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Are project managers responsible for budget requirements?
Yes & No. The Project Manager is responsible for running the project within budget but the overall project budget is allocated by the Senior Management or in some cases the Customer. The project manager works on the budget given to him and then manages the project in a way that he is within budget
What is earned value?
EVM is a technique to monitor/track projects. EVM has 2 important index statistics: CPI and SPI. CPI is the cost performance index, and if it's >= 1 it means that the project is OK with the budget, if it's < 1, it means that the project is over-budget. SPI is the schedule performance index, and if it's >=1 it means that the project is on schedule or ahead of schedule, if it < 1, it means that the project is behind schedule.
What is the job of a project manager?
The job of the Project Manager is to (among many, of course): - Manage the project - Manage stakeholders - Monitor the project's budget and schedule - Develop the project plan - Manage project conflicts
What is project performance monitoring?
Project performance is measured by comparing the project execution to the performance measurement baseline, which is an approved integrated plan for scope, schedule, and cost for the project, as explained here:• Cost baseline - This is the planned budget for the project over a time period, used as a basis against which to measure, monitor, and control the cost performance of the project. The cost performance is measured by comparing the actual cost to the planned cost over a time period.• Schedule baseline - This is a specific version of the project schedule developed from the schedule network analysis and the schedule model data. This is the approved version of the schedule with a start date and an end date, and it is used as a basis against which the project schedule performance is measured.• Scope baseline - This is the approved project scope that includes the approved project scope statement, the WBS based on the approved project scope statement, and the corresponding WBS dictionary.
What is schedule report in project management?
A report as to the status of the schedule: * Is the project on schedule, or falling behind or going to finish early * Is it on / below / above budget * What has been completed since the last report * What is currently in progress * What is going to be done between now and the next report * Issues that need to attention for the project to complete on time * Risk factors that could affect the outcome, and what is being done about them
Are project managers responsible for budget requirements?
Yes & No. The Project Manager is responsible for running the project within budget but the overall project budget is allocated by the Senior Management or in some cases the Customer. The project manager works on the budget given to him and then manages the project in a way that he is within budget
How does earned value give a clearer picture of project schedule and cost status than a simple plan versus actual system?
If SPI < 1, then the project is behind schedule, otherwise it's on or ahead of schedule. If CPI < 1, then the project is over budget, otherwise it's on budget, or under budget.
What is earned value?
EVM is a technique to monitor/track projects. EVM has 2 important index statistics: CPI and SPI. CPI is the cost performance index, and if it's >= 1 it means that the project is OK with the budget, if it's < 1, it means that the project is over-budget. SPI is the schedule performance index, and if it's >=1 it means that the project is on schedule or ahead of schedule, if it < 1, it means that the project is behind schedule.
What is the job of a project manager?
The job of the Project Manager is to (among many, of course): - Manage the project - Manage stakeholders - Monitor the project's budget and schedule - Develop the project plan - Manage project conflicts
What is a project engineer?
An engineer that has full responsibility and authority of the entire project from conception to completion. Responsible for schedule, budget, changes, deliverables, an updating stakeholders.
What factors need to be considered when defining the project?
Each project should define:StakeholdersProject goalsResources (people, budget etc).Deadline (schedule)MilestonesProject scopeKnown constraintsRisk management
Why are control accounts essential in a work breakdown structure or WBS?
They enable project managers to compare earned value against the project's performance in terms of scope, budget, and schedule
What is deliverable structure chart?
DSC can be developed as an interim step to define detailed work packages that will be used to estimate the project schedule and budget
What is project monitoring?
Project performance is measured by comparing the project execution to the performance measurement baseline, which is an approved integrated plan for scope, schedule, and cost for the project, as explained here:• Cost baseline - This is the planned budget for the project over a time period, used as a basis against which to measure, monitor, and control the cost performance of the project. The cost performance is measured by comparing the actual cost to the planned cost over a time period.• Schedule baseline - This is a specific version of the project schedule developed from the schedule network analysis and the schedule model data. This is the approved version of the schedule with a start date and an end date, and it is used as a basis against which the project schedule performance is measured.• Scope baseline - This is the approved project scope that includes the approved project scope statement, the WBS based on the approved project scope statement, and the corresponding WBS dictionary.
What is project performance monitoring?
Project performance is measured by comparing the project execution to the performance measurement baseline, which is an approved integrated plan for scope, schedule, and cost for the project, as explained here:• Cost baseline - This is the planned budget for the project over a time period, used as a basis against which to measure, monitor, and control the cost performance of the project. The cost performance is measured by comparing the actual cost to the planned cost over a time period.• Schedule baseline - This is a specific version of the project schedule developed from the schedule network analysis and the schedule model data. This is the approved version of the schedule with a start date and an end date, and it is used as a basis against which the project schedule performance is measured.• Scope baseline - This is the approved project scope that includes the approved project scope statement, the WBS based on the approved project scope statement, and the corresponding WBS dictionary.
What is schedule report in project management?
A report as to the status of the schedule: * Is the project on schedule, or falling behind or going to finish early * Is it on / below / above budget * What has been completed since the last report * What is currently in progress * What is going to be done between now and the next report * Issues that need to attention for the project to complete on time * Risk factors that could affect the outcome, and what is being done about them
Which of the following is not part of the project control base?
The project control base typically includes elements such as the project schedule, budget, resources, and scope. However, risk management is not typically considered as part of the project control base, although it is an important aspect of project management.
