PRO 3002 Pam Soderholm Welcome To Class!. In Earned Value Analysis, what does “AC” stand for?...
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Transcript of PRO 3002 Pam Soderholm Welcome To Class!. In Earned Value Analysis, what does “AC” stand for?...
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PRO 3002Pam Soderholm
Welcome To Class!
In Earned Value Analysis, what does “AC” stand for?
Actual Cost of Work Performed
QUALITY
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The Cost Management Processes Are:
• Plan Cost Management• Estimate Costs• Determine Budget• Control Costs
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Which Estimating Technique Primarily Uses Values From a Previous, and Similar Project?
A) Parametric Estimating
B) Analogous Estimating
C) Three-Point Estimating
D) Bottom-Up Estimating
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“The same work under the same conditions will be estimated differently by ten different estimators or by one estimator at ten different times.”
- Unknown
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Parametric Estimating uses Relevant Historical Data…
TRUEor
FALSE
What is PMI’s Definition of a Project?
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A Temporary Endeavor Undertaken to Create a Unique Product, Service, or
Result.
Schedule Variance = Earned Value – Planned Value
Cost Variance = Earned Value – Actual Cost
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Given the Information Below, What is the Schedule Variance?
A) SV= 5,000
B) SV = 5
C) SV = 60
D) SV = 40
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What is PMI’s Definition of Project Management?
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The Application of Knowledge, Skills, Tools, and Techniques to Project
Activities to Meet The Project Requirements.
“Estimating is what you do when you don’t know.”
- Sherman Kent, Father of Intelligence Analysis
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What Formula is Used to Determine the Cost
Performance Index (CPI)?
Earned Value (EV) / Actual Cost (AC)
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How to Interpret Earned Value:
When analyzing Schedule Variance, Remember:Positive Variance : Ahead of ScheduleNegative Variance : Behind Schedule
When analyzing Cost Variance, Remember:Positive Variance : Under BudgetNegative Variance : Over Budget
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