure out burn rate of money (rate youre spending money over time).
estimate to complete (ETC) formula.
cost processes include cost estimating, creating the project budget, and controlling costs.
risk is a potential future event that can have either negative or positive impacts on the project. Risk planning deals with how you manage the areas of uncertainty in your project.
Risk identification is the process of determining and documenting the potential risks that could occur on your project.
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You can view risks both by looking at the project as a whole and by analyzing individual components of the project such as resources, schedule, costs, tasks, and so on. Risks can include such items as the level of funding committed to the project, the overall experience level of the core project team, the use of project management practices, or the strategic significance of the project. Risks may also be associated with particular phases of the project or with certain key tasks.
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You should include stakeholders, core team members, and any other subject-matter experts who may have experience or knowledge of this project in your risk identification and analysis process. You can use several techniques to help define the initial risk list, including brainstorming, interviews, and facilitated workshops.
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a list of risks that you can record in a simple spreadsheet that includes an identification number, risk name, risk description, risk owner, and response plan (or where the response plan can be located). The risk owner is the person responsible for monitoring the project to determine whether the potential for this risk event is high and for implementing the risk response plan should it occur.
Risk Register
