EV Focus

Question 1

EV

Answer 1

Earned Value

Question 2

PV

Answer 2

Planned Value

Question 3

AC

Answer 3

Actual Cost

Question 4

BAC

Answer 4

Budget at Completion

Question 5

EAC

Answer 5

Estimate at Completion

Question 6

ETC

Answer 6

Estimate to Completion

Question 7

What is Earned Value?

Answer 7

value of work completed; the measure of work performed expressed in terms of the budget
authorized for that work

Question 8

What is Planned Value

Answer 8

value of work planned (i.e. baseline); the authorized budget assigned to scheduled work

Question 9

What is Actual Cost?

Answer 9

the money spent/paid/missing from your budget; the realized cost incurred for the work performed on an activity during a specific time period

Question 10

What is Budget at Completion?

Answer 10

planned budget

Question 11

What is Estimate at Completion?

Answer 11

revised final budget

Question 12

What is Estimate to Completion?

Answer 12

money needed to get to completion

Question 13

What is SV?

Answer 13

schedule variance; measures performance – by calculating the difference between EV and PV

Question 14

What is SPI?

Answer 14

Schedule performance index measures efficiency by calculating the ratio of EV to PV

Question 15

Is the project on budget?
Use CV to calculate

Answer 15

Cost Variance
CV = EV - AC

Question 16

How efficient is my project? ‘
Use CPI to calculate

Answer 16

Cost Performance Index
CPI = EV / AC

Question 17

What is CPI?

Answer 17

Cost Performance Index

Question 18

If CV value = 0, is the project on budget or under budget?

Answer 18

on budget

Question 19

If CPI value = 1, is the project on budget or over budget?

Answer 19

on budget

Question 20

What will the project cost in total?
use EAC

Answer 20

Estimate at Completion
EAC = BAC/CPI
or
EAC = ETC + AC

Question 21

How much more cost is required to complete the remainder of the project? Use ETC

Answer 21

Estimate to Complete
ETC = EAC - AC

{pg 241 example about Anna: ETC = (BAC-EV)/CPI}

Question 22

What does a negative value mean when looking at Schedule Variance SV?

Answer 22

It means behind schedule, the scope took longer to do than you thought it would.

Question 23

Calculate SV

Answer 23

SV = EV - PV