9.Project Monitoring Flashcards

(20 cards)

1
Q

What is the purpose of project monitoring?

A

To quantitatively track progress against planned schedule and cost.

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2
Q

What is Earned Value Analysis (EVA)?

A

A method that evaluates project performance using planned, actual, and earned costs.

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3
Q

What is a milestone in project monitoring?

A

A significant project event tied to a deliverable, used to track progress.

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4
Q

What does BCWS stand for?

A

Budgeted Cost of Work Scheduled – the planned cost for scheduled work.

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5
Q

What does BCWP stand for?

A

Budgeted Cost of Work Performed – the earned value for completed work.

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6
Q

What does ACWP stand for?

A

Actual Cost of Work Performed – the real cost incurred for completed work.

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7
Q

How is Schedule Variance (SV) calculated?

A

SV = BCWP - BCWS. Negative SV means the project is behind schedule.

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8
Q

How is Cost Variance (CV) calculated?

A

CV = BCWP - ACWP. Negative CV means the project is over budget.

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9
Q

What is the Schedule Performance Index (SPI)?

A

SPI = BCWP / BCWS. SPI < 1 indicates delay.

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10
Q

What is the Cost Performance Index (CPI)?

A

CPI = BCWP / ACWP. CPI < 1 indicates overspend.

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11
Q

How is Estimated Completion Time (ECT) calculated?

A

ECT = Planned Duration / SPI.

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12
Q

How is Estimated Cost of Completion (ECC) calculated?

A

ECC = Total Budget / CPI.

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13
Q

What does a negative cost variance (CV) imply?

A

The work done cost more than budgeted.

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14
Q

What does a SPI less than 1.0 mean?

A

The project is behind schedule.

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15
Q

Why is comparing ACWP to BCWP important?

A

It shows whether actual cost aligns with budgeted cost for completed work.

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16
Q

Why can a project be under budget but behind schedule?

A

Less work has been completed than planned, resulting in lower spend.

17
Q

Why might a project manager limit how far ahead a task gets?

A

To avoid accelerated spending beyond what is necessary.

18
Q

What does CPI > 1 mean?

A

The project is costing less than expected for the work completed.

19
Q

What are common issues EVA helps identify?

A

Delays, overspending, underperformance relative to plan.

20
Q

What are the three core components of EVA?

A

BCWS, BCWP, and ACWP – representing schedule, earned, and actual costs.