Control Costs by Sean Whitaker

About the Lecture

The lecture Control Costs by Sean Whitaker is from the course Archiv - PMP Training – Become a Project Management Professional (EN). It contains the following chapters:

Control Costs
Tools and Techniques
Formulas - Cost Variance
Non Cumulative CPI
Formulas - Estimate at Completion v3
Big Example
Answers

Included Quiz Questions

Which of the following would be a useful input to help you control project costs?

Project management plan.
Project charter.
Risk register.
Work performance information.

The earned value on your project is $18,000, the planned value is $20,000 and the actual cost is $15,000. What is your cost variance?

$3,000
-$3,000
$5,000
-$5,000

The earned value on your project is $15,000, the planned value is $20,000 and the actual cost is $18,000. What is your schedule variance?

-$5,000
$5,000
$3,000
-$3,000

After measuring your project performance you note that your schedule variance is $75,000. What would your BEST course of action be?

Congratulate your project team on doing well with the project but also submit the information through the approved change control process so that any updates required can be made to the schedule baseline documents.
Immediately begin fast tracking the schedule to catch up time.
Ask your project sponsor for extra funds to crash the schedule to catch up time.
Do nothing as everything is going well on your project and you are obviously a good project manager.

What is your Schedule Performance Index (SPI) is you have an Earned Value of $15,000, a CPI of 1.1 and a Planned Value (PV) of $10,000?

1.5
0.66
1.1
0.95

What is your Cost Performance Index (CPI) if you have an Earned Value (EV) of $20,000 and a Actual Cost (AC) of $20,000?

1.0
0.9
1.1
1.15

If you have a budget at completion (BAC) of $400,000 and a cost performance index of 1.1 what is your estimate at completion?

$363,000
$400,000
$440,000
$390,000

If you have an actual cost of $270,000 and an estimate to complete of $130,000 what is your estimate at completion?

$400,000
$140,000
-$140,000
$130,000

If you have an actual cost of $100,000, a budget at completion of $250,00 and an earned value of $90,000 what is your estimate at completion?

$260,000
$250,000
$150,000
$350,000

If you have an actual cost of $100,000, a budget at completion of $250,00, an earned value of $90,000, a cost performance index of 1.1 and a schedule performance index of 0.95 what is your estimate at completion?