Earned Value (EV) Quiz
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Questions and Answers

Which of the following best describes Earned Value (EV)?

  • The total cost of a project
  • The estimated cost of completing a project
  • The cost of resources used in a project
  • The value of work actually performed (correct)

    • What does Earned Value (EV) measure?

  • The cost of resources used in a project
  • The estimated cost of completing a project
  • The value of work actually performed (correct)
  • The total cost of a project

    • Earned Value (EV)?

  • The authorized budget assigned to scheduled work.
  • The realized cost incurred for the work performed on an activity.
  • The measure of work performed expressed in terms of the budget authorized for that work. (correct)

    • Planned Value (PV)?

    <p>The authorized budget assigned to scheduled work</p> Signup and view all the answers

    Which of the following is the definition of Actual Cost (AC)?

    <p>The cost of the work actually performed on a project</p> Signup and view all the answers

    What does Actual Cost (AC) measure?

    <p>The cost of the work actually performed on a project</p> Signup and view all the answers

    Actual Cost (AC)?

    <p>The realized cost incurred for the work performed on an activity</p> Signup and view all the answers

    How is Cost Variance (CV) calculated?

    <p>CV = AC - EV</p> Signup and view all the answers

    What does a positive Cost Variance (CV) indicate?

    <p>The project is under budget</p> Signup and view all the answers

    What does a negative CV indicate?

    <p>indicates a cost overrun. over the budget</p> Signup and view all the answers

    Schedule Variance (SV)?

    <p>EV – PV</p> Signup and view all the answers

    Schedule Variance (SV) ?

    <p>The difference between the planned and actual work to be performed.</p> Signup and view all the answers

    Negative SV indicates

    <p>you are behind schedule</p> Signup and view all the answers

    Project Dashboard ?

    <p>Provides executives and managers the information they require to make decisions.</p> Signup and view all the answers

    Project Reports?

    <p>Provides project managers with real time information on the project status</p> Signup and view all the answers

    Project Tracking reports?

    <p>Provides project mangers with information on risks and impact on project progress and meeting project’s deadline.</p> Signup and view all the answers

    Project Workflow?

    <p>Provides project teams with information on planned tasks, schedule, resources, etc. required to execute the plan, monitor progress and assess the impact of changes</p> Signup and view all the answers

    Project Collaboration Tools?

    <p>Provides all project stakeholders with a platform to exchange information on a timely manner</p> Signup and view all the answers

    Project Document Management?

    <p>Provides all project stakeholders with a platform to store, manage versions, and share documents.</p> Signup and view all the answers

    Study Notes

    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.

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    Description

    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.

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