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CDFM Module 2.2
| Question | Answer |
|---|---|
| What is the Joint Capabilities Integration & Development System (JCIDS) | Systematic method established by the JCS for assessing gaps in military joint war fighting capabilities and recommending solutions to resolve the gaps. |
| What is the Systematic method established by the JCS for assessing gaps in military joint war fighting capabilities and recommending solutions to resolve the gaps. | Joint Capabilities Integration & Development System JCIDS) |
| What are the 3 documents that come out of the DoD Acquisition Life Cycle | 1. Initial Capabilities Document (ICD) 2. Capability Development Document (CDD) 3. Capability Production Document (CPD) |
| What are the 5 phases of the DoD Acquisition Life Cycle | 1. Material Solution Analysis 2. Technology Development 3. Engineering & Manufacturing Development 4. Production & Deployment 5. Operations & Support |
| What is the management process that guides all DoD acquisition programs | Defense Acquisition System |
| T o F: The management process that guides all DoD acquisition programs | True |
| What are the 3 major acquisition activities | 1. Pre-System Acquisition 2. System Acquisition 3. Sustainment |
| What phases are part of the Pre-System Acquisition activity | 1. Material Solution Analysis 2. Technology Development |
| T o F: There are 3 phases of the pre-system acquisition activity | False, 2 phases. 1. Material Solution Analysis 2. Technology Development |
| What are the phases of the Systems Acquisition activity | 1. Engineering & Manufacturing Development (EMD) 2. Production & Deployment |
| T o F: There are 2 phases of the Systems Acquisition activity | True. 1. Engineering & Manufacturing Development (EMD) 2. Production & Deployment |
| What are the phases of the Sustainment activity | 1. Operations & Support |
| T o F: There are 2 phases of the Sustainment activity | False, 1 phase. 1. Operations & Support |
| What type of primary funding type(s) is associated with the Materiel Solution Analysis acquisition phase? | RDT&E |
| What type of primary funding type(s) is associated with the Technology Development acquisition phase? | RDT&E |
| What type of primary funding type(s) is associated with the Engineering & Manufacturing Development (EMD) acquisition phase? | RDT&E and procurement |
| What type of primary funding type(s) is associated with the Production & Deployment acquisition phase? | Procurement & MILCON |
| What type of primary funding type(s) is associated with the Operation & Support acquisition phase? | O&M & MILPERS |
| What does EMD stand for? | Engineering & Manufacturing |
| What is Acquisition Milestone A | Authorize entry into the Technology Development phase |
| T o F: Successful passage of Milestone A equals program initiation for a new program | False. Normally successful passage of Milestone A does NOT equal program initiation for a new program. |
| What is Acquisition Milestone B | Authorize entry into the Engineering & Manufacturing Development phase. |
| What is Acquisition Milestone C | The appropriate authority approves the acquisition strategy, an updated development acquisition baseline, the exciters criteria for low rate initial production, and all decisions are documented in the Acquisition Decision Memorandum (ADM). |
| Where are the DoD acquisition policies, procedures, and requirements specified? | Defense Acquisition Guidebook (DAG) |
| What is the Defense Acquisition Guidebook (DAG) | Where the DoD acquisition policies, procedures, and requirements are specified. |
| What is DoD Directive 5000.01 | The Defense Acquisition System |
| What DoD Directive is the Defense Acquisition System? | 5000.01 |
| What are the 5 overarching policies that govern all DoD acquisition programs? | 1. Flexibility 2. Responsiveness 3. Innovation 4. Discipline 5. Streamlined and Effective Management |
| What are the 5 acquisition policy OBJECTIVES | 1. Target affordability and control costs 2. Incentivize productivity and innovation in industry 3. Promote real competition 4. Improve service acquisition 5. Reduce non-productive processes and bureaucracy. |
| What is DoD Directive 5000.02 | Operation of DoD Acquisition System |
| What is the Directive for Operation of DoD Acquisition System | 5000.02 |
| What is evolutionary acquisition? | Delivers capability in increments, recognizing, up front, the need for future capability improvements |
| How is evolutionary acquisition achieved? | Through the incremental development process and requires collaboration among warfighter user, tester, and developer. |
| What milestones and phases are established in the Acquisition Management Systems Life Cycle | 1. Identifies specific entrance criteria for each phase 2. Provides description of each phase 3. Addresses requirements to be achieved in the phase. |
