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Project Management Ch. 7 Flashcards

QuestionAnswer
The total project cost is often estimated during the _____ phase of the project or when the project charter or a proposal is prepared. initiating
_____ can be used as on the current project. Historical data
As the project progresses, the project team can _____ the estimated costs as more information is known or becomes clear to allow for more accurate estimated costs. progressively elaborate
The project budgeting process has two steps: 1. The project cost estimate is allocated to the various work packages in the project work breakdown structure. 2. The budget for each work package is distributed over the duration of the work package.
Allocating total project costs for the various elements to the appropriate work packages will establish a _____ for each work package. total budgeted cost (TBC)
There are two approaches to establishing the TBC for each work package: _____ and_____. top-down; bottom-up
The _____ is the amount budgeted to accomplish the work scheduled to be performed up to that point in time. cumulative budgeted cost (CBC)
Once the project starts, it’s necessary to keep track of _____ so they can be compared to the CBC. actual cost and committed cost
Costs are _____ when an item is ordered, even though actual payment may take place at some later time. committed
_____, the value of the work actually performed, is a key parameter that must be determined throughout the project. Earned value
The following four cost-related measures are used to analyze project cost performance: TBC (total budgeted cost) CBC (cumulative budgeted cost) CAC (cumulative actual cost) CEV (cumulative earned value)
The _____ is a measure of the cost efficiency with which the project is being performed. cost performance index (CPI)
Cost performance index = _____/_____ Cumulative earned value/Cumulative actual cost or CPI = CEV/CAC
When the CPI goes_____ 1.0 or gradually gets smaller, corrective action should be taken. below
Another indicator of cost performance is _____, which is the difference between cost variance (CV)
Cost variance = _____ – _____ Cumulative earned value - Cumulative actual cost or CV = CEV – CAC
The first method assumes the remaining work will be done at the same rate of efficiency as the work performed so far: Forecasted cost at completion = _____/_____ Total budgeted cost/Cost performance index
A 2nd method for determining forecasted cost at completion assumes that the remaining work will be done according to budget: Forecasted cost at completion = _____ + _____ Cumulative actual cost + (Total budgeted cost – Cumulative earned value)
A third method for determining the forecasted cost at completion is to re-estimate the costs for all the remaining work to be performed and add this re-estimate to the cumulative actual cost: Forecasted cost at completion = _____ +_____ Cumulative actual cost + (Total budgeted cost – Cumulative earned value)
The key to effective cost control is to analyze _____ on a regular and timely basis. cost performance
It’s crucial that _____ and inefficiencies be identified early so that corrective action can be taken before the situation gets worse. cost variances
Estimated activity costs must be based on the _____. estimated activity resources
Cost estimates should be _____ and _____. reasonable; realistic
If at any time during the project it is determined that the project is overrunning the budget, or the value of the work performed is not keeping up with the actual amount of costs expended, _____ must be taken immediately. corrective action
As part of the regular cost performance analysis, the estimated or _____ should be calculated. forecasted cost at completion (FCAC)
Created by: akomm11
 

 



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