Super Extra 6 Flashcards
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
PV = %Planned x Budget at Completion
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Actual Cost (AC) : actual money that has been spent for work that has been completed.
CV = EV - AC
SV = EV - PV
Schedule Control Chart : illustrates schedule performance.
CPI = EV / AC
SPI = EV / PV
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 :
??? regularly scheduled meetings conducted to discuss current status of project w/project team members and stakeholders. Risk Identification and management is 1 agenda items in this meeting. Time taken to address identified risks depends on what risks have been identified, their priority, and complexity of response.
Project Status Meetings :
??? process of re-examining and re-evaluating risks in project risk register. Involves identifying new risks, reassessing current risks for prob/impact, and closing outdated risks. Risks can be reassessed during project status meetings.
Risk Assessment :
??? project team gathers and updates project documentation and relevant records/reports. Project results compared w/customer and stakeholder expectations/requirements. Ensures that -> project or phase requirements were met and formal acceptance was granted. Project objectives were completely met.
Admin Closure :
Transition Plan : document describing how outputs of project be transferred either to another org. or to functional group w/in performing org. Must be created after detailed discussions w/both sponsors and customers. Can occur anytime during project as well.
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Contingency Reserves : serves as buffer in recognition of scheduled risks or setbacks; usually determined by PM.
Management Reserves : buffers added to project for unforeseen changes to project scope and cost. Usually determined by Sponsor.
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PERT : (O + 4(ML) + P) / 6
??? process of compressing project duration by performing some activities concurrently that were originally scheduled sequentially. Usually no added costs but can result in increased risk and rework.
Fast-Tracking :
??? analyzes cost and schedule trade-offs to determine how to obtain greatest schedule compression for least incremental cost. Typically allocates more resources to activities on CP in effort to shorten their duration, thereby increasing project costs.
Crashing :
??? time-phased budget that will monitor and measure cost performance throughout project life cycle. Developed by adding estimated costs of project components by period. Typically includes a budget contingency to accommodate risk of incurring unidentifiable but normally occurring costs w/in the defined scope.
Cost Baseline :
??? entities that can be used to influence success of project. Policies, procedures, guidelines, formal/informal plans, templates, lessons learned documents, historical info come under OPA. May also include completed schedules, EV data, and risk data. Any updates to OPA handled by project team members.
Organizational Process Assets :
Activity : element of work package that requires action to produce a deliverable. Characteristics of activity -> has expected duration. Consumes budget and human resources.
Activity List : definitive list of activities that must be completed to produce desired project deliverables. Includes activity identifier and description of scope of work for each activity so each team member understand work required for completion. Listed in sequential order and used to estimate project duration and create project schedule.
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Elapsed Time : actual calendar time required for activity from start to finish.
Effort : measure of labor that must be applied to completion of particular task or work package.
Effort-Driven : describing a task where effort (or work) remains fixed regardless of no. of resources used to complete the work.
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??? PM and core project team operate as separate organizational unit w/in parent org. Core team members are responsible for work of extended team member in their functional area. Team members often co-located. PM reports to program manager and has significant amount of authority and independence. Ad hoc resources.
Projectized Org. :