| T o F: The Defense Acquisition Guidebook (DAG) is maintained at the Office of the Under Secretary of Defense (AT&L) as an "on-line" resource. | True |
| Where is the Defense Acquisition Guidebook (DAG) maintained? | OUSD (AT&L) |
| How are acquisition programs categorized? | By Acquisition Categories (ACAT) |
| How many categories are in the Acquisition Categories (ACAT)? | 4: ACAT I, ACAT IA, ACAT II, ACAT III. |
| What is involved in Acquisition Category I (ACAT I) | 1. ACAT I is a major Defense Acquisition Program (MDAP) 2. Designated by USD(AT&L) because of "special interest" 3. Dollar estimate to include cost of all known evolutionary acquisition blocks. |
| What is Major Defense Acquisition Programs (MDAP) | A DoD acquisition program that is not a highly sensitive classified program, that is estimated to require an eventual total expenditure of specified dollar amounts. |
| T o F: ACAT ID when MDA is at the component level? | False: ACAT ID when MDA is at the DoD level. "D" indicates "Defense". MDA known as the Defense Acquisition Executive (DAE) |
| T o F: ACAT IC when MDA is at the Component level | True: "C" indicates "Component". MDA known as the component acquisition executive (CAE) |
| T o F: ACAT ID when MDA is at the Defense level? | True: ACAT ID when MDA is at the DoD level. "D" indicates "Defense". MDA known as the Defense Acquisition Executive (DAE) |
| What is a Major Automated Information Systems (MAIS) program | An automated information system (AIS) that is estimated to require one or more of the following costs: 1. Program costs for any single year >32 M 2. Total program >126 M 3. Total LFC >378 M. |
| What is a ACAT IA program? | An automated information system (AIS) that is estimated to require one or more of the following costs: 1. Program costs for any single year >32 M 2. Total program >126 M 3. Total LFC >378 M. |
| Is a Major Automated Information System (MAIS) program also known as an ACAT AI program? | Yes. |
| T o F: the MDA for an ACAT IAM program is at the DoD level. | True |
| T o F: The MDA for ACAIT IAC program is at the DoD level. | False: MDA for ACAIT IAC is at the component level (IA{C}). |
| What is the Component Acquisition Executive (CAE) | The single official within the DoD component who is responsible for all acquisition functions within that component. This includes Service Acquisition Executives (SAEs) for the mil dep & acquisition executives in other DoD components. |
| Name the title of an official within the DoD component who is responsible for all acquisition functions within that component. This includes Service Acquisition Executives (SAEs) for the mil dep & acquisition executives in other DoD components. | Component Acquisition Executive (CAE) |
| What two components have been given specific acquisition management responsibilities? | 1. Special Operations Command (SOCOM) 2. Defense Logistics Agency (DLA) |
| What DoDI requires every acquisition program to establish an Acquisition Program Baseline (APB)? | DoDI 5000.02 |
| What is the purpose of an Acquisition Program Baseline (APB) | To document the cost, schedule and performance objectives and thresholds of a program beginning at program initiation. |
| What is the Total System Approach? | Includes all elements of the system from cradle to grave. 1. Weapon system 2. Operators & maintainers 3. Op effectiveness and suitability 4. Deployment 5. Interoperability 6. Training 7. Environmental Impact |
| What are the 7 factors of Total Systems Approach | 1. Weapon system 2. Operators & maintainers 3. Op effectiveness and suitability 4. Deployment 5. Interoperability 6. Training 7. Environmental Impact |
| What is prepared first in the acquisition management system life cycle process? | Preparation of an Initial Capabilities Document (ICD) |
| What is prepared after a determination of the capability solution from the Initial Capabilities Document (ICD) | Analysis of Alternatives (AoA) |
| What is the purpose of the Analysis of Alternatives (AoA) | Assess the potential material solutions to satisfy the capability need documented in the approved Initial Capabilities Document (ICD) |
| What is an Analysis of Alternatives (AoA) | Analytical comparison of op effectiveness, suitability, and life cycle cost of alternatives to satisfy established capability needs approved by ICD. |
| What ACAT requires an AoA at major milestone decision points per DoDI 5000.02? | ACAT I & ACAT IA |
| T o F: DoDI 5000.02 requires an AoA for ACAT I & ACAT IA at major milestone decision points | True |
| Who is responsible for the preparation of the Analysis of Alternatives (AoA) study guidance? | The Director, Cost Assessment and Program Evaluation (D,CAPE) |
| Who prepares the Analysis of Alternatives (AoA) | The DoD Components. |
| What identifies detailed requirements of acquisition system to include 1. Tech req 2. Programmatic data 3. Operational Characteristics 4. Assessment of risk and mitigation efforts | Cost Analysis Requirements Description (CARD) |
