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| Question | Answer |
| risk probability | (most optimistic +(4x more likely)+most pessimistic)/6 |
| Risk analysis | Identify -> Assess -> Risk Priorities -> Mitigation -> Review and manage |
| EMV (expected monetory value) | The product of the cost and the probability |
| TTC (total technical contingency) | Sum of all the EMV's |
| RPN (risk priority number) | severity x occurrence/probability x detection |
| RPN includes | potential failure modes potential effects of failure potential causes current design controls recommended action responsibility and completion date |
| Legal Structure | Lords Court of Appeal high court of justice queens bench, Chancery, Family County court |
| Structure for Criminal cases | Lords Court of Appeal Queens bench Crown Court Magistrates court |
| A valid contract must: | communicate the conditions properly distinguish from an intention to make an offer be addressed to a specific person/ group Express direct intention Must not be conditional |
| Fixed costs | Independent of the volume of product sold |
| Variable costs | Dependent upon volume sold |
| hourly rate | overheads (inc income)/ number of productive hours |
| sole trader | one guy that gets all the profit but is also responsible for all the debt |
| partnership | More than one responsible partner. 'sleeping' partners may invest and then wait for the returns |
| Limited company | Legal entity shareholders are only responsible for the face value of their shares Directors aren't personally liable for bankruptcy control measures must be followed |
| Private limited company | All shares owned by members of the company |
| Public limited company | Anyone can buy shares |
| customers perceived value | (benefits derived)/ (cost of acquisition) |
| What are the seven P's for a marketing matrix? | Product Price Promotion Place People Process Physical evidence |
| price elasticity | (change in demand)/ (change in price) |
| six sigma process | Define the problem Measure the process Analyse Improve Control the process |
| quality management KPI's | Customer perspective Supplier perspective Effectiveness Efficiency |
| Budgeted cost work schedule | Estimated cumulative spend at each stage |
| Schedule variance | BCWP-BCWS |
| Cost variance | CV= BCWP - ACWP |
| Scheduled performance index | BCWP/ BCWS |
| Cost performance Index | CPI= BCWP/ ACWP |
| Estimated completion time | ECT = planned duration/ SPI |
| Estimated completion cost | ECC = BCWS/ CPI |
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