Tracking Work Flashcards
Chapter 10
What are Project Controls?
- observation
- measurement
- analysis
used to predict/understand/influence the TIME and COST of PROJECT
What are the Triple Constraints AKA Indicators of Project Control
Time (Schedule)
Cost (Budget)
Scope (Performance, results)
How can you control a project?
- Budget
- Schedule
- Quality
- Labour supply and productivity
- Material resources and delivery
- Cash-flow projections
CBS (Cost Breakdown Structure) vs WBS (Work Breakdown Structure)
CBS - Ecompasses all elements of project from profit to staffing and work/contracts (indirect and direct)
WBS - direct indicators only, ie. breaks down only the work to be completed within project
Percent Complete Matrix
technique used to determine overall status of project
_ + _ = percent matrix
estimated cost + percent complete
Proportional Rule
Ratio of Cost Expended to Cost Budgeted
Critical Input Rule
Assigns progress based on a critical input such as:
- labour
- skill
- mashine use, etc.
Earned-Value System
a way of measuring overall performance
EV = Budgeted cost x % complete
Budgeted Cost of Work Scheduled (BCWS) or Planned Value (PV)
The sum of budgets for all work packages scheduled to be
accomplished within a given time period
Budgeted Cost of Work Performed (BCWP) or Earned Value (EV)
The sum of budgets for completed work packages and completed
portions of open work packages
Actual Cost of Work Performed (ACWP) or Actual Cost (AC)
The actual cost incurred in accomplishing the work
Scheduled Time of the Work Performed (STWP) or Scheduled
Time (ST)
The planned time to complete the work packages
Cost Variance (CV)
The difference between the earned and actual costs
Schedule Variance (SV)
The difference between the earned and planned schedule
