PS 8

Cost Variance (CV) = Earned Value - ___________. Budget at Completion (BAC) Schedule Variance (SV) Budgeted cost of remaining work (BCRW) Actual Cost (AC)

Actual Cost (AC)

The cost incurred for completing a scheduled task or WBS component is the Budget At Completion (BAC) Actual Cost (AC) Planned Value (PV) Estimate at Completion (EAC)

Actual Cost (AC)

Information distribution includes all of the following EXCEPT: Web-based technologies Telephone, e-mail, and other wireless devices Face-To-Face Meetings All of these are examples of information distribution

All of these are examples of information distribution

The total planned cost of the project is computed before the project work begins. This metric is called the _________. Budget At Completion (BAC) Planned Value (PV) Actual Cost (AC) Estimate at Completion (EAC)

Budget At Completion (BAC)

A _________ shows how the scope, features or functionality, or work is being completed over time. Budget report Status report Burn-down Chart Progress report

Burn-down Chart

If we know the Actual Cost of a WBS component, what other value do we need to know in order to calculate the cost performance index (CPI)? Expected Time Complete (ETC) Earned Value (EV) Budget at Completion (BAC) Budget costs of remaining work (BCRW)

Earned Value (EV)

A metric that provides an estimate of money needed to finish the scheduled work that remains at a given point in time is _________. Budget At Completion (BAC) Actual Cost (AC) Estimate To Complete (ETC) Estimate at Completion (EAC)

Estimate To Complete (ETC)

The metric that provides an estimate of the most likely total or final cost of the project based on the project's performance and any risks that should be considered is the: Planned Value (PV) Estimate at Completion (EAC) Actual Cost (AC) Budget At Completion (BAC)

Estimate at Completion (EAC)

A _________ predicts the future status or progress of the project. Budget report News report Forecast report Progress report

Forecast report

If you hired a consulting firm to develop a system which is estimated to take four months to complete with the tasks evenly divided over the four months and you agree to pay for the project with equal monthly installments, those payments would be called _____. Actual Cost (AC) Budget At Completion (BAC) Planned Value(PV) Earned Value (EV)

Planned Value (PV)

The budgeted cost of work scheduled for an activity or component of the WBS is the _____. Actual Cost (AC) Planned Value (PV) Expected to Complete (ETC) Budget At Completion (BAC) Estimate at Completion (EAC)

Planned Value (PV)

A _________ is a formal or informal meeting that shows evidence of project work that has been completed and provides a forum for surfacing issues, problems, decision-making. Project review Budget review News review Forecast session

Project review

A _________ describes the present state of the project and compares the project's actual progress to the baseline plan. Close-Out report News report Status report Budget report

Status report

Which of the following is not likely a characteristic of a good project metric? Cost Effective Subjective Quantifiable High Impact

Subjective

Barring a change in project scope and given a Cost Performance Index (CPI) that is less than 1, the most reasonable inference to draw is that: The project will likely cost less than planned. The project will likely cost more than planned. The project will likely finish later than planned. The project will likely finish earlier than planned.

The project will likely cost more than planned.

Barring a change in project scope and given a Schedule Performance Index (SPI) that is greater than 1, the most reasonable inference to draw is that: The project will likely finish later than planned. The project will likely cost less than planned. The project will likely cost more than planned. The project will likely finish earlier than planned.

The project will likely finish earlier than planned.

Earned Value tells us __________ how much of the budget we have left to spend on the project how much we budgeted to spend at the beginning of the project how much of the budget we really should have spent on the work completed so far how much we actually spent for work completed

how much of the budget we really should have spent on the work completed so far

Actual Cost (AC) is __________ how much of the budget we really should have spent on the work completed so far how much of the budget we have left to spend on the project how much we actually spent for work completed how much we budgeted to spend at the beginning of the project

how much we actually spent for work completed

Budget At Completion (BAC) is __________ how much we actually spent for work completed how much we budgeted to spend total on the project at the beginning of the project how much of the budget we really should have spent on the work completed so far how much of the budget we have left to spend on the project

how much we budgeted to spend total on the project at the beginning of the project

Estimate at Completion (EAC) is __________ how much of the budget we have left to spend on the project how much we budgeted to spend at the beginning of the project how much we expect to have spent total on the project when it's complete how much of the budget we really should have spent on the work completed so far

how much we expect to have spent total on the project when it's complete

Schedule Variance (SV) is __________ how much time it took to complete the work how much time it should have taken to complete the task the difference between the current progress and the original schedule how long we expected the task to take

the difference between the current progress and the original schedule

Cost Variance (CV) is __________ how much we actually spent for work completed the difference between the earned value and how much we have actually spent how much we budgeted to spend at the beginning of the project how much of the budget we have left to spend on the project

the difference between the earned value and how much we have actually spent