| Who prepares the Cost Analysis Requirements Description (CARD) | Program Manager |
| What document describes the basic technical, programmatic, and operational characteristics of the acquisition program, to include a realistic assessment of program risks and measures being planned or taken to mitigate the risks? | The Cost Analysis Requirements Description (CARD) |
| T o F: A Cost Analysis Requirement Description (CARD) is required for all ACAT I and ACAT IA programs. | True |
| How far out is the CARD required for milestones or decision reviews? | Draft version required 180 prior to milestone or decision review. Final version required 45 days prior to milestone or decision review. |
| What is Life Cycle Cost (LCC)? | The total cost to the Government for a system over its entire life |
| What are the 3 major ways to look at Life Cycle Cost estimates? | 1. Work Breakdown Structure 2. Appropriation Category 3. Cost Category (R&D, Disposal, Op & Support, Investment) |
| T o F: Life Cycle Costs are prepared using then-year or current year dollars | False: LCC is prepared using constant year dollars and is tied to the base fiscal year. |
| T o F: Constant year dollars to not reflect the effects of inflation during the life of the acquisition program | True |
| What Life Cycle Cost estimate is of the greatest interest to the business financial manager | LCC estimates by APPROPRIATION CATEGORY |
| What Life Cycle Cost estimate is of the greatest interest to the program manager and chief engineer of acquisition program | LCC estimates by WORK BREAKDOWN STRUCTURE (WBS) |
| What Life Cycle Cost estimate is of the greatest interest to cost analysts | LCC estimates by COST CATEGORIES |
| T o F: Life Cycle Cost of Operation & Support include all direct but DO NOT include indirect costs incurred in using the system | False: Life Cycle Cost of Operation & Support include all direct AND indirect costs incurred in using the system |
| What are the 3 basic types of cost estimates done for ACAT I acquisition programs? | 1. Program Office Estimate (POE) 2. Component Cost Estimate (CCE) 3. Independent Cost Estimate (ICE) |
| What is a Program Office Estimate (POE) | Done at the Program Office level. Performed by assigned or detailed cost analysts or may be done by a contractor firm. |
| What is a Component Cost Estimate (CCE) | Done at the Component Level. Performed by assigned costs analysts |
| What is an Independent Cost Estimate (ICC) | Done at the OSD level. Performed by Office of Director, CAPE (D, CAPE) for all ACAT ID and, when requested by USD(AT&L) done for IC programs |
| T o F: For ACAT II, ACAT III, and ACAT IAC programs, Program Office Estimates and Component Cost Estimates are the only 2 estimates normally performed | True |
| What are the 2 unit costs that are of interest to the Congressional and DoD oversight perspective | 1. Program Acquisition Unit Cost (PAUC) 2. Average Procurement Unit Cost (APUC) |
| What is Program Acquisition Unit Cost (PAUC) | 1. Total Cost/ # end Items <br> 2. Amount found by dividing the total costs for development and procurement of, the acquisition program by the number of fully-configured end items to be produced for the acquisition program. <br> Total Cost/# End Items |
| What is Average Procurement Unit Cost (APUC) | 1. Total funds programmed for obligation for procurement/ # of fully-configured end items to be procured. |
| What is Work Breakdown Structure (WBS) | A product-oriented family tree composed of hardware, software, services, data and facilities that displays and defines the product, or products, to be developed and/or produced. |
| What is the term of A product-oriented family tree composed of hardware, software, services, data and facilities that displays and defines the product, or products, to be developed and/or produced. | Work Breakdown Structure (WBS) |
| How does WBS asset the program life cycle? (5 things) | 1. Facilitates cost estimating 2. Segregates a Defense materiel item into its component parts 3. Facilitates planning & assignment tech responsibilities 4. Aids in status tracking 5. Provides common thread for Earned Value Management System (EVMS) & IMS. |
| What is a Control Account | Managerially significant unit of work |
| What is MIL-STD-881C? | Defines the general WBS elements by commodity. |
| What is Cost as an Independent Variable? (CAIV) | 1. Best time to reduce cost is early 2. Involves stakeholder in process 3. Cost tradeoffs must be addressed early in acquisition process & embedded in prog req doc, RFP, contract provision, & source selection processes. |
| Cost As An Independent Variable (CAIV) Process | 1.Set realistic but aggressive cost obj 2.Manage risk 3.Track progress using appropriate metrics 4.Motivate Gov & industry managers to achieve program obj 5.Incorporate additional incentives to reduce O&S costs for fielded systems. |
