Constrains and Estimations

Question 1

What is EV? And what formula is used to calculate it?

Answer 1

Earned Value. It is the value of the work performed so far in a project. It is a method to track the dollar amount of the work performed by staff or consultants.
EV is determined by (percent of the project that is complete * the budget at completion).

Question 2

What is CV and how do you calculate it?

Answer 2

Cost variance is found by subtracting the EV from the AC.
The cost variance is the difference of the earned value and the actual costs of the project.

Question 3

What is AC and how do you calculate it?

Answer 3

.

Question 4

What is the cost of nonconformance?

Answer 4

Wasted materials are almost always a loss of resulting from a breakdown in quality. For example, network cables that are not punched down properly, purchasing wrong hardware for a system, or purchasing applications for the wrong operating system are all examples of the cost of nonconformance.