TCPI formula
(BAC - EV) / (BAC - AC).
The project manager
Responsible for authoring the project charter
Closing
Name the process group in which stakeholders have the least amount of influence.
PV (planned value)
The cost of work that has been authorized and budgeted for a work component during a given timeframe. This is a figure used in EVM formulas and is also referred to as budgeted cost of work scheduled (BCWS).
AC (Actual Costs)
Direct and indirect costs are included in?
Crashing the project
When you apply more resources to a project in order to complete it more quickly
A Guide to the PMBOK
Name the PMI standard that denotes all of the institute's project management wisdom.
Program
A grouping of projects that are working toward a common goal
AC (actual cost)
Cost of completing the work component in a given time period. This is a figure used in EVM formulas.
Project management office (PMO)
Some companies have a centralized area where all formal project activities take place.
CPI formula
EV / AC.
Distribute Information process.
This process is concerned with getting stakeholders the information about the project in a timely manner. This is accomplished using status reports, project meetings, review meetings, and so on.
CV (Cost Variance) formula
EV - AC.
SV (Schedule Variance) formula
EV - PV
Barriers a project manager might face when managing teams.
Time zones, language and communication, cultural, hierarchical, and technological
SPI (Schedule Performance Index) forumla
EV / PV.
EV (earned value)
value of the work completed to date as it compares to the budgeted amount (PV). This is a figure used in EVM formulas and is also referred to as the budgeted cost of work performed (BCWP).
Fast tracking
beginning two tasks at the same time that were previously scheduled to begin sequentially.
VAC (Variance Analysis) formula
BAC - EAC.
ETC (Estimate to Complete)
the forecast of the cost of all the remaining project work. This figure is usually provided by the project team members.
Monitoring and controlling risk
implementing the risk response plan, tracking and monitoring identified risks, and identifying and responding to new risks as they occur.
Budget at completion (BAC)
The total amount of the project budget for a work package, control account, or schedule activity, or for the project.
Cause-and-effect diagram
A Quality Control technique that shows the relationship between the effects of problems and their causes. This is also known as an Ishikawa diagram and a fishbone diagram.
Collocated
When team members work together at the same physical location.
Common causes of variances
Variances that come about as a result of circumstances that are common to the process you're performing and are easily controlled at the operational level.
Types of common cause variances
random, known or predictable, and variances that are always present in the process.
Communications management plan
Documents the types of information needs the stakeholders have, when the information should be distributed, and how the information will be delivered.
Communications planning
Determines the communication needs of the stakeholders, when and how the information will be received, and who will receive the information.
Control chart
A graph of the variance of several samples of the same process over time based on a mean, an upper control limit, and a lower control limit.
Cost baseline
The total approved, expected cost of the project created in the planning process. It's used as a comparison to actual project expenses throughout the remainder of the project.
Cost budgeting
Assigning cost estimates to activities and creating the cost baseline, which measures the performance of the project throughout the project's life.
Cost Control
A process that measures the project spending to date, determines whether changes have occurred to the cost baseline, and takes action to deal with the changes. This process monitors the budget and manages changes to the cost baseline.
Cost estimating
Developing an estimation of the cost of resources needed for each project activity.
Cost of quality
The cost of all of the work required to assure the project meets the quality standards. The three costs associated with the cost of quality are prevention costs, appraisal costs, and failure costs.
CPI (Cost performance index)
Measures the value of the work completed at the measurement date against actual cost. This is the most critical of all EVM measurements.
Cost performance index (CPI) formula
EV / AC.
CV (Cost variance)
The difference between a task's value at the measurement date and its actual cost.
CV (Cost variance) formula
EV - AC.
Cost-benefit analysis
A commonly used benefit measurement method that calculates the cost of producing the product, service, or result of the project and compares this to the financial gain the project is expected to generate.
Cost-reimbursable contract
Provides the seller with payment for all costs incurred to deliver or produce the product or service requested.
Earned value (EV)
The value of the work completed to date as it compares to the budgeted amount for the work component.
Earned value measurement (EVM)
Tool and technique of the Cost Control process that compares what you're received or produced as of the measurement date to what you've spent. The three measurements needed to perform are planned value (PV), actual cost (AC), and earned value (EV).
Estimate at completion (EAC)
A forecast of the total cost of the project based on both current project performance and the remaining work.
Estimate at completion (EAC) formula
AC + ETC
Estimate to complete (ETC)
The cost estimate for the remaining project work. This estimate is provided by the project team members.
Ishikawa diagram
A Quality Control technique that shows the relationship between the effects of problems and their causes. This is also known as a cause-and-effect diagram and fishbone diagram.
Pareto diagram
A Quality Control technique used to rank importance of a problem based on its frequency of occurrence over time. This diagram is more commonly referred to as the 80/20 rule, which says that the majority of defects are caused by a small set of problems.
Performance reporting
Collecting information regarding project progress and project accomplishments and reporting it to the stakeholders, project team members, management team, and other interested parties. It also makes predictions regarding future project performance.
Planned value (PV)
The cost of work that's been budgeted for an activity during a certain time period.
Planning
The process group where the project plans are developed that will be used throughout the project to direct, monitor, and control work results. The primary result of this process is the project plan.
Quality control
Monitoring work results to see whether they fulfill the quality standards set out in the quality management plan; determines whether the end product conforms to the requirements and product description defined during the planning processes.
Quality management plan
Describes how the project management team will enact the quality policy and documents the resources needed to carry out the quality plan. It describes the responsibilities of the project team in implementing quality and outlines all the processes and proc
Quality planning
Identifying the quality standards applicable for the project and how they'll be fulfilled.
Quantitative risk analysis
A complex analysis technique that uses a mathematical approach to numerically analyze the probability and impact of risk events.
Quantitatively based durations
A duration estimate obtained by applying a productivity rate of the resource performing the task.
Run chart
A Quality Control tool and technique that shows variation in the process over time or shows trends such as improvements or the lack of improvements in the process.
To-complete performance index (TCPI)
The projected performance level that must be achieved in the remaining work of the project in order to satisfy financial or schedule goals.
To-complete performance index (TCPI) formula
(BAC ? EV) / (BAC ? AC).
Trend analysis
A mathematical technique that can be used to predict future defects based on historical results.
Variance analysis (VAC)
The comparison of planned project results with actual project results.
Variance analysis (VAC) formula
BAC ? EAC.