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1 PMP Exam Prep Coaching Program Project Part 1 Presented by Vinai Prakash, PMP 1 Project Plan Estimate s Determine Budget 2 Vinai Prakash, PMCHAMP.COM 1
2 Process of monitoring the status of the project to update the project costs and managing changes to the cost baseline. Key benefit: is that it provides the means to recognize variance from the plan in order to take corrective action and minimize risk. 3, similar to scope and schedule control, is concerned with: Influencing the factors that create changes to the cost baseline to ensure changes are agreed on Determining whether the cost baseline has changed Managing the changes when they occur A Change Control System defines procedures by which the cost baseline can be changed Performance measurement techniques help to assess the magnitude of any variances that will invariably occur Earned Value is the key technique discussed in the PMBOK 4 Vinai Prakash, PMCHAMP.COM 2
3 5 Earned Value Acronym Term Interpretation As of today PV Planned Value What is the estimated value of the work planned to be done? EV Earned Value What is the estimated value of the work actually accomplished? AC Actual What is the actual cost incurred for the work accomplished? BAC Budget At Completion How much did we Budget for the Total Project effort? 6 Vinai Prakash, PMCHAMP.COM 3
4 Earned Value Name Formula Interpretation As of today CV Variance CV = EV -AC Negative : Exceeded Budget Positive : Under Budget SV Schedule Variance SV = EV - PV Negative : Behind Schedule Positive : Ahead of Schedule CPI Performance Index SPI Schedule Performance Index CPI = EV / AC SPI = EV / PV We are getting $X of work done out of every $1 spent <1 : Exceeded Budget >1 : Under Budget We are progressing at X times the rate originally planned <1 : Behind Schedule >1 : Ahead of Schedule 7 Name Formula Interpretation as of today EAC As of now, how much do we expect the total project to cost? EAC Estimate At Completion Earned Value EAC = BAC / CPI EAC = AC + Bottom Up ETC EAC = AC + (BAC EV) Used if no variances from the BAC have occurred, or spending will continue at the same time (CPI expected to be same for the remainder of the project). Actual + a new estimate for remaining work. Used when original estimate was fundamentally wrong, and no longer valid. Actual + remaining budget. Used when current variances are not thought to be typical of the future AC + the remaining value of work to be performed. Future work will be done at planned rate. EAC= AC + [ (BAC EV) / (CPI * SPI) ] Actual + remaining budget modified by performance. Used when current variances are thought to be typical for the future. 8 Vinai Prakash, PMCHAMP.COM 4
5 Earned Value - TCPI 9 To-Complete Performance Index (TCPI) 9 Earned Value Name Formula Interpretation As of today To Complete Performance Index (TCPI) ETC Estimate To Completion VAC Variance At Completion (BAC EV) / (BAC AC) ETC = EAC - AC VAC = BAC - EAC This formula divides the work remaining to do by the money remaining to do it. It answers the question of In order to stay within budget, what rate must we meet for the remaining work? How much more will the project cost? How much over or under budget will we be at the end of the project? 10 Vinai Prakash, PMCHAMP.COM 5
6 Earned Value Today Original Spending Plan PV BAC Actual Spending Plan Forecast Spending Plan AC ETC EAC 11 Thanks for Watching! End of Part 1 of. Continue to Part 2 of this video lesson, to do many mock questions and try your hand at answering cost related PMP questions. 12 Vinai Prakash, PMCHAMP.COM 6
7 PMP Exam Prep Coaching Program Project Part 2 Presented by Vinai Prakash, PMP 13 You are a project manager for a small construction project. Your project was budgeted for US$72,000 over a six week period. As of today, you ve spent US$22,000 of your budget to complete work that you originally expected would cost US$24, 000. According to your schedule, you should have spent US$30,000 by this point. Based on these circumstances, your proejct could be BEST described as: Budgeted Budget At Completion (BAC) Spent - Actual (AC) Originally expected Earned Value (EV) Should have spent Planned Value (PV) A. Under Budget B. Over budget C. On budget D. Not having enough information provided 14 Vinai Prakash, PMCHAMP.COM 7
8 Earned Value 15 Earned Value Example You planned to finish task A today at a scheduled cost of $1,200. You Have spent $1,000 to date but are only 75% complete. What are the cost and schedule variances? PV = $1,200 AC = $1,000 EV = 75% of $1200 = $900 CV = EV AC = = -$100 SV = EV PV = = -$300 Task A has exceeded budget (by $100) and is behind schedule 16 Vinai Prakash, PMCHAMP.COM 8
9 Earned Value Example For the previous task, what is the Performance Index, and the Schedule Performance Index? CPI = EV / AC CPI = 900 / 1,000 = 0.9 (CPI is less than 1, so we have exceeded budget) SPI = EV / PV SPI = 900 / 1,200 = 0.75 (SPI is less than 1, so we are behind schedule) 17 A manufacturing project has a schedule performance index (SPI) of 0.89 and a cost performance index (CPI) of Generally, what is the best explanation for why this occurred? A. The scope was changed B. A supplier went out of business and a new one needed to be found C. Additional equipment needed to be purchased D. A critical path activity took longer and needed more labour hours to complete 18 Vinai Prakash, PMCHAMP.COM 9
10 You are PM responsible for constructing a new stadium for the upcoming Sports Carnival. Construction begins on a project over a year ago. The stakeholders of the project want a status report on performance of the project to date. You have obtained the following measurements: BAC = 500, ETC = 200, PV = 500, AC = 200, EV = 300, CPI = 1.5. You believe the type of variances that have occurred on the project to date are typical and expect these variances to continue throughout the project. What is the EAC for the project? A. 422 B. 400 C. 250 D Inputs Project management plan Project funding requirements Work performance data Organizational process assets 20 Vinai Prakash, PMCHAMP.COM 10
11 Tools & Techniques Earned value management Forecasting To-complete performance index (TCPI) Performance reviews Project management software Reserve analysis 21 Outputs Work performance information forecasts Change requests Project management plan updates Project document updates Organizational process assets updates 22 Vinai Prakash, PMCHAMP.COM 11
12 Thanks for Watching! End of Project Next Knowledge Area is Project Quality There will be a Mini test at the end of the, and some extra tips provided to you. 23 Vinai Prakash, PMCHAMP.COM 12
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