Earned Value Management

Question 1

PV (Planned Value)

Answer 1

Budgeted value of work planned to be done at a given time

Question 2

EV (Earned Value)

Answer 2

Budgeted value of work completed at a given time

Question 3

AC (Actual Cost (total))

Answer 3

Actual cost of work completed

Question 4

BAC (Budget at Completion)

Answer 4

The original cost baseline plus or minus all approved cost changes

Question 5

EAC (Estimate at Completion)

Answer 5

Expected total project cost (forecasted based on performance to date)

Question 6

ETC (Estimate to Completion)

Answer 6

Expected remaining cost (now until project completion)

Question 7

VAC (Variance at Completion)

Answer 7

Expected variance over/under budget

Question 8

CV (Cost Variance)

Answer 8

EV - AC

Negative is bad, Positive is good, Zero is on budget

Question 9

SV (Schedule Variance)

Answer 9

EV - PV

Negative is bad, Positive is good, Zero is on schedule

Question 10

CPI (Cost Performance Index)

Answer 10

EV/AC

Under 1 is bad, Over 1 is good, Exactly 1 is on budget

Question 11

SPI (Schedule Performance Index)

Answer 11

EV/PV

Under 1 is bad, Over 1 is good, Exactly 1 is on schedule

Question 12

EAC (Estimate at Completion)

Answer 12

.

Question 13

EAC (Estimate at Completion)

Answer 13

.

Question 14

EAC (Estimate at Completion)

Answer 14

.