Week 5 (PM 5.00) Practice Test (EVM)

A project team has a renovation project that has a budget of $1,500 and is 40% complete. The team planned to spend $500 each month during the 3-month project timeline. At the end of the first month, the team evaluates their progress. At this point, what is the project's planned value?

• $500

• $600

• $1,000

• $500

In a project with a budget of $2,000 and a timeline of 5 months, if the team planned to spend $300 each month, what is the Planned Value at the end of the second month?

• $600

• $900

• $1,200

• $1,500

A project has a Budget at Completion (AC) of $10,000 and a cumulative earned value of $8,000. What is the Cost Variance (CV)?

• $2,000

• $10,000

• -$8,000

• -$2,000

The Planned Value (PV) for a project is $5,000, the Earned Value (EV) is $4,000, and the Actual Cost (AC) is $6,000. What is the Schedule Variance (SV)?

• $2,000

• -$2,000

• $1,000

• -$1,000

A project has a Schedule Performance Index (SPI) of 1.2. What does this indicate about the project's schedule performance?

• Behind schedule

• On schedule

• Ahead of schedule

• Cannot be determined

The Cost Performance Index (CPI) for a project is 0.9. What does this indicate about the project's cost performance?

• Over budget

• On budget

• Under budget

• Cannot be determined

If a project has a Budget at Completion (BAC) of $20,000, Earned Value (EV) of $15,000, and Actual Cost (AC) of $18,000, what is the Cost Performance Index (CPI)?

• 0.75

• 0.83

• 0.90

• 1.25

Match the following vocab term to phrase that best represents it.

• comparing progress rate to planned rate

• Determine Budget

• cost baseline of all work packages

• Planned Value

• monitor scope and time to meet budget

• Schedule Performance Index

• process to estimate work packages cost

• Funding Limit Reconciliation

• Uses plan, earn, and actual values

• Earned Value Management

Sarah is remodeling her kitchen. The project has a planned duration of seven days and a budget of $3,000. At the end of the fourth day, the project is 60% complete. What is the project's earned value at the end of the fourth day?

• $1,200

• $1,500

• $1,800

• $2,400

What does the term "funding requirements" refer to in project management?

• The amount of money already spent on the project.

• The total budget allocated for the project.

• The additional funds needed to complete the project.

• The financial resources available to the project team.