Earned Value (EV) Quiz

Earned Value Management (EVM)

• Earned Value (EV) is a project management metric that assesses project performance by measuring progress in terms of budgeted costs.
• EV measures the value of work actually completed in relation to the planned work, allowing for project performance tracking.

Planned Value (PV)

• Planned Value (PV) represents the budgeted amount for the work scheduled to be completed by a specific time.
• It is a key component in measuring project performance against the initial project plan.

Actual Cost (AC)

• Actual Cost (AC) is the total cost incurred for the actual work completed during a specific time frame.
• It reflects the actual expenditures for project activities, allowing for effective cost management and control.

Cost Variance (CV)

• Cost Variance (CV) is calculated by subtracting the Actual Cost (AC) from the Earned Value (EV): CV = EV - AC.
• A positive Cost Variance indicates that the project is under budget; more value has been earned than spent.
• A negative Cost Variance signifies that the project is over budget; expenditures exceed the value of work completed.

Schedule Variance (SV)

• Schedule Variance (SV) measures the difference between the Earned Value (EV) and the Planned Value (PV): SV = EV - PV.
• A negative Schedule Variance indicates the project is behind schedule, as less work has been completed than was planned.

Project Management Tools

• A Project Dashboard provides a visual overview of key project performance indicators, facilitating quick assessments of progress.
• Project Reports compile detailed information about project status, including performance metrics, risks, and upcoming milestones.
• Project Tracking Reports focus on the ongoing performance of project activities, comparing actual progress to planned schedules.
• Project Workflow outlines the process flows and tasks necessary to complete project objectives efficiently.
• Project Collaboration Tools enable team members to work together effectively, sharing resources and communicating in real time.
• Project Document Management systems store, organize, and control access to project-related documents, ensuring proper documentation and compliance.

Test your knowledge on Earned Value (EV) with this quiz! Explore what Earned Value (EV) is, how it is measured, and identify correct interpretations of this important project management concept.