Module 10

Question 1

What are some alternate names for Change Orders?

Answer 1

Project change requests; Change Management Requests

Question 2

What does EVM stand for?

Answer 2

Earned Value Management

Question 3

What are some of the key values of EVM?

Answer 3

planned value (PV), earned value (EV), actual cost (AC), budget at completion (BAC = total PV)

Question 4

Describe 4 measures that can be taken from the EVM, and how to calculate them

Answer 4

Cost Variance (CV) = EV-AC
Schedule Variance (SV) = EV-PV
Cost Performance Index (CPI) = EV/AC
Schedule Performance Index (SPI) = EV/PV

Question 5

For each of CV, SV, CPI, SPI, describe what is good and what is bad

Answer 5

Cost Variance (CV) = EV-AC positive is good
Schedule Variance (SV) = positive is good
Cost Performance Index (CPI) = over 1 is good
Schedule Performance Index (SPI) = over 1 is good

Question 6

List 4 ways to calculate EAC

Answer 6

EAC = BAC / CPI
EAC = AC + ETC (new estimate for remaining)
EAC = BAC - CV = AC + (BAC - EV)
EAC = EAC = AC + (BAC-EV) / (CPI*SPI)

Question 7

What is EAC?

Answer 7

estimate at completion