PART 1

• What are methods of estimating project costs? Provide an example.
• What is Earned Value and why is it important in a Project?
• Describe the components of a procurement plan.
• How does orderly closure contribute to project success?
• briefly explain the project management lifecycle.

NOTE: Please include reference to each answer

PART 2

1. Questions:
   1. An estimate that is obtained by scaling up an estimate from a similar project is a(n) ___________ estimate.
   2. Describe the following terms;
      1. Analogous Estimate technique
      2. Parametric Estimating technique
      3. Bottom-up Estimating technique
2. Questions:
   1. An estimate that uses standard costs per unit such as price per square foot or price per cubic yard is a ____________ estimate.
   2. Matching the transfer of funds into the project account with the money spent is called __________________.
3. Questions:
   1. Money that is allocated for dealing with unplanned but predictable expenses is _________ reserve.
   2. What is a budget timeline?
4. Questions:
   1. The formula used to calculate the cost performance index is ____________.
   2. What is the budgeted cost of work performed?
5. Questions:
   1. What is cost performance index?
   2. What is a variance index?
6. Questions:
   1. T/F - Schedule variance is the difference between the part of the budget that has been done so far (EV) versus the part that was planned by now.
   2. The formula used to calculate the estimate to complete for atypical cost variances is _________________________.
7. Questions:
   1. The sum of the budgeted amounts for the tasks that have been performed is the _______ _______ (two words).
   2. Schedule variance is the ____ minus the _____ and cost variance is the ____ minus the _____ (use acronyms).
8. Questions:
   1. Schedule performance index is ____ / _____ and the cost performance index is _____ / ______ (use acronyms).
   2. The revised final budget is the ____ plus the _____ (use acronyms).
9. Questions:
   1. What is Earned Value and how is it used to measure project progress?
   2. What is schedule variance - provide examples
10. Questions:
    1. T/F - The schedule performance index (SPI) is the ratio of the earned value and the cost value.
    2. T/F - The final budget is the actual (AC) to this point plus the estimate to complete (ETC).