SMARTSHEET PROJECT MANAGEMENT
CERTIFICATION 2026 COMPREHENSIVE
REVIEW AND TESTED CONCEPTS
◉ Planned Value (PV). Answer: The portion of the approved total
cost estimate planned to be spent on an activity during a given
period. Planned % Complete x BAC
◉ Actual Cost (AC). Answer: The realized cost incurred for the work
performed on an activity during a specific time period.
◉ Budget at Completion (BAC). Answer: The sum of all budgets
established for the work to be performed.
◉ Estimate to Complete (ETC). Answer: The expected cost to finish
all the remaining project work. EAC - AC
◉ Estimate at Completion (EAC). Answer: The expected total cost of
completing all work expressed as the sum of the actual cost to date
and the estimate to complete. BAC / CPI
,◉ Cost Performance Index (CPI). Answer: A measure of the cost
efficiency of budgeted resources expressed as the ratio of earned
value to actual cost. EV / AC
◉ Schedule Performance Index (SPI). Answer: A measure of
schedule efficiency expressed as the ratio of earned value to planned
value. EV / PV
◉ To-Complete Performance Index (TCPI). Answer: A measure of the
cost performance that is required to be achieved with the remaining
resources in order to meet a specified management goal, expressed
as the ratio of the cost to finish the outstanding work to the
remaining budget. (BAC - EV) / (BAC - AC)
◉ Cost Variance (CV). Answer: EV - AC
Negative is over budget; positive is under budget
◉ Schedule Variance (SV). Answer: EV - PV
Negative is behind schedule; positive is ahead of schedule
◉ Variance at Completion (VAC). Answer: A projection of the amount
of budget deficit or surplus, expressed as the difference between the
budget at completion and the estimate at completion. BAC - EAC
,◉ Economic Value Added (EVA). Answer: Net operating profit after
taxes minus (capital x cost of capital); a measure of the economic
value of an investment or project
◉ Future Value (FV). Answer: the value of future cash flows
discounted at the appropriate discount rate FV = PV(1+r)^n
◉ Return on Invested Capital (ROIC). Answer: Net income after tax /
Invested Tax (smaller is better)
◉ Order of Magnitude Estimate. Answer: A high-level estimate of the
time and cost of a project based on the actual cost and duration of a
similar project. -50% to +100%
◉ Conceptual Estimate. Answer: a cost estimate based on very little
design information and using gross unit pricing to determine the
project cost. -30% to +50%
◉ Preliminary Estimate. Answer: -20% to +30% estimate range
◉ Definitive Estimate. Answer: -15% to +20% estimate range
◉ Control Estimate. Answer: -10% to +15% estimate range
, ◉ Delphi Technique. Answer: A decision-making technique in which
group members do not meet face-to-face but respond in writing to
questions posed by the group leader. Prevents biasing opinions and
groupthink.
◉ Nominal Group Technique. Answer: Brainstormed ideas are voted
upon and sorted by priority
◉ Scope Baseline. Answer: The approved version of a scope
statement, work breakdown structure (WBS), and its associated
WBS dictionary, that can be changed only through formal change
control procedures and is used as a basis for comparison.
◉ Baseline. Answer: The original plan plus all approved changes
(scope, schedule, cost)
◉ Functional Organization. Answer: Departmentalization around
specialized activities such as production, marketing, and human
resources.
◉ Projectized Organization. Answer: Any organizational structure in
which the project manager has full authority to assign priorities,
apply resources, and direct the work of persons assigned to the
project.
CERTIFICATION 2026 COMPREHENSIVE
REVIEW AND TESTED CONCEPTS
◉ Planned Value (PV). Answer: The portion of the approved total
cost estimate planned to be spent on an activity during a given
period. Planned % Complete x BAC
◉ Actual Cost (AC). Answer: The realized cost incurred for the work
performed on an activity during a specific time period.
◉ Budget at Completion (BAC). Answer: The sum of all budgets
established for the work to be performed.
◉ Estimate to Complete (ETC). Answer: The expected cost to finish
all the remaining project work. EAC - AC
◉ Estimate at Completion (EAC). Answer: The expected total cost of
completing all work expressed as the sum of the actual cost to date
and the estimate to complete. BAC / CPI
,◉ Cost Performance Index (CPI). Answer: A measure of the cost
efficiency of budgeted resources expressed as the ratio of earned
value to actual cost. EV / AC
◉ Schedule Performance Index (SPI). Answer: A measure of
schedule efficiency expressed as the ratio of earned value to planned
value. EV / PV
◉ To-Complete Performance Index (TCPI). Answer: A measure of the
cost performance that is required to be achieved with the remaining
resources in order to meet a specified management goal, expressed
as the ratio of the cost to finish the outstanding work to the
remaining budget. (BAC - EV) / (BAC - AC)
◉ Cost Variance (CV). Answer: EV - AC
Negative is over budget; positive is under budget
◉ Schedule Variance (SV). Answer: EV - PV
Negative is behind schedule; positive is ahead of schedule
◉ Variance at Completion (VAC). Answer: A projection of the amount
of budget deficit or surplus, expressed as the difference between the
budget at completion and the estimate at completion. BAC - EAC
,◉ Economic Value Added (EVA). Answer: Net operating profit after
taxes minus (capital x cost of capital); a measure of the economic
value of an investment or project
◉ Future Value (FV). Answer: the value of future cash flows
discounted at the appropriate discount rate FV = PV(1+r)^n
◉ Return on Invested Capital (ROIC). Answer: Net income after tax /
Invested Tax (smaller is better)
◉ Order of Magnitude Estimate. Answer: A high-level estimate of the
time and cost of a project based on the actual cost and duration of a
similar project. -50% to +100%
◉ Conceptual Estimate. Answer: a cost estimate based on very little
design information and using gross unit pricing to determine the
project cost. -30% to +50%
◉ Preliminary Estimate. Answer: -20% to +30% estimate range
◉ Definitive Estimate. Answer: -15% to +20% estimate range
◉ Control Estimate. Answer: -10% to +15% estimate range
, ◉ Delphi Technique. Answer: A decision-making technique in which
group members do not meet face-to-face but respond in writing to
questions posed by the group leader. Prevents biasing opinions and
groupthink.
◉ Nominal Group Technique. Answer: Brainstormed ideas are voted
upon and sorted by priority
◉ Scope Baseline. Answer: The approved version of a scope
statement, work breakdown structure (WBS), and its associated
WBS dictionary, that can be changed only through formal change
control procedures and is used as a basis for comparison.
◉ Baseline. Answer: The original plan plus all approved changes
(scope, schedule, cost)
◉ Functional Organization. Answer: Departmentalization around
specialized activities such as production, marketing, and human
resources.
◉ Projectized Organization. Answer: Any organizational structure in
which the project manager has full authority to assign priorities,
apply resources, and direct the work of persons assigned to the
project.
