Earn Value Management Quiz

What is Earned Value (EV)?

• Actual cost of work performed

• Budgeted cost of work scheduled

• Budgeted cost of work performed

Explain the formula for Earned Value (EV).

• EV = % complete - BAC

• EV = % complete + BAC

• EV = % complete / BAC

• EV = % complete * BAC

What is Planned Value (PV) in Earned Value Analysis?

• Actual cost of work performed

• Authorized budget assigned to the work scheduled to be accomplished

• Budget at Completion (BAC)

• Planned cost of work performed

Define Actual Cost (AC) in the context of Earned Value Management.

• Planned cost for the work completed

• Cost budgeted for the work completed

• Total cost actually incurred for the work completed

• Estimated cost for the work completed

What is the significance of Cost Performance Index (CPI) in Earned Value Analysis?

• It measures the scope of the project by comparing the actual work completed to the planned work

• It measures the cost efficiency of the project by comparing the actual cost of work performed to the budgeted cost of work performed.

• It measures the time efficiency of the project by comparing the actual time taken to complete the work to the estimated time

• It measures the quality of the project by comparing the actual quality of work performed to the expected quality

Explain the concept of Schedule Performance Index (SPI) in Earned Value Management.

• The Schedule Performance Index (SPI) measures the quality of work in Earned Value Management.

• The Schedule Performance Index (SPI) measures the cost efficiency in Earned Value Management.

• The Schedule Performance Index (SPI) measures the risk management in Earned Value Management.

• The Schedule Performance Index (SPI) measures the efficiency of schedule performance in Earned Value Management.

How is Earned Value Analysis used to forecast project outcomes?

• By guessing the project outcomes

• By comparing planned value, earned value, and actual cost of the project

• By using only the planned value

• By ignoring the project data

Explain the concept of Variance Analysis in Earned Value Management.

• Analyzing the color variance in the project

• Comparing planned budget and schedule with actual budget and schedule

• Comparing actual budget with forecasted budget

• Measuring the temperature variance in the project

Budgeted cost of work scheduled (BCWS)=Planned Value (PV)

• True

• False

Budgeted cost of work performed (BCWP)= Actual Cost (AC)

• False

• True