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Project Management Flashcards

7 cards from real ASHRAE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Project Management flashcards as text

  1. An HVAC retrofit has Earned Value (EV) of $180,000 and Actual Cost (AC) of $200,000. What is the Cost Performance Index (CPI), and what does it indicate?

    Answer: 0.90, over budget

    CPI = EV/AC = 180,000/200,000 = 0.90, so each dollar spent produced only $0.90 of planned work.

  2. Planned Value is $250,000 and Earned Value is $225,000. What is the Schedule Performance Index (SPI)?

    Answer: 0.90

    SPI = EV/PV = 225,000/250,000 = 0.90, which means the project is behind schedule.

  3. How is Cost Variance (CV) calculated in earned value management?

    Answer: EV − AC

    CV = EV − AC, and a negative result means the work cost more than planned.

  4. An energy recovery ventilator costs $50,000 to install and saves $12,500 per year. What is the simple payback period?

    Answer: 4 years

    Simple payback = first cost ÷ annual savings = 50,000 ÷ 12,500 = 4 years.

  5. Which economic method best compares HVAC alternatives by accounting for first cost, energy, maintenance, and replacement over the system's life?

    Answer: Life-cycle cost analysis

    Life-cycle cost analysis discounts all costs over the study period to a common basis, as described in ASHRAE Handbook—HVAC Applications.

  6. What is the purpose of a contingency reserve in an HVAC project budget?

    Answer: Covering identified risks and unforeseen conditions within the approved scope

    A contingency covers known-unknowns such as concealed conditions without needing a new funding approval.

  7. A team proposes a different chilled-water pumping arrangement that delivers the required function at lower life-cycle cost. This is an example of:

    Answer: Value engineering

    Value engineering looks for alternatives that keep the required function while improving value or lowering cost.