Cost, Risk & Quality Flashcards
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Terms in this set
- Earned Value Management A method that integrates scope, schedule, and cost to measure project performance against the plan.
- Planned Value (PV) The authorized budget assigned to the work scheduled to be completed by a point in time.
- Earned Value (EV) The budgeted value of the work actually completed at a point in time.
- Actual Cost (AC) The real cost incurred for the work completed at a point in time.
- Cost Performance Index (CPI) A measure of cost efficiency calculated as earned value divided by actual cost.
- Schedule Performance Index (SPI) A measure of schedule efficiency calculated as earned value divided by planned value.
- Risk Register A document that records identified risks, their analysis, and planned responses.
- Qualitative Risk Analysis Prioritizing risks by assessing their probability and impact, usually on a relative scale.
- Quantitative Risk Analysis Numerically analyzing the combined effect of risks on project objectives.
- Cost of Quality The total cost of conformance (prevention and appraisal) and nonconformance (failures) related to quality.
- Control Chart A graph that shows whether a process is stable and within acceptable control limits over time.