EVM

Question 2

Formula for Earned Value.

Answer 2

% Complete x Budget at Completion

Question 3

Cost Performance Index (CPI) formula.

Answer 3

Earned Value / Actual costs.

Question 4

Schedule Performance Index (SPI) formula.

Answer 4

Earned Value / Planned Costs.

Question 5

What does a CPI or SPI less than 1 mean?

Answer 5

Project is behind. SPI - will be late. CPI - will be over budget.

Question 6

Cost variance (CV) formula.

Answer 6

Earned Value - Actual Costs

Question 7

Schedule variance formula.

Answer 7

Earned Value - Planned costs.

Question 8

Formula for Final project cost or Estimate at Completion (EAC).

Answer 8

Budget at Completion / CPI

Question 9

Formula for Final project duration.

Answer 9

Planned project duration / SPI

Question 10

Why would you use EVM?

Answer 10

-How well project is doing against time and cost.
-Find areas of under-achievement.
-Provides information to aid decision making.
-Quantifies performance variances.

Question 11

What are the benefits of EVM?

Answer 11

-Consistent reporting.
-Provides information to aid decision making.
-Plot trends to indicate the direction of the project.
-Tolerances/Thresholds can be set to enable management by excepion.