9.Project Monitoring Flashcards
(20 cards)
What is the purpose of project monitoring?
To quantitatively track progress against planned schedule and cost.
What is Earned Value Analysis (EVA)?
A method that evaluates project performance using planned, actual, and earned costs.
What is a milestone in project monitoring?
A significant project event tied to a deliverable, used to track progress.
What does BCWS stand for?
Budgeted Cost of Work Scheduled – the planned cost for scheduled work.
What does BCWP stand for?
Budgeted Cost of Work Performed – the earned value for completed work.
What does ACWP stand for?
Actual Cost of Work Performed – the real cost incurred for completed work.
How is Schedule Variance (SV) calculated?
SV = BCWP - BCWS. Negative SV means the project is behind schedule.
How is Cost Variance (CV) calculated?
CV = BCWP - ACWP. Negative CV means the project is over budget.
What is the Schedule Performance Index (SPI)?
SPI = BCWP / BCWS. SPI < 1 indicates delay.
What is the Cost Performance Index (CPI)?
CPI = BCWP / ACWP. CPI < 1 indicates overspend.
How is Estimated Completion Time (ECT) calculated?
ECT = Planned Duration / SPI.
How is Estimated Cost of Completion (ECC) calculated?
ECC = Total Budget / CPI.
What does a negative cost variance (CV) imply?
The work done cost more than budgeted.
What does a SPI less than 1.0 mean?
The project is behind schedule.
Why is comparing ACWP to BCWP important?
It shows whether actual cost aligns with budgeted cost for completed work.
Why can a project be under budget but behind schedule?
Less work has been completed than planned, resulting in lower spend.
Why might a project manager limit how far ahead a task gets?
To avoid accelerated spending beyond what is necessary.
What does CPI > 1 mean?
The project is costing less than expected for the work completed.
What are common issues EVA helps identify?
Delays, overspending, underperformance relative to plan.
What are the three core components of EVA?
BCWS, BCWP, and ACWP – representing schedule, earned, and actual costs.
