I've discussed in detail the processes you'll use to monitor your project progress. You need to understand and use each of these processes to be an effective project manager. You'll need to know them by the names used in the PMBOK® Guide to be successful on the exam.
Control Costs Control Schedule Control Scope
Monitor and Control Risks Perform Quality Control Verify Scope
You've learned a lot of new key words in this chapter. PMI has worked hard to develop and define standard project management terms that apply across industries. Here is a list of some of the terms you came across in this chapter:
actual cost (AC) attributes budget at completion (BAC) common causes of variances control charts cost performance index (CPI)
cost variance (CV)
earned value (EV)
earned value measurement (EVM)
efficiency indicator estimate at completion (EAC)
estimate to complete (ETC)
inspection planned value (PV)
prevention revisions rework run chart scatter diagrams
Pareto charts schedule performance index (SPI)
schedule variance (SV)
statistical sampling technical performance measurements tolerable results variance at completion (VAC)
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.