ISM3541 EXAM 1 STUDY GUIDE | 2024 |
COMPLETE SOLUTION | GRADED A+
Define Cost Performance Index (CPI) - It measures the value of work completed
compared to the actual cost spent on the project.
Define Cost Performance Index (CPI) per the PMBOK Guide - "The CPI is a measure
of the cost efficiency of budgeted resources, expressed as a ratio of earned value to
actual cost".
Define Earned Value (EV) - It is the value of work performed expressed in terms of the
approved budget assigned to that work for an activity or WBS component.
Define Progressive Elaboration - A concept acknowledging the learning process
humans engage as projects are executed whereas time progresses, the person gains
greater level of detail. The evolution of context with time is the reason the analytics are
gathered to measure the estimated time.
Define Schedule Performance Index (SPI) - A ratio of the earned value (EV) to the
planned value (PV). If the SPI is less than one, it indicates that the project is potentially
behind schedule whereas a SPI of greater than one indicates the project is running
ahead of schedule.
Define Planned Value (PV) - The approved value of the work to be completed in a
given time. I tis the value that should have been earned as per the schedule.
Define Planned Value (PV) as per the PMBOK Guide - "PV is the authorized budget
assigned to work to be accomplished for an activity or WBS component".
A data scientist would consider this type of model for understanding the past -
Descriptive Analytics
Data scientists interested in one path and one path only may consider using the
following type of analytics - Predictive
As a consultant who works to advise clients on "what if" scenarios, the type of analyst
best suited for the consultant is - Decision
Google "earned value management PMBOK" and select the attribute that answers the
question, "How much did the work actually cost?" - Actual Cost (AC)
COMPLETE SOLUTION | GRADED A+
Define Cost Performance Index (CPI) - It measures the value of work completed
compared to the actual cost spent on the project.
Define Cost Performance Index (CPI) per the PMBOK Guide - "The CPI is a measure
of the cost efficiency of budgeted resources, expressed as a ratio of earned value to
actual cost".
Define Earned Value (EV) - It is the value of work performed expressed in terms of the
approved budget assigned to that work for an activity or WBS component.
Define Progressive Elaboration - A concept acknowledging the learning process
humans engage as projects are executed whereas time progresses, the person gains
greater level of detail. The evolution of context with time is the reason the analytics are
gathered to measure the estimated time.
Define Schedule Performance Index (SPI) - A ratio of the earned value (EV) to the
planned value (PV). If the SPI is less than one, it indicates that the project is potentially
behind schedule whereas a SPI of greater than one indicates the project is running
ahead of schedule.
Define Planned Value (PV) - The approved value of the work to be completed in a
given time. I tis the value that should have been earned as per the schedule.
Define Planned Value (PV) as per the PMBOK Guide - "PV is the authorized budget
assigned to work to be accomplished for an activity or WBS component".
A data scientist would consider this type of model for understanding the past -
Descriptive Analytics
Data scientists interested in one path and one path only may consider using the
following type of analytics - Predictive
As a consultant who works to advise clients on "what if" scenarios, the type of analyst
best suited for the consultant is - Decision
Google "earned value management PMBOK" and select the attribute that answers the
question, "How much did the work actually cost?" - Actual Cost (AC)
