Lesson 7 Quiz--Project Management (Daniels)

What is the realized cost incurred for the work performed on an activity during a specific time period?

Actual Costs (AC).

What document is considered as an input in the Determine Budget process which includes cost information for purchased goods or services included in the overall project budget?

Agreements.

What formula is used to calculate estimate at completion?

BAC/CPI (Budget at Completion/Cost Performance Index).

What technique can establish both the contingency reserves and the management reserves for the project?

Budget Reserve Analysis.

What element refers to the amount of variance the sponsor or stakeholders are willing to allow before action is required?

Control Threshold.

What is a measure of the value of work completed compared to the actual cost or progress made on the project?

Cost Performance Index (CPI).

What is the difference between EV (earned value) and AC (actual costs)?

Cost Variance (CV).

What is defined as the expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete?

EAC (Estimate at Completion).

What determines the amount of cost required to complete the project work?

Estimate Costs.

What is the expected cost to finish all the remaining project work?

Estimate to Complete (ETC).

What processes provide guidance and direction on how the project costs will be managed throughout the project?

Plan Cost Management.

What includes planned start and finish dates for the project's activities, milestones, work packages, and control accounts?

Project Schedule.

What component of the project management plan in the Plan Cost Management process helps to identify, analyze, and monitor risks?

Risk Management Plan.

What plan provides processes and controls that will impact cost estimation and management during the Plan Cost Management process?

Risk Management Plan.

What is a measure of progress achieved compared to progress planned on a project?

Schedule Performance Index (SPI).

What does a schedule performance index (SPI) of 1.365 depict?

Schedule performance is better than expected.

What includes the project scope statement and WBS detail for cost estimation and management?

Scope Baseline.

The CPI (cost performance index) is reported as .94. What does this value indicate?

The projects performance is less than expected.

Analogous estimates and parametric estimates are used to determine the __________ of the project.

Total Cost.

What examines project performance over time to determine if performance is improving or deteriorating?

Trend Analysis.