Knowledge Checks - Chapter 7 Flashcards Preview

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Flashcards in Knowledge Checks - Chapter 7 Deck (15):
1

The estimate that takes little time to create, but is not very accurate, is known as an __ estimate

top down

2

The rough order of magnitude estimate ranges from __ % to __ %

-50%, 50%

3

The key output of the Estimate Costs process is __ __ __

activity cost estimate

4

A __ __ __ is a detailed analysis on how the cost estimate was derived

basis of estimate

5

The tool that addresses the variance between the funding limit and the planned expenditures for the project is called the __ __ __

funding limit reconciliation

6

The two types of monetary reserves on a project are identified as __ reserve and __ reserve

contingency, management

7

The main output of the Control Costs process is __

budget forecast

8

The cost baseline includes the __ __ whereas the cost (total) budget includes the __ and the __ __

contingency reserve, contingency, management reserves

9

What the work of the project is supposed to have cost by a specific point in the schedule is called the __ __, whereas the total amount that the work should cost for the entire project is called the __ __ __

planned value, budget at completion

10

The formula for CPI = __ / __

EV / AC

11

The formula for SPI = __ / __

EV / PV

12

A new budget forecast is created to address variances in the project and replaces the BAC. This new forecast is called the __ __ __

Estimate to complete (ETC)

13

The amount of money that remains to be spent on a project that is 1/3 complete is called the __ __ __

Estimate to completion

14

The formula for TCPI = __ - __ / __ - __

BAC-EV / BAC-AC

15

The formula for variance at completion (VAC) = __ - __

BAC - EAC