| Cost Estimating Methods in Brief | 1. Analogy: compare 1 similar system 2. Parametric: Compare multiple similar system 3. Engineering: Cost every component 4. Actuals: Own system data 5. Expert: "Quick & Dirty" by best analyst |
| Definition of Analogy Cost Estimating Method | 1.Direct comparison w/ historical information of similar existing activities, systems, or components 2.Compares proposed new system with one existing similar system for which there is accurate cost and tech data. |
| What are the Strengths & Weaknesses of Analogy Approach of Cost Estimating | Strengths: Quick, Inexpensive, Easy to change. Weakness: Subjective, Imprecise. |
| Definition of Parametric Cost Estimating Method | 1. Known as Statistical Method or Top Down Method 2.Based on physical attributes or performance 3.Uses database of elements from similar systems 4.Uses multiple similar systems 5.Most beneficial in earlier stages of system or project life cycle |
| What are the Strengths & Weaknesses of Parametric Cost estimating approach | Strengths: Uses CERs, Easy to do "What-Ifs", Relatively inexpensive to prepare estimate. Weaknesses: Moderately subjective, Precision only as good as the validity of data evaluated. |
| Definition of Engineering cost estimating method | Most detailed method of all techniques 1. Known as bottom up method 2.Requires extensive knowledge of system characteristics 3.Very detailed and costly 4.Each WBS element is costed to build the cost estimated for the entire program |
| What are the Strengths & Weaknesses of Engineering Cost estimating approach | Strengths: Very accurate in later stages of Engineering & Manufacturing Development, Limited subjectivity. Weaknesses: Very expensive to prepare, very time-consuming, difficult to do what-ifs, usually performed by contractors. |
| Definition of Actual cost estimating method | 1. Actual cost data from same system during an earlier period |
| What are the Strengths & Weaknesses of Actual Cost estimating approach | Strengths: Little subjectivity, very accurate. Weaknesses: Limited applicability, budget may already be submitted |
| Definition of Expert Opinion Cost Estimating Method. | 1. Subjective judgement of experienced ind or group 2. Use if time does not permit a more thorough analysis 3. Document source(s) of opinion of experts 4. List attributes of the sources 5.Seek convergence w/ Delphi Technique 5. Don't use from convenience |
| Definition of Delphi Technique for Cost Estimating Method | Gather a range of expert opinion. 1. Query expert opinion 2. Seek information from ea expert 3.Summarize result 4.Send report to ea expert 5. gather 2nd opinion from ea expert 6. Summarize results 7. Continue process until consensus or near consensus. |
| What is the learning curve theory | As the quantity of product produced doubles, the man-hours-per-unit expended to produce the product decreases at a fixed rate or constant percentage (usually between 10% and 20%) |
| T o F: Eac time quantity doubles, cost decreases by a constant percentage known as the "Learning Curve Slope" or "LCS" | True |
| What is the definition of the Federal Acquisition Regulations (FAR) | Give guidance in contracting, and requires that contracts adhere to the concept of allowable within the law, reasonable within the law, and assignment of responsibilities. |
| When is a contract considered valid? | 1. Contract is offered 2. Has been an acceptance of the offer 3. Intent to enter legal relationship 4. Agreement is supported by valuable consideration. |
| What are the two basic categories of contracts | 1. Fixed Price Contracts 2. Cost Reimbursable Contracts |
| What is definition of Fixed Price Contracts | Provide for firm price or, in appropriate cases, an adjustable price. Contractor's profit built into price. |
| What is the definition of Cost Reimbursable Contracts | 1. Provide for payment of allowable incurred costs. 2. Contractor's profit equals fee 3. Use when uncertainties in contract performance prevent sufficiently accurate estimate of costs for fixed-price contract. |
| Earned Value Management (EVM) | An integrated tool that relates technical performance to it's associated cost and schedule, measure work progress, and states the value of work completed. Used to measure contractor performance. |
| What requires the Executive Branch Agencies to manage costs | 41 USC 263 |
| What OMB Circular requires EVM to be used to comply with 41 USC 263 | OMB Circular A-11 Part 7 |
| Budgeted Cost of Work Scheduled (BCWS) | Each work package consists of scope of work and related budget |
| Performance Measurement Baseline (PMB) | Considered the "planned value" for the work to be done. |
| T o F: Application of EVM is discouraged for Firm Fixed Price (FFP) contracts & subcontracts of any dollar value. | True |
| When is EVM reporting normally required | Monthly basis |
