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About this document
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- 5 pages
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- Subject
- Project Management
This document is a set of homework questions and solutions on crashing and earned value problems. It covers calculating crash costs, determining which activities to crash to meet project deadlines, and calculating cost and schedule variances.
What's inside
- Calculating crash cost per day for activities
- Determining activities to crash to meet project deadlines
- Calculating cost variance (CV) and schedule variance (SV)
- Calculating cost performance index (CPI) and schedule performance index (SPI)
- Analyzing variances to determine if they are favorable or unfavorable
Who it is for: Students taking the PM 586 course. (Postgraduate)
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Summary
Crashing and earned value management are two methods used in project management to control time and cost. Students learn how to apply them to project networks and budgets.
Crash Cost Per Day
Crash cost per day is calculated for each activity in a project network. Students determine which activities to crash to meet a deadline at minimum cost.
Cost Variance and Schedule Variance
Cost variance and schedule variance show how much a project's cost and schedule differ from the plan. Students calculate them and decide if they are favourable or unfavourable.
Cost Performance Index and Schedule Performance Index
Cost Performance Index and Schedule Performance Index are ratios that compare actual performance to planned performance. Students calculate them and interpret the results.
Earned Value Management
Earned value management is a project management technique that integrates scope, time, and cost data. Students apply it to assess project performance.
Key terms
- Crash cost per day
- The cost of shortening the duration of an activity by one day.
- Cost Variance
- The difference between the budgeted cost of work performed and the actual cost.
- Schedule Variance
- The difference between the budgeted cost of work performed and the budgeted cost of work scheduled.
- Cost Performance Index
- The ratio of the budgeted cost of work performed to the actual cost.
- Schedule Performance Index
- The ratio of the budgeted cost of work performed to the budgeted cost of work scheduled.
- Earned Value Management
- A method of measuring project performance and progress in an objective manner.
Questions this document helps with
- How do you calculate the crash cost per day for each activity?
- What does a favourable cost variance mean?
- How do you interpret the Schedule Performance Index?
Summary written with AI from the document's text.
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