module 31- EVM

Question 1

Earned Value Management

Answer 1

The purpose of an Earned Value Management (EVM) analysis is to determine the current and end of project status of the project with respect to budget and schedule.

Question 2

Earned Value

Answer 2

is the total dollar budget of the work that has been completed.

• measures both schedule and cost performance.
• the value of work completed to date.

Question 3

Planned Value

Answer 3

is the approved budget for work that was scheduled to be accomplished to date.

Question 4

Actual Cost

Answer 4

is the total dollar value of costs incurred to date. This includes work and invoices already paid as well as any expenses that have been incurred but not yet invoiced or paid.

Question 5

Budget At completion

Answer 5

is the approved total baseline budget approved for the completed project.

Question 6

50/ 50 rule

Answer 6

assigns 50% complete as soon as an activity is started and the activity is considered 100% upon completion.

Question 7

0/100 rule

Answer 7

assigns 0% to activities that have not been started and those that are in progress. Completed activities are assigned 100%.

Question 8

Cost Variance

Answer 8

compares the difference between the EV and the AC to determine if the project is meeting its budget expectations.
CV = EV − AC”

Question 9

Schedule Variance

Answer 9

“compares differences between the EV and the PV to determine if the project is meeting its schedule expectations or if there is a variance.
SV = EV − PV”

Question 10

Cost performance Index

Answer 10

uses the same inputs as the CV measure but combines them using a ratio that creates a measure of cost efficiency.
CPI = EV/AC

Question 11

Schedule Performance index

Answer 11

“uses the same inputs as the SV measure but combines them using a ratio that creates a measure of time efficiency.
-if greater than one means that the project team is completing more work in less time than expected.
SPI = EV/PV”

Question 12

To Complete Performance Index

Answer 12

the measure of how efficiently the team will need to perform for the remainder of the project in order to meet the baseline budget.
TCPI = (BAC − EV)/(BAC − AC)

Question 13

Percent complete index

Answer 13

is a measure of how much of the total project work has been completed.
PCIB = EV/BAC

Question 14

Estimate TO Complete

Answer 14

“provides an estimate of how much money will be needed to complete the project.
ETC = (BAC − EV)/CPI”

Question 15

Estimate AT completion

Answer 15

“is the new forecast of how much more in total the project is expected to cost once completed.
EAC = AC + ETC”