Knowledge areas Flashcards
(51 cards)
EVM Terms
- PV
- EV
- AC
- BAC
- EAC
- ETC
- VAC
– PV: plan to value (budgeted value of work planned to be done)
– EV: earned value (budgeted value of work completed)
– AC: actual costs (actual cost of work completed – total)
- BAC: budget at completion (cost baseline)
– EAC: estimate at completion (expected total cost aka: forecast)
- ETC: estimate to complete (expected remaining cost, from now)
- VAC: variance at completion (expected variance over or under budget)
How many knowledge areas are there and what are they?
I Saw Tom Chucking Quails Happily while Conversing with Rogue Penguins Swimming.
– Project integration management – Project scope management – Project time management – Project cost management – Project quality management – Project human resource management – Project communication management – Project risk management – Project procurement management – Project stakeholder management
EAV Terminology
- CV
- SV
- CPI
- SPI
- EAC
- ETC
- VAC
- TCPI
-CV: cost variance. EV-AC (negative is bad positive good)
-SV: schedule variance. EV-PV (negative is bad positive good)
-CPI: cost performance index. EV/AC (under 1 is bad, over 1 is good)
-SPI: schedule performance index. EV/PV (under 1 is bad, over 1 is good)
-EAC: estimate at completion.
AC+(BAC-EV) - atypical
BAC/CPI - assumes rate of spending will continue – typical)
-ETC: estimate to complete. EAC-EC (value of work remaining)
-VAC: variance at completion. BAC-EAC (negative is bad, positive is good)
-TCPI: to complete performance index.
(BAC-EV)/(BAC-AC) (optimal rate to complete budget)
(BAC-EV)/(EAC-AC) (original budget can’t be achieved)
Point of total assumption
Point at which the seller has to pay for any further cost overruns
PTA = Target price + ((ceiling price-Target price)/buyers share)
Procurement management
– FFP – FPIF – FP–EPA – CPPC – CPFF – CPIF – CPAF – T&M
– FFP: Firm fixed price (most common, solar covers cost increases)
– FPIF: Fixed price plus incentive fee (includes performance bonus)
– FP–EPA: Fixed price with economic price adjustment (used on long-term projects. Buyer covers inflation costs. Buyer has some risk)
– CPPC: Cost plus percentage of cost (seller reimburses plus a percentage)
– CPFF: Cost plus fixed fee (reimbursed for cost plus fixed $ fee)
– CPIF: Cost plus incentive fee (reimbursed for cost-plus objective bonus)
– CPAF: Cost plus award fee (reimbursed for cost plus objective bonus)
– T&M: Time and Materials (moderate risk to buyer)
Develop project charter
Initiating– Project integration management
Identify stakeholder
Initiating – project stakeholder management
Develop project management team
Planning – project integration management
Plan scope management
Planning – project scope management
Collect requirements
Planning – project scope management
Define scope
Planning – project scope management
Create WBS
Planning – project scope management
Plan schedule management
Planning – project time management
Define activities
Planning – project time management
Sequence activities
Planning – project time management
Estimate activity resources
Planning – project time management
Estimate activity duration
Planning – project time management
Develop schedule
Planning – project time management
Plan cost management
Planning – project cost management
Estimate cost
Planning – project cost management
Determine budget
Planning – project cost management
Plan quality management
Planning – project quality management
Plan human resource management
Planning – project human resource management
Plan communication management
Planning – project communication management
