M7 CONCEPTS Flashcards
(27 cards)
the set of procedures and management practices used to collect information about the performance achieved or forecasted in a project and the developing organization, based on a set of performance metrics.
Project Monitoring
- make adjustments to meet project goals project control involves the following processes:
- analyzing the causes of performance problems,
- designing changes to address problems that are determined to need attentions, and
- implementing those changes through control actions.
Project Control
Quantitatively measures actual performance against the plan and acts as early warning systemto diagnose major problems while management action can still be effective in achieving solutions.
Project Control System
a structure where the total cost for the project including the direct costs plus indirect costs, contingency reserve, and profit.
Cost Breakdown Structure (CBS)
rovide a reference standard against which to compare actual or forecast results.
Estimates
What has already happened.
Actuals
What is expected to happen to the project and its elements in the future
Forecasts
How far actual and forecast results differ from those which were planned or estimated.
Variances
Anticipated or unexpected circumstances that account for the actual and forecast behavior of the project and its operations, and especially that explain significant variances from the plan.
Reasons
Actions and allowable practices for Project Control
- Selectivity and Sub-reporting
- Variances
- Management by Exception
TRUE OR FALSE
Milestone dates are required for the start only of each subcontractor’s work
FALSE
required for START and COMPLETION
TRUE OR FALSE
Note that subcontractors are employees of the general contractor, and their work must be excluded in the total project schedule.
FALSE
NOT employees of the general contractor, their work must be INCLUDED
TRUE OR FALSE
To have an effective cost control, the trends of the cost must be established as soon as possible, and be compared against both the planned and the actual progress so that management can take remedial action if required.
TRUE
provides the analytical methods and procedures for monitoring, analyzing, forecasting, and controlling the costs on a construction project.
Cost Engineering
basic document against which the cost engineer measures and compares actual progress.
Control Budget
o shows the integrated relationship of
the basic components of a project:
* scope (work),
* budget (cost), and
* schedule (time)
o A good summary level report for
the status of the overall project.
Integrated Cost/Schedule/Work Graph
Project Control Conditions
a. Over budget and behind schedule
b. Under budget and behind schedule
c. Under budget and ahead of schedule
d. Over budget and ahead of schedule
For management to have a clear vision ahead and be able to anticipate problems, reports must look to the future as well as document the past.
Forecasting and Trending
Information reported must be received in time so that, if necessary, corrective action may be taken on those operations that generated the information.
Feedback Time
- utilized to determine the overall percentage of completion for the entire project
- can be connected to the project budget, represented in work hours or cost.
Earned Value System
Formula of Scheduled Variance (SV)
BCWP - BCWS
Formula for Schedule Performance Index (SPI)
BCWP/BCWS
Formula for Cost Variance (CV)
BCWP - ACWP
Formula for Cost Performance Index (CPI)
BCWP/ACWP