| What is Performance Assessments & Root Cause Analyses (PARCA) | Responsibilities is to evaluate the utility of performance metrics used to measure the cost, schedule, and performance of MDAPS (also known as ACAT I programs). |
| Integrated Program Management Report (IPMR) Guide | In July 2012, published key document pertaining to EVM |
| What is Cost Variance (CV) | The result of comparing Actual Cost of Work Performed (ACWP) to the Budgeted Cost of Work Performed (BCWP). |
| What is Budgeted Cost of Work Performed (BCWP) | Considered the "earned value" of work actually performed. |
| T o F: If actual costs incurred are less than budgeted costs for the work completed, the cost variance is unfavorable | False: If actual costs incurred are less than budgeted costs for the work completed, the cost variance is favorable because the contractor is performing the work at a cost less than planned. |
| T o F: If actual costs incurred are greater than budgeted costs for the work completed, the cost variance is unfavorable because the contractor is performing the work at a cost greater than planned. | True |
| What is Schedule Variance (SV) | Result of comparing the Budget Cost of Work Scheduled (BCWS) to the Budgeted Cost of Work Performed (BCWP). |
| T o F: If the budget for the work performed is greater than the budget for the work scheduled, the result is favorable because the contractor has done more work than planned as of his point in time. | True |
| T o F: If the budget for the work performed is less than the budget for the work scheduled, the result is unfavorable since the contractor has done less work than planned as of this point in time. | True |
| What is Program Evaluation & Review Technique (PERT) | A method to analyze the multiple tasks or activities required to complete a given project or contracted work effort. An event-oriented technique that addresses primarily time required to complete ea task and to identify minimum time to complete project |
| Several key terms associated with PERT | 1. Event 2. Activity 3. Critical Path 4. Float or Slack |
| What is a node | another term for event |
| What is float or sack? | Measure the excess time and resource available to complete a task. |
| What does "Zero slack" indicate? | being on schedule |
| What does "negative slack" indicate? | Being behind schedule |
| What is "positive slack" indicate? | Being ahead of schedule |
| What is total float? | Whole project |
| What is the following minimum steps for PERT planning? | 1. Identify the activities and event points 2. Determine the proper sequence of the activities 3. Estimate the time required for each activity 4. Construct the network diagram |
| Gannt Charts | Used for planning and scheduling projects. Better at displaying the schedule and resources used in a project than is the PERT method. |
| Economic Analysis Fundamentals | 1. Systematic approach to the problem of choosing the best method allocating scarce resources to achieve given objective 2. Ea alternative must be considered & its life-cycle costs & benefits evaluated 3. All costs & benefits are adjusted to present value |
| Economic Analysis (EA) Major Steps | 1. Establish objectives 2. Formulate assumptions 3. Identify constraints 4. Determine/identify alternatives 5. Estimate costs & benefits of ea alternative 6. Compare alternatives 7. Perform sensitivity analysis 8. Report results & recommendations |
| Identifying Benefits | 1. Identify resource inflows & benefit outflows 2. Anticipate important issues from affected people 3. List benefits of ea alternative 4. Define ea benefit to alternatives in the EA 5. Develop quantitative measures for each benefit |
| Quantifiable Benefits | Quantifiable benefits can be assigned a numeric value. Dollar quantifiable benefits include: 1. Cost Savings 2. Cost Avoidance 3. Productivity Improvement |
| Non-Quantifiable Benefits (examples) | 1. Adaptability 2. Availability 3. Functionality 4. Maintainability 5. Morale 6. Security 7. Upgradability 8. Versatility |
| Statistical Overview | Statistics encompass a large body of scientific theories & methods used to collect & analyze quantitative & qualitative facts to support decision-making & problem-solving processes |
| What is Descriptive Statistics | Measures of Central Tendency 1. Mean: Arithmetic average 2. Median: Divides arrayed sample of data in half 3. Mode: Most frequent score in distribution of values |
| Measures of Central Tendency | Reveals how data are grouped and what is typical about them. |
| What is Standard Deviation | The measure of how a set of values is spread around the mean |
| What is positive skew? | When tail falls off in positive direction |
| What is negative skew? | When tail falls off in negative direction |
| What is Inferential statistics | includes methods used to examine a sample of population and make inferences about the entire population based on analysis of the sample data. |
