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project management
Section 7
| Question | Answer |
|---|---|
| Top-down estimating | Estimate total cost first using historical/management guidance, then allocate. |
| Top-down estimating | quick estimate, less detail, management estimate. |
| Bottom-up estimating | Estimate costs at activity/work package level, then sum to total. |
| Bottom-up estimating | detailed, accurate, requires WBS. |
| Calendarized budget | Budget spread across time periods (what you planned to spend when). |
| Calendarized budget | time-phased, cash flow, planned spending. |
| EV (Earned Value) | Budgeted value of work actually completed (in $). |
| EV (Earned Value) | “value of completed work,” based on baseline. |
| PV (Planned Value) | Budgeted value of work planned/scheduled to be completed by date. |
| PV (Planned Value) | “should have been done,” baseline schedule. |
| AC (Actual Cost | Total cost incurred for work performed by date (spent). |
| AC (Actual Cost | actual spend, invoices paid + incurred. |
| BAC (Budget at Completion) | Total approved baseline budget for the entire project. |
| BAC (Budget at Completion) | total budget, full project baseline. |
| CV (Cost Variance) | negative = over budget, positive = under budget. |
| SV (Schedule Variance) | negative = behind schedule, positive = ahead |
| CPI (Cost Performance Index) | cost efficiency index. |
| SPI (Schedule Performance Index | schedule efficiency. |
| EVM appropriate when? | When you need to measure cost + schedule performance against baselines. Keywords: performance vs baseline, progress tracking. |
| What is the appropriate next planning action this project manager should take to utilize the cost, duration, and sequencing information for these activities? | Completing top-down estimates |
| Which output is needed prior to using the bottom-up estimating technique? | Work breakdown structure |
| What is the purpose of the cost performance index (CPI)? | To measure a project’s cost efficiency |
| What is the purpose of the schedule performance index (SPI)? | To determine a project’s time efficiency |
| What is the purpose of cost variance (CV) analysis? | To determine if a project is meeting budget expectations |
| What is the name for the closing task where all project activities are reviewed to determine what went right and what went wrong? | Lessons learned review |
| What is another name for the lessons learned review that is often used by the military and other uniformed services? | After action report |
| The customer of a project validates that scope has been completed for the second of three segments of the project. Which closure practice does this describe? | Stage completion |
| Parametric | Uses historical data and statistical relationships to estimate cost or duration based on a measurable unit. (parameters, formulas, ratios) |
| One-Point Estimating | A single estimate based on experience or expert judgment. (experienced consultant, routine task, low uncertainty) |
| Three-Point Estimating | Optimistic (O), Most likely (M), Pessimistic (P) (safer estimate) |
| Iteration Completion | Customer validates work completed for a single iteration (common in Agile). |
| Phase Completion | Formal approval at the end of a project phase before moving to the next phase.( phase gate, end of feasibility, review before continuing) |
| Deliverable Completion | Customer validates a specific deliverable has been completed and accepted.(Deliverable = tangible item) |
| Stage Completion | Final closure of the entire project — scope accepted, invoices paid, benefits realized. |
| The customer of a project validates that the project scope has been completed, all invoices have been paid, and the expected benefits have been realized. Which closure practice does this describe? | Deliverable completion |
Created by:
ltay774