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Project Cost Control and Earned Value Management Study Guide

This guide provides a comprehensive overview of project cost control, covering key concepts such as cost baselines, the Cost Management Plan, and the Performance Measurement Baseline (PMB). It details Earned Value Management (EVM) techniques, including Planned Value (PV), Actual Cost (AC), and Earned Value (EV). You will learn about variance analysis (Cost Variance and Schedule Variance), performance indexes (CPI and SPI), and forecasting methods like Estimate at Completion (EAC) and Estimate to

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Project Risk Management

Monitoring and Controlling Project Risks

This chapter covers project management processes in the Monitoring and Controlling process group, specifically focusing on monitoring risks, evaluating response plans, and managing project performance.

  • Monitor Risks process
  • Risk response plans
  • Technical performance analysis
  • Reserve analysis
  • Risk audits
  • Work performance information
  • Change requests
  • Workarounds
  • Risk register
  • Risk report
  • Contingency reserves
  • Corrective actions
  • Preventive actions

Project Cost Management

Controlling Project Costs and Changes

The Control Costs process monitors the project budget and manages changes to the cost baseline using earned value management to prevent cost overruns.

  • Control Costs process
  • Cost baseline
  • Cost management plan
  • Performance measurement baseline
  • Earned value analysis
  • Earned value management (EVM)
  • Planned value (PV)
  • Actual cost (AC)
  • Earned value (EV)
  • Variance analysis
  • Trend analysis
  • Reserve analysis
  • To-complete performance index (TCPI)
  • Budgeted cost of work scheduled (BCWS)
  • Actual cost of work performed (ACWP)
  • Budgeted cost of work performed (BCWP)

Analyzing Project Variances

This text examines how to calculate whether a project is progressing as planned or if variances exist in the approved baseline using earned value measurements.

  • Earned value
  • Cost Variance
  • Schedule Variance
  • Variance at completion
  • Cost performance index
  • S curve
  • Variance analysis
  • Control Costs

Forecasting Project Performance

This text explains mathematical formulas for measuring project performance through cost and schedule indexes, forecasting future conditions, and performing variance and reserve analysis.

  • Cost Performance Index (CPI)
  • Schedule Performance Index (SPI)
  • Cumulative CPI
  • Cumulative SPI
  • Trend Analysis
  • Forecasting
  • Estimate at Completion (EAC)
  • Estimate to Complete (ETC)
  • Budget at Completion (BAC)
  • Reserve Analysis
  • To-Complete Performance Index (TCPI)
  • Cost Variance (CV)
  • Schedule Variance (SV)
  • Variance at Completion (VAC)
  • Control Costs

Project Quality Management

Controlling Project Scope, Quality, and Resources

Monitoring and controlling processes ensure project results meet quality standards, requirements, and objectives through tools like control charts, Pareto diagrams, and variance analysis.

  • Control Quality
  • Validate Scope
  • Control Scope
  • Control Resources
  • Attribute sampling
  • Control charts
  • Common cause variances
  • Special-cause variances
  • Rule of 7
  • Pareto diagrams
  • Scatter diagrams
  • Scope creep
  • Earned value management
  • Cost performance index
  • Schedule performance index
  • Variance analysis
  • Trend analysis

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