| What is Proportion & Percentage | Proportion & percentages both describe comparison of items or individuals in one category to items or individuals in all categories. Expressed as a ratio. |
| what is statistical proportion | A proportion is a statement of equality between two categories. |
| What is percentage changes: | Percentage changes, from the starting value to the ending value, are expressed as positive changes for increases & negative changes for decreases. |
| What is Measures of Correlation | 1. Measures the degree of relationship between two or more variables (r) 2. Linear Regression and 'Best Fit' |
| What's correlation Coefficient? | Measures the degree of relationship between two or more variables |
| Inferential Statistics Linear Regression ('Best Fit') | 1. Coefficient of Determination 2. Coefficient of Variation (CV) |
| What is Coefficient of Variation (CV) | 1. Expressed as a percentage 2. How much variability exists between variables 3. The smaller the variability, the more confidence in the predictability |
| T o F: The larger the variable, the more confidence in the predictability | False. The smaller the variability, the more confidence in the predictability. |
| What are the Cost Analysis Fundamentals Factors | 1. Costs & benefits of proposed projects are adjusted to reflect "present value" 2. Constant Dollars 3. Current Dollars 4. Sunk Costs |
| What is Constant Dollars | The result of having the effects of inflation removed. Always associated with a base year. |
| What is Current Dollars | Expressed in the value of the year in which a cost is expected to occur, and therefore reflect the effect of inflation. |
| What is Sunk Costs | Are expenditures from prior fiscal years. Must be provided in the documentation at the cost element level. These costs, are excluded from economic analysis computations. |
| What are Time Value of Money | 1. Present value factors 2. Discount rates 3. Discount factors 4. Project year (time horizon) 5. Net present value |
| The Defense Acquisition System is the management process that guides DoD acquisition programs & is the process by which programmatic risk is managed. What are 3 programmatic risks that must be managed? | 1. Cost 2. Schedule 3. Performance Risk |
| What are the appropriations that may be used to fund an acquisition program? | 1. O&M 2. MILPERS 3.RDT&E 4. Procurement 5. MILCON |
| What is the acquisition approach that delivers capability to the warfighter in a set of increments spread over time-with a known desired end-state capability-rather than a single effort, because tech is not available to provide the end-state capability | Evolutionary/Incremental Acquisition |
| What is the term used to describe dollars shown in the life-cycle cost estimate wherein the effects of inflation are not considered? | Constant Year Dollars |
| What is the term used to describe dollars used for programming and budgeting purposes wherein the effects of inflation are considered? | Current Year Dollars |
| What cost structure does MIL-STD-881C represent? | Defines the general WBS elements by commodity. |
| What concept is based on the axiom that the best time to reduce cost is early in the process? | Cost as an Independent Variable (CAIV) |
| Which cost estimating method is based on direct comparison with historical information of one similar system? | Analysis of Alternatives (AoA) |
| Which costs estimating method is known as a statistical method or top-down method? | Parametric Cost Estimating Method |
| What are the methods/steps in conducting the Delphi technique? | 1. Query expert opinion 2. Seek information from ea expert 3.Summarize result 4.Send report to ea expert 5. gather 2nd opinion from ea expert 6. Summarize results 7. Continue process until consensus or near consensus. |
| What is the theory that as the quantity of output doubles, the man-hours required to produce the quantity decreases at a fixed rate? | Learning Curve Theory |
| What is the name of the integrated management tool intended to relate contractor actual performance on a contract to the contractor's planned cost & schedule that measures the WIP in objective terms and that states the value of work completed in dollars? | Earned Value Management (EVM) |
| What is the EVM-related term when there is a difference between budgeted cost of work performed (BCWP) and actual cost of work performed (ACWP) on a cost reimbursable contract? | Cost Variance (CV) |
| What is a systematic approach to the problem of choosing the best method of allocating scarce resources to achieve a given objective? | Economic Analysis Fundamentals |
| Cost Savings, Cost Avoidance, & Productivity Improvements are examples of what type of cost benefit? | Quantifiable Benefits |
| Which cost estimating method requires extensive knowledge of the product or process? | Engineering cost estimating method |
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PrestonSpratt
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