# Business Project Management – Chap 13 pt.2 – Flashcards

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MathModelLastSlide & MonthlyStatusReport?
MathModelLastSlide & MonthlyStatusReport?
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Budget=PV=Baseline
Budget=PV=Baseline
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Earned Value (EV)
Budgeted cost of the work performance. X for a task = (percent complete) x (original budget). Stated differently, EV is the percent of the original budget that has been earned by actual work completed. [BCWP - budgeted cost of the work performed]
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Planned Value (PV)
The X starts with the time-phased costs that provide the project budget baseline, which is called the X of the work scheduled. The time-phased baseline. X of the work scheduled. [BCWS—budgeted cost of the work scheduled]
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Actual costs (AC)
Actual cost of the work completed. The sum of the costs incurred in accomplishing the work to date. [ACWP—actual cost of the work performed]
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Cost variance
X tells us if the work accomplished costs more or less than was planned at any point over the life of the project. X: difference between the earned value and the actual costs for the work completed to date . [X = EV - AC]
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Schedule variance (SV)
X: difference between the earned value and the baseline line to date. [X = EV - PV]
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BAC
Budgeted cost at completion. Total budgeted cost of the baseline or project direct cost accounts.
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EAC
Estimated cost at completion.
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ETC
Estimated cost to complete remaining work.
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VAC
Estimated cost to complete remaining work.
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CV (Cost variance)
Indicates if the work accomplished using labor and materials costs more or less than was planned at any point in the project.
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SV (Schedule Variance)
Presents an overall assessment in dollar terms of the progress of all work packages in the project scheduled to date.
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Baseline (PV)
An anchor point for measuring performance. The X is the sum of the cost accounts, and each cost account is the sum of the work packages in the cost account. Three direct costs are typically included in Xs: Labor, equipment and materials (and project direct overhead costs). Costs the PM can control. Overhead costs and profits are typically added later.
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Cost performance (CPI)
X index: Measures the cost efficiency of work accomplished to date. (Earned Value) / (Actual cost)
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Scheduling performance (SPI)
X index: Measures scheduling efficiency (Earned Value) / (Planned Value)
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PCIB
Percent complete index, which compare the to-date progress to the end of the project Percent complete X: Looks at percent complete in terms of budget amounts X = (Earned Value) / (Budgeted cost at completion) X = EV / BAC
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PCIC
Percent complete index, which compare the to-date progress to the end of the project Percent complete X: Views percent complete in terms of actual dollars spent to accomplish the work to date and the actual expected dollars for the completed project. X = (Actual Cost) / (Estimated cost at completion) X = AC / EAC
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EACre