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Description
Flashcards by Lukas Berger, updated more than 1 year ago
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Created by Lukas Berger
over 7 years ago
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| Question | Answer |
| Cost Estimation, Budgeting & Project Control: Types of Costs: | -Direct Vs. Indirect Recurring Vs. Nonrecurring Fixed Vs. Variable Normal Vs. Expedited |
| Cost Estimation | Ballpark (order of magnitude) ±30% Comparative ±15% Feasibility ±10% Definitive ±5% |
| Creating a Project Budget The budget is... | a plan that identifies the resources, goals and schedule that allows a firm to achieve those goals |
| Activity-based costing (ABC) 4 steps: | 1. Assign costs to activities that use resources 2. Identify cost drivers associated with this activity 3. Compute a cost rate per cost driver unit or transaction 4. Multiply the cost driver rate times the volume of cost driver units used by the project |
| Budget Contingencies(unvorhergesehenes) are needed because: | • Project scope may change • Murphy’s Law is present • Cost estimation must anticipate interaction costs |
| The Project Control Cycle: |
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| The Project S-Curve: compares difference between budgeted costs and actual costs here 10.000$ |
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| Milestone Analysis Milestones are events or stages of the project that represent a significant accomplishment. | Milestones.. … signal the team and suppliers … can motivate the team … offer reevaluation points … help coordinate schedules … identify key review gates … delineate work packages |
| Tracking Gantt Chart | Project status is updated by linking task completion to the schedule baseline |
| What characteristics are in Earned Value Management`? | Costs Performance Schedule |
| 5 Steps in Earned Value Management | 1. Clearly define each activity including its resource needs and budget 2. Create usage schedules for activities and resources 3. Develop a time-phased budget (PV) 4. Total the actual costs of doing each task (AC) 5. Calculate both the budget variance (CV) and schedule variance (SV) |
| Earned Value Example |
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| Earned Value Example Schedule Variances | Planned Value (PV) = 38 = 15+10+10+3 Earned Value (EV) = 30 = 15+8+6+1 Schedule Performance Index = .79 = 30/38 = EV/PV Estimated Time to Completion = (1/.79)x4=5 |
| Cost Variances | Actual Cost of Work Performed (AC) = 40 = 8+11+8+13 Cost Performance Index = .75 = 30/40 = EV/AC Estimated Cost to Completion = 50.7 = (1/.75)x38 |
| Completion Values in EVM | Accurate and up-to-date information is critical in the use of EVM |
| What are the Human Factors in Project Evaluation & Control | Optimistic progress reports Level of detail Process evaluation Non-technical performance measurement |
| 10 Critical Success Factors in the Project Implementation Profile | 1. Project mission 2. Top management support 3. Project plans & schedules 4. Client consultation 5. Personnel 6. Technical tasks 7. Client acceptance 8. Monitoring & feedback 9. Communication channels 10. Troubleshooting |
| Costs in a project There are four types of Cost on a project: Direct, Indirect, Fixed, and Variable. Please characterize them shortly | direct: price for computer Indirect: Electricity in office Fixed:Book cover price independent from how many books are sold Variable: the more i produce, the more it costs ex: the price for number of books |
| Please characterize four techniques that You can use for estimating the costs of a project | Analogous Estimate - Compare to a previous project. Parametric - Parameters around which the estimate is built. Bottom Up - Individuals items are estimated, then summed for the total cost. Computerized Tools - Individuals items are estimated, then summed for the total cost. |
| What is meant by cost budgeting? | involves the overall cost estimates to individual activities or work packages to establish a cost baseline for measuring project performance |
| What is meant by cost control? | controlling the costs by calculation the costs in each task to be done and specificly timed activities |
| Describe the different Earned Value Data Variables? |
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| Describe the different Earned Value Index Variables? |
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| Describe the different Earned Value Variances? |
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