L3-4: EARNED VALUE MANAGEMENT and COST CODE STRUCTURE

Question 1

What are the key concepts of Earned Value Management (EVM)?

Answer 1

1. Planned Value (PV)
2. Earned Value (EV)
3. Actual Cost (AC)

Question 2

What are the importance of cost code structure in project tracking?

Answer 2

1. Organized Expense Tracking
2. Enhanced Budget Control
3. Detailed Reporting
4. Accountability
5. Improved Decision-Making

Question 3

Developing a Cost Coding System tailored to project needs

Answer 3

1. Define Project Scope and Categories
2. Establish a Hierarchical Structure
3. Involve Stakeholders
4. Standardize Codes
5. Integrate with Software Systems
6. Train Team Members
7. Monitor and Adjust

Question 4

What does “Involve Stakeholders” include?

Answer 4

1. Gather Input
2. Feedback Loop

Question 5

What does “Standardize Codes” include?

Answer 5

1. Consistency
2. Documentation

Question 6

What does “Integrate with Software Systems” include?

Answer 6

1. Compatibility
2. Data Entry

Question 7

What does “Train Team Members” include?

Answer 7

1. Training Sessions
2. Provide Resources

Question 8

What does “Monitor and Adjust” include?

Answer 8

1. Review Regularly
2. Adaptability