1. PRO 3020 Pam Soderholm Welcome To Class!

2. In Earned Value Analysis, what does “AC” stand for? Actual Cost of Work Performed

3. The Cost Management Processes Are: Plan Cost Management Estimate Costs Determine Budget Control Costs

4. Which Estimating Technique Primarily Uses Values From a Previous, and Similar Project? A) Parametric Estimating B) Analogous Estimating C) Three-Point Estimating D) Bottom-Up Estimating

5. “The same work under the same conditions will be estimated differently by ten different estimators or by one estimator at ten different times.” - Unknown

6. Parametric Estimating uses Relevant Historical Data… TRUE or FALSE

7. What is PMI’s Definition of a Project? A Temporary Endeavor Undertaken to Create a Unique Product, Service, or Result.

8. Schedule Variance = Earned Value – Planned Value Cost Variance = Earned Value – Actual Cost

9. Given the Information Below, What is the Schedule Variance? A) SV= 5,000 B) SV = 5 C) SV = 60 D) SV = 40

10. What is PMI’s Definition of Project Management? The Application of Knowledge, Skills, Tools, and Techniques to Project Activities to Meet The Project Requirements.

11. “Estimating is what you do when you don’t know.” -Sherman Kent, Father of Intelligence Analysis

12. What Formula is Used to Determine the Cost Performance Index (CPI)? Earned Value (EV) / Actual Cost (AC)

13. How to Interpret Earned Value: When analyzing Schedule Variance, Remember: Positive Variance : Ahead of Schedule Negative Variance : Behind Schedule When analyzing Cost Variance, Remember: Positive Variance : Under Budget Negative Variance : Over Budget

14. Life Cycle Costing Considers The Effect of Project Decisions On The Cost of The Following: Using The Product Maintaining The Product Supporting The Product Disposing of The Product