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CH13 Progress and Performance Measurement and Evaluation - Coggle Diagram
CH13 Progress and Performance Measurement and Evaluation
Control chart
The process of comparing actual performance against plan to identify deviations, evaluate courses of action, and take appropriate corrective action
Glossary of Terms
VAC
Cost variance at completion. VAC indicates expected actual over- or under-run cost at completion.
BAC
Budgeted cost at completion. Total budgeted cost of the baseline or project cost accounts.
CV
Cost variance is the difference between the earned value and the actual costs for the work completed to date where CV = EV – AC.
EV
Earned value for a task is simply the percent complete times its original budget. Stated differently,
EV is the percent of the original budget that has been earned by actual work completed.
SV
Schedule variance is the difference between the earned value and the baseline line to date where SV = EV – PV.
Performance Indexes
Percent complete index—budget costs (PCIB)
EV/BAC
Schedule performance index (SPI)
Measures scheduling efficiency to date.
Cost performance index (CPI)
Measures the cost efficiency of work accomplished to date.
Percent complete index—actual costs (PCIC)
AC/EAC
Forecasting Final Project Cost
Estimated Cost at Completion—Forecasted (EACf)
Uses actual costs-to-date plus an efficiency index to project final costs in large projects where the original budget is unreliable.
Estimated Cost at Completion—Revised Estimates (EACre)
Allows experts in the field to change original baseline durations and costs because new information tells them the original estimates are not accurate.
To complete performance index (TCPI)
Measures the amount of value each remaining dollar in the budget must earn to stay within the budget.
A ratio less than 1.00 indicates an ability to complete the project without using all of the remaining budget.
Scope creep
Scope creep in project management refers to changes, continuous or uncontrolled growth in a project’s scope, at any point after the project begins.
This can occur when the scope of a project is not properly defined, documented, or controlled. It is generally considered harmful.
Tracking Gantt chart
To forecast the Baseline Gantt Chart
Baseline budget
Costs are placed exactly as they are expected to be “earned” in order to track them to their point of origin.