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C722 - module 31, 32

Project Management

TermDefinition
earned value (EV) is the dollar value of all work completed to date. This is based on the baseline budgeted cost of each activity.
actual cost (AC) is the total dollar value of costs incurred to date. This includes work and invoices already paid as well as any expenses that have been incurred but not yet invoiced or paid.
planned value (PV) is the dollar value of all work scheduled to have been completed to date. This is based on the baseline schedule and the calendarized baseline budget.
budget at completion (BAC) is the approved total baseline budget approved for the completed project
50/50 rule assigns 50% complete as soon as an activity is started and the activity is considered 100% upon completion. There are no percentages assigned in between so every activity can quickly be assigned a value of 0%, 50%, or 100%.
0/100 rule assigns 0% to activities that have not been started and those that are in progress. Completed activities are assigned 100%. Every activity in the project is assigned a value of either 0% or 100%.
cost variance (CV) CV = EV − AC compares the difference between the EV and the AC to determine if the project is meeting its budget expectations.
cost performance index (CPI) CPI = EV / AC uses the same inputs as the CV measure but combines them using a ratio that creates a measure of cost efficiency.
schedule variance (SV) SV = EV − PV compares differences between the EV and the PV to determine if the project is meeting its schedule expectations or if there is a variance.
schedule performance index (SPI) SPI = EV / PV uses the same inputs as the SV measure but combines them using a ratio that creates a measure of time efficiency.
to complete performance index (TCPI) TCPI = (BAC − EV) / (BAC − AC) is essentially what the CPI will need to be for the remainder of the project if the team intends to finish on budget. TCPI is calculated by dividing the remaining work by the remaining budget
percent complete index is a measure of how much of the total project work has been completed
estimate to completion (ETC) ETC = (BAC − EV) / CPI provides an estimate of how much money will be needed to complete the project
estimate at completion (EAC) EAC = AC + ETC is the new forecast of how much more in total the project is expected to cost once completed.
lessons learned teaches current or future project managers, project teams, and others what can work well and what may not work well. This can help avoid unnecessary expenditure of resources on future projects.
after action review (AAR) what the military called the lessons learned review
vendor closing checklist
checklist can be very useful in verifying that products and services ordered were delivered on time and as ordered
Created by: drister05
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