Project + Quick Flashcards

Schedule Variance (SV)

compares the actual progress on a project component to what was planned for a given time period. SV is calculated by subtracting Earned Value (EV) from Planned Value (PV).

Cost Variance (CV)

is the difference between earned value and actual cost at a given point in time.

Planned Value (PV)

represents the authorized and budgeted cost related to a specific project activity or component over a specific time period.

Actual Cost (AC)

is the cost actually incurred for a specific project activity or component over a specific time period.

______ is a document that details project risks. A risk register is created and updated during the Execution phase of a project.

risk register

A Responsibility Assignment Matrix (RAM)

is typically created during the Initiation phase of the project life cycle. A RAM uses a RACI chart and defines stakeholder responsibilities. 

A time and materials contract is a cross between what two types of contracts?

Fixed-price contracts have a predefined price that is made explicit upfront and therefore have highly predictable pricing. 

Cost-reimbursable contracts are more variable in pricing, as the buyer agrees to reimburse the seller for project-related costs which may not be defined yet. 

A project manager is reviewing financial data for an active project. They notice that actual spending for a task was higher than the budget for the period. 

Which of the following statements accurately describe the metrics involved in making this determination? (Select THREE.)

Planned Value (PV) represents the authorized and budgeted cost related to a specific project activity or component over a specific time period

Actual Cost (AC) is the cost actually incurred for a specific project activity or component over a specific time period. Comparing AC and PV would determine the difference in budgeted versus actual costs. 

PV & AC can be compared to determine the spending versus the budget.

Earned Value (EV)

_________ is the value of the work that has been completed compared to the budgeted amount (Planned Value—PV). EV is commonly represented as a percentage of work completed relative to the budget. 

RFI (Request for Information

used early when you don't even know what solutions exist. You are just "fact-finding" from vendors.

RFP (Request for Proposal):

You know the problem, but want vendors to propose their unique technical solution and pricing.

RFQ (Request for Quote):

You know the problem, but want vendors to propose their unique technical solution and pricing.

SOW (Statement of Work)

The formal document defining the specific scope, deliverables, timeline, and location of work required from a vendor.

Step 10-12 of the change control process

10.implement change 11.Validate change implementation 12.Communicate change deployment // In Voice Chat

step 7-9 of the change control process

7. Escalate to CCB 8.Status documented & communicated 9.Update project plan // Esther Shares Ubiquitously

Steps 4-6 of the change control process

4.Assess Impact 5.Recommendation documentation 6.Determine decision makers; // Andrew Rages Daily

step 1-3 of the change control process

1. Create Request 2.Log the request 3.Preliminary Review // Craig Loves Partying

Channels formula

( n x (n-1)) / 2