EVM Basic Terminology

In an IT project to develop a new customer relationship management (CRM) system, the project manager calculates the total budget allocated for the entire project from start to finish, including all planned work and expenses. What is this total budget called?

• Planned Value (PV)

• Budget at Completion (BAC)

• Earned Value (EV)

• Actual Cost (AC)

During a humanitarian project to provide clean water access in a rural area, the project manager tracks the value of work planned to be completed by a specific date according to the project schedule. What metric is the project manager tracking?

• Budget at Completion (BAC)

• Earned Value (EV)

• Planned Value (PV)

• Actual Cost (AC)

In a healthcare project to build a new clinic, the project manager needs to determine the value of the work actually performed by a certain point in the project. This value helps measure project performance and progress. What is this value known as?

• Budget at Completion (BAC)

• Planned Value (PV)

• Earned Value (EV)

• Actual Cost (AC)

During the execution phase of an agricultural project to develop a new irrigation system, the project manager wants to assess the total cost incurred for the work performed up to a specific date. This cost includes all expenses, such as labor, materials, and overheads. What is this cost referred to as?

• Budget at Completion (BAC)

• Planned Value (PV)

• Earned Value (EV)

• Actual Cost (AC)

In a humanitarian project focused on building temporary shelters after a natural disaster, the project manager calculates the total approved budget for completing the project. This budget includes all planned costs and resources. What is this total budget called?

• Budget at Completion (BAC)

• Earned Value (EV)

• Planned Value (PV)

• Actual Cost (AC)

During an agricultural project aimed at developing sustainable farming practices, the project manager needs to determine the monetary value of the work that should have been completed by a certain date according to the project schedule. What metric is the project manager calculating?

• Earned Value (EV)

• Planned Value (PV)

• Actual Cost (AC)

• Budget at Completion (BAC)