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PRO 3002Pam Soderholm

Welcome To Class!

In Earned Value Analysis, what does “AC” stand for?

Actual Cost of Work Performed

QUALITY

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The Cost Management Processes Are:

• Plan Cost Management• Estimate Costs• Determine Budget• Control Costs

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Which Estimating Technique Primarily Uses Values From a Previous, and Similar Project?

A) Parametric Estimating

B) Analogous Estimating

C) Three-Point Estimating

D) Bottom-Up Estimating

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“The same work under the same conditions will be estimated differently by ten different estimators or by one estimator at ten different times.”

- Unknown

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Parametric Estimating uses Relevant Historical Data…

TRUEor

FALSE

What is PMI’s Definition of a Project?

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A Temporary Endeavor Undertaken to Create a Unique Product, Service, or

Result.

Schedule Variance = Earned Value – Planned Value

Cost Variance = Earned Value – Actual Cost

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Given the Information Below, What is the Schedule Variance?

A) SV= 5,000

B) SV = 5

C) SV = 60

D) SV = 40

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What is PMI’s Definition of Project Management?

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The Application of Knowledge, Skills, Tools, and Techniques to Project

Activities to Meet The Project Requirements.

“Estimating is what you do when you don’t know.”

- Sherman Kent, Father of Intelligence Analysis

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What Formula is Used to Determine the Cost

Performance Index (CPI)?

Earned Value (EV) / Actual Cost (AC)

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How to Interpret Earned Value:

When analyzing Schedule Variance, Remember:Positive Variance : Ahead of ScheduleNegative Variance : Behind Schedule

When analyzing Cost Variance, Remember:Positive Variance : Under BudgetNegative Variance : Over Budget

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