CSPM Time, Cost & Resource Management Flashcards

A project's Cost Variance (CV) is -$20,000 and its Earned Value (EV) is $80,000. What is the Actual Cost (AC)?

Answer: $100,000

CV = EV – AC, so AC = EV – CV = $80,000 – (–$20,000) = $100,000.

What scheduling technique splits a task and allows another higher-priority task to use the resource temporarily?

Answer: Preemptive scheduling

Preemptive scheduling interrupts a lower-priority task so a higher-priority task can use the shared resource.

Which document formally authorizes a project and provides the project manager with authority to apply organizational resources?

Answer: Project charter

The project charter formally authorizes the project and grants the project manager authority to allocate resources.

A schedule compression technique that overlaps phases or tasks that would normally be done sequentially is called:

Answer: Fast tracking

Fast tracking overlaps sequential activities to shorten the project schedule, often increasing risk.

In the critical chain method, what is a 'project buffer' used for?

Answer: Protecting the project end date from accumulated uncertainties

A project buffer in the critical chain method absorbs uncertainty from all tasks on the critical chain to protect the final project due date.

When should a project manager use analogous cost estimating?

Answer: Early in the project when limited information is available

Analogous estimating uses data from similar past projects and is most useful early on when detailed information is scarce.

A project is 50% complete with a BAC of $200,000, EV of $80,000, and AC of $100,000. What is the CPI?

Answer: 0.80

CPI = EV / AC = $80,000 / $100,000 = 0.80, meaning the project is getting only 80 cents of value for every dollar spent.