Project Controls PC 12 Rev 02

Which analysis reviews the differences (or variables) between planned and actual performance.

• Monte Carlo Analysis

• Change Analysis

• Variance Analysis

• All options

Variance is a quantifiable deviation, departure, or divergence away from a known baseline or expected value?

• True

• False

A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion is known as ?

• Budget at Completion

• Schedule Performance Index

• Variance at Completion

• Cost Performance Index

In respect of Monitoring & Controlling the Health of a Project Inefficient buying & Untimely buying are both causes of what?

• Budget and schedule variance

• Bill of Materials

• H&S Analysis

• Formal Change Process

The best way to manage variances is to have monthly reports and regular meetings to discuss these discrepancies with management and department heads.

This also allows you to hold specific managers accountable for minimizing budget variance. Request a copy of the most recent budget.

• True

• False

• Only on complex projects

• Only during a Safety Audit

(Actual price - Standard price) x Actual quantity = ?

• Key Performance Indicator

• Bill of Materials

• Purchase price variance

• None of the Options Listed

Linear Lists showing Month to Month or Year to Year cost Analysis to define trends is also known as ?

• Horizontal Analysis

• Vertical Analysis

• Scatter Diagram

• Fishbone Diagram

The total amount by which Fixed Overhead costs exceed their total standard cost for the reporting period is known as what?

• Static Costs

• Time & Materials Analysis

• Fixed Overhead Spending Variance

• Overboarding

A (? cost) is a planned or budgeted amount and is based on engineering designs and production methodologies, which can be attained under normal operating conditions. It is comprised of material, labor, and overhead components, and is typically recorded within a bill of materials.

• Non Profit Cost

• An Inflated Cost

• A Standard Cost

• An Ambiguous Cost

The original source documents, journal entries, and ledgers that describe the accounting transactions of a business are known as ?

• Mitigations

• Deliverables

• Baseline Milestones

• Accounting Records