Earned Value Management System (EVMS)

Question 1

SOW is?

Answer 1

Statement of Work

Question 2

WBS is?

Answer 2

Work Breakdown Structure

What work is to be performed

Question 3

What kind of account is used to accumulate costs?

Answer 3

Control account
or
Cost account

Question 4

All tasks that will charge to a control account are called a?

Answer 4

A work package

Question 5

All tasks in a work package are planned in a detailed _____ ?

Answer 5

Schedule

Question 6

A WBS can be viewed as an org chart and breaks down what?

Answer 6

The work to be performed into explicit areas and sub-areas

Question 7

What is an OBS?

Answer 7

Organizational Breakdown Structure

Tells WHO is responsible for the work to be performed

Question 8

What is a RAM?

Answer 8

A Responsibility Assignment Matrix.

Typically, Control accounts are matrixed to facilitate accumulation of costs by both task and performing organization

Question 9

Define BAC

Answer 9

Budget at Completion – it is our target

Question 10

ETC is?

Answer 10

Estimate To Complete

Question 11

EAC is?

Answer 11

Estimate At Complete

Sum of ACWP + ETC

Question 12

BAC is?

Answer 12

Budgeted At Complete

Question 13

VAC is?

Answer 13

Variance at Completion

BAC - EAC = VAC

Question 14

TRUE / FALSE :

Both Cost Tracking and Performance Measuring are provided by EVMS

Answer 14

TRUE

Question 15

BCWS

Answer 15

Budgeted Cost of Work Scheduled

Question 16

BCWP

Answer 16

Budgeted Cost of Work Performed

Question 17

ACWP

Answer 17

Actual Cost of Work Performed

Question 18

EVMS is a system that helps you do what four tasks?

Answer 18

1. Evaluate Performance
2. Predict where you are going
3. Estimate what is needed to successfully complete the project
4. Minimize Risk of Project Failure

Question 19

Cost Variance CV is calculated how?

favorable is positive

Answer 19

CV = BCWP - ACWP

CV% = CV / BCWP

Question 20

Schedule Variance SV calculated how?

favorable is positive

Answer 20

SV = BCWP - BCWS

SV% = SV / BCWS

Question 21

Variance at Completion (VAC) calculation?

favorable is positive

Answer 21

VAC = BAC - EAC

Question 22

Cost Efficiency – CPI calculated how?

favorable is > 1.0

Answer 22

CPI = BCWP / ACWP

Question 23

Schedule Efficiency – SPI calculated how?

favorable is > 1.0

Answer 23

SPI = BCWP / BCWS

Question 24

Percent Complete calculation?

Answer 24

BCWP cum / BAC

Question 25

Percent Spent calculation?

Answer 25

ACWP cum / BAC

Question 26

To Complete Performance Index (TCPI) calculation

Answer 26

TCPI cum = Work Remaining /
Cost Remaining

           = BAC - BCWP cum  / 
              EAC - ACWP cum

Question 27

Estimate at Completion CPI

Answer 27

EAC cpi = BAC / CPI cum

Question 28

Estimate at Completion Composite

Answer 28

EAC comp = ACWP cum +
BAC - BCWP cum /
(CPI cum) * (SPI cum)