It is a master plan, which has been executed at the end of the planning phase of a project. It can not be changed.
Project Management (ENG) — Ünite 7 Soru-Cevap
Project Management (ENG) (ISL358U) soru-cevapları.
What is baseline plan?
How is Man-hour calculated?
Man-hour is calculated as multiplying workforce by duration.
What are the three important metrics that can be used to define the size of a project?
Three important metrics can be used to define the size of a project: project completion time (PCT), budget, and workload.
What does budget mean?
Budget means the total cost to be spent for the whole project.
What does tardiness mean?
Tardiness means delay. If an activity or a project delays, this situation may cause serious problems such as penalty payoff.
What are the four steps you should follow in order to evaluate and control a project?
In order to evaluate and control a project ,you should follow these four steps (Larson, & Clifford, 2011): 1. Setting a baseline plan 2. Measuring progress and performance 3. Comparing plan with the actual 4. Taking action
What are the basic indicators to evaluate a project in terms of cost and workload?
The first one is the cost performance index (CPI) and the other one is the schedule performance index (SPI).
What does BAC (Budget at Completion) mean?
BAC is budget of an activity or a project, and it is also called the baseline cost which means the cost of the baseline plan.
What does setup cost mean?
It means the money spent for any kind of setup. It may be transportation cost, warming or cooling of a machine cost, amortization cost, per usage cost of a machine, and so on.
What does fixed cost mean?
Fixed cost means the money spent to do a job. For example, if you need a special machine to do a job and if you buy this machine, the cost of machine is a fixed cost
What does it mean when CPI is equal to one at the status date?
It means actual spending has been realized in accordance with the baseline plan.
How many different PC (Percentage Complete) values are there?
Two different PC values. The first one defines the percentage complete according to planned workload by the status date, and it is called PCp, planned percentage completion. It is assumed that planned workload is linear versus time. The second one is PCa, and it shows the percentage complete according to actual (performed) workload by the status date.
What is CPI (Cost Performance Index)?
This indicator shows the financial performance of the project. CPI is the ratio of earned value to actual cost. In other words, it shows the value of work performed against actual spending.
What is SPI (Schedule Performance Index)?
This indicator shows the schedule performance (work performed) of the project. SPI is the rate of earned value in the planned budget.
What does TCPI (To Complete Performance Index) mean?
TCPI shows the performance to be done after the status date in order to meet the project budget and the schedule targets. TCPI is achieved by dividing the rest of earned value into the rest of the budget as follows: TCPI=(BAC-BCWP)/(BAC-ACWP)
What is EAC (Estimate at Completion)?
Predicted budget. In other words, budget to be obtained at project finish date if the speed of project remains like that.
What does BV (Budget Variance) mean?
Budget deviation. This value may be negative. If so, that means there is a budget exceed and it requires additional money. The opposite means the budget gives surplus.
What does CV (Cost Variance) mean?
Cost deviation. If this value is negative, that means value for work has not been earned as spent actually.
What does SV (Schedule Variance) mean?
Schedule deviation as a monetary value. If SV is negative, that means the project is behind the plan against work performed.
What does SVI (Schedule Variance Index) mean?
Percentage of schedule deviation as monetary value.