Earned Value Management Quiz

Approved & Edited by ProProfs Editorial Team
The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.
Learn about Our Editorial Process
| By Rpleta
R
Rpleta
Community Contributor
Quizzes Created: 1 | Total Attempts: 852
Questions: 7 | Attempts: 852

SettingsSettingsSettings
Earned Value Management Quiz - Quiz

Earned Value Quiz for HD Supply FM IT Project Managers and Coordinators


Questions and Answers
  • 1. 

    Our project is behind by what dollar amount, worth of work?Hint: SV= BCWS-BCWP .Note: Please use powerpoint slide for info

    Explanation
    The answer is 125,000 because the question is asking for the dollar amount by which the project is behind in terms of the worth of work. The formula SV= BCWS-BCWP is used to calculate Schedule Variance, which represents the difference between the budgeted cost of work scheduled (BCWS) and the budgeted cost of work performed (BCWP). In this case, since the answer is 125,000, it means that the project is behind by that amount in terms of the worth of work.

    Rate this question:

  • 2. 

    This project has cost us what dollar amount, more than it should have?Hint: CV= ACWP-BCWP Note: Please use powerpoint slide for info

    Explanation
    Hint: CV= ACWP-BCWP

    Rate this question:

  • 3. 

    Earned Value provides answers to the following important questions:

    • A.

      What value of work should have been completed

    • B.

      How much value have we realized so far

    • C.

      How much money has been spent to date to get the project where it is today

    • D.

      All the above

    • E.

      Options B and C

    Correct Answer
    D. All the above
    Explanation
    Earned Value is a project management technique that helps in measuring the progress and performance of a project. It provides answers to important questions such as what value of work should have been completed, how much value have we realized so far, and how much money has been spent to date to get the project where it is today. Therefore, the correct answer is "All the above" as it encompasses all the questions mentioned in the options.

    Rate this question:

  • 4. 

    True or False? Earned Value analysis was developed by the US Department of Transportation to dtermine the performance of large projects

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Earned Value analysis was not developed by the US Department of Transportation. It was actually developed by the US Department of Defense in the 1960s as a method to track the progress and performance of defense projects. It has since been widely adopted in various industries, including construction, engineering, and software development, to assess project performance and make informed decisions. Therefore, the correct answer is False.

    Rate this question:

  • 5. 

    What requirements must be in place for accurate Earned Value Management

    • A.

      Good Project Management Practices

    • B.

      Cost control software tool

    • C.

      Work measurement by work-hours, dollars, and units

    • D.

      All the above

    • E.

      Options A and C

    Correct Answer
    E. Options A and C
    Explanation
    For accurate Earned Value Management, good project management practices and work measurement by work-hours, dollars, and units must be in place. Good project management practices ensure that the project is being managed effectively and efficiently, while work measurement by work-hours, dollars, and units provides accurate data for calculating earned value. The cost control software tool is not explicitly mentioned as a requirement for accurate Earned Value Management, so it is not necessary for accurate EVM. Therefore, the correct answer is Options A and C.

    Rate this question:

  • 6. 

    Check all that apply: What are the project manager initiatives to ensure proper Earned Value management:

    • A.

      Develop a realistic plan of the work scope, budget and schedule

    • B.

      Take meeting minutes

    • C.

      Authorize work properly

    • D.

      Control changes

    • E.

      Performance reporting

    Correct Answer(s)
    A. Develop a realistic plan of the work scope, budget and schedule
    C. Authorize work properly
    D. Control changes
    E. Performance reporting
    Explanation
    The project manager initiatives to ensure proper Earned Value management include developing a realistic plan of the work scope, budget, and schedule to set clear expectations and goals for the project. They also need to authorize work properly to ensure that the project team is working on the approved tasks. Controlling changes is essential to manage scope creep and maintain project alignment. Performance reporting is necessary to track and analyze project progress and identify any deviations from the plan. Taking meeting minutes, while important for communication purposes, is not directly related to Earned Value management.

    Rate this question:

  • 7. 

    Earned Value Management is a methodology that measures the value of a project as dollars are spent

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    Earned Value Management is a methodology that measures the value of a project by comparing the planned value, earned value, and actual cost of the project. It helps in tracking the project's progress and performance in terms of schedule and cost. It does not directly measure the value of a project as dollars are spent, but rather evaluates the value earned in relation to the planned value. Therefore, the statement is false.

    Rate this question:

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 16, 2009
    Quiz Created by
    Rpleta
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.