Chapter 4 Flashcards

(24 cards)

1
Q

Actual Cost (AC)

A

For predictive, the actual monies the project has required to date. For agile, the cost of the work actually completed in the iteration.

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2
Q

Budget at Completion (BAC)

A

Refers to the total estimated cost of a project. It is calculated by adding up the costs of all the individual tasks or activities that need to be completed in order to deliver the project. BAC is used to track the project’s budget over time. It can be compared to the actual cost of the project to see if the project is on budget. If the actual cost is more than the BAC, the project is over budget. If the actual cost is less than the BAC, the project is under budget.

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3
Q

Cause-and-Effect Diagram

A

A graphical representation of a known and identified effect and the potential causes of the effect. Also called a fishbone or Ishikawa diagram. One of the seven basic quality tools.

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4
Q

Check Sheet

A

A standardized list of activities, processes, and steps that need to be completed during quality management activities. One of the seven basic quality tools.

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5
Q

Contract

A

A formal agreement, usually in writing, between two or more parties that clearly defines their obligations, roles, and responsibilities.

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6
Q

Control Chart

A

Illustrates the stability of a process and enables the project management team to determine whether the process may have trends and predictability: Uses upper and lower control limits. One of the seven basic quality tools.

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7
Q

Cost of Conformance to Quality

A

The cost associated with the monies spent to attain the expected level of quality, such as the cost of training, complying with safety issues, and purchasing the appropriate equipment and materials, which all contribute to the expected levels of quality. Also known as prevention and appraisal costs.

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8
Q

Cost of Nonconformance to Quality

A

The cost associated with not satisfying the quality expectations. Also known as the cost of poor quality or the cost of failure.

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9
Q

Cost Performance Index (CPI)

A

Computes the percentage of how costs are over or under budget for work accomplished. The formula is CPI = EV / AC. A value of 1 means the project is exactly on budget. See also actual cost (AC) and earned value (EV).

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10
Q

Cost Variance (CV)

A

The computed variance of actual cost from the cost baseline. The formula is CV = EV – AC. See also actual cost (AC) and earned value (EV).

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11
Q

Decomposition

A

The technique of breaking down high-level descriptions into their component parts. When used in the creation of a WBS, decomposition is used down to the work package level.

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12
Q

Earned Value (EV)

A

A technique for measuring project performance and progress. It is a way to measure how much work has been completed against the plan. Earned value is calculated by multiplying the budget for all completed work by the percentage of work that is complete.

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13
Q

Earned Value Analysis (EVA)

A

A technique used in project management to track and evaluate project progress based on the budget and schedule. EVA compares the actual cost and progress of the project against the planned cost and progress to determine whether the project is on track, behind schedule, or over budget.

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14
Q

Estimate at Completion (EAC)

A

The expected total cost of completing the project. The formula is EAC = BAC / CPI. See also budget at completion (BAC) and cost performance index (CPI).

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15
Q

Flowchart

A

A tool for showing in graphical form the steps in a process. One of the seven basic quality tools.

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16
Q

Histogram

A

A tool for showing amount or frequency of a variable. Also called a bar chart. Histogram is one of the seven basic quality tools.

17
Q

Issue

A

An event that has happened, that reoccurs, or that is going to happen that will likely disrupt the project; considered negative; recoverable or can be mitigated in some way.

18
Q

Pareto Diagram

A

A histogram that shows the categories of failure within a project. Ranks the failures from largest to smallest, which then enables the project management team to attack the largest problems within the project. Based on Pareto’s Law, which states that 80 percent of the problems are related to 20 percent of the causes. One of the seven basic quality control tools.

19
Q

Planned Value (PV)

A

The work scheduled and the budget authorized to accomplish that work. PV = percent complete of where the project should be.

20
Q

Scatter Diagram

A

A tool for graphically representing the results of two variables. You can use a scatter diagram to help visualize the correlation between the dependent variables, such as the project’s budget, against the independent variables, such as errors in the project, changes to the project, and any delays stakeholders may have caused to the project. One of the seven basic quality tools.

21
Q

Schedule Performance Index (SPI)

A

Computes the percentage of how costs are over or under budget for work planned. The formula is SPI = EV / PV. A value of 1 means the project is exactly on schedule. See also earned value (EV) and planned value (PV).

22
Q

Schedule Variance (SV)

A

The computed variance of actual schedule completion against the schedule baseline. The formula is SV = EV – PV. See also earned value (EV) and planned value (PV).

23
Q

Work Breakdown Structure (WBS)

A

A hierarchical decomposition of the project broken down to work package level. This structure should be used to identify all the activities that need to be completed.

24
Q

Work Breakdown Structure (WBS) Dictionary

A

A document providing additional information about each node in a WBS. The milestone list would be found in your WBS dictionary.