Earned Value Quiz
Introductory Quiz on Earned Value
- 1.
Planned Value (PV) is also known as what?
- A.
Budgeted Cost of Work Scheduled (BCWS)
- B.
Budgeted Cost of Work Performed (BCWP)
- C.
Actual Cost of Work Performed (ACWP)
Correct Answer
A. Budgeted Cost of Work Scheduled (BCWS)Explanation
Planned Value (PV) refers to the budgeted cost of work that was scheduled to be completed within a given timeframe. It represents the authorized budget for the work that was planned to be accomplished. Therefore, the correct answer is Budgeted Cost of Work Scheduled (BCWS), as it aligns with the definition of PV.Rate this question:
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- 2.
DoD established the Cost/Schedule Control Systems Criteria in what year?
- A.
1958
- B.
1963
- C.
1967
- D.
1968
- E.
2009
Correct Answer
C. 1967Explanation
The correct answer is 1967. The Department of Defense (DoD) established the Cost/Schedule Control Systems Criteria in 1967. This criteria was developed to provide a standardized framework for evaluating and monitoring the cost and schedule performance of defense contracts. It aimed to ensure effective management and control of costs and schedules in defense projects.Rate this question:
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- 3.
Estimate At Completion (EAC) is calculated how?
- A.
BAC / CPI - Used if no variances from the BAC have occurred
- B.
AC + ETC - Actual plus a new estimate for remaining work. Used when original estimate was fundamentally flawed
- C.
AC + BAC – EV - Actual to date plus remaining budget. Used when current variances are atypical.
- D.
AC + (BAC – EV) / CPI - Actual to date plus remaining budget modified by performance. When current variances are typical.
- E.
All of the above
Correct Answer
E. All of the above -
- 4.
CPI is what?
- A.
EV/BV
- B.
EV/AC
- C.
EV/PV
- D.
AC/PV
- E.
AC/EV
Correct Answer
B. EV/ACExplanation
The correct answer is EV/AC. EV/AC stands for Earned Value to Actual Cost ratio. It is a metric used in project management to measure the efficiency of cost utilization. It compares the value of work completed (earned value) to the actual cost incurred. A higher EV/AC ratio indicates that the project is performing well in terms of cost efficiency, while a lower ratio suggests cost overruns.Rate this question:
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- 5.
SPI is calculated how?
- A.
PV/EV
- B.
AC/EV
- C.
EV/AC
- D.
EV/PV
Correct Answer
D. EV/PVExplanation
SPI (Schedule Performance Index) is a measure used to assess the efficiency of a project's schedule performance. It is calculated by dividing the Earned Value (EV) by the Planned Value (PV). By comparing the value of EV to PV, the SPI provides insights into whether a project is ahead of schedule (SPI > 1), on schedule (SPI = 1), or behind schedule (SPI < 1). Therefore, the correct answer is EV/PV.Rate this question:
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- 6.
Blank is the foundation for project management
- A.
WBS
- B.
SBW
- C.
Earned Value Manager
- D.
Testing
Correct Answer
A. WBSExplanation
The correct answer is WBS, which stands for Work Breakdown Structure. A WBS is a hierarchical decomposition of the project deliverables into smaller, more manageable components. It serves as the foundation for project management by organizing and defining the scope of work, facilitating resource allocation, and providing a framework for scheduling, budgeting, and monitoring progress. The WBS helps ensure that all project activities are identified, planned, and executed effectively, leading to successful project completion.Rate this question:
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- 7.
How many steps to forming a project baseline
- A.
3
- B.
8
- C.
25
- D.
4
- E.
5
Correct Answer
D. 4Explanation
The correct answer is 4 because forming a project baseline typically involves four steps. These steps include defining the scope, creating a work breakdown structure, estimating the duration and resources required for each task, and finally, establishing a baseline schedule. These steps are crucial in setting the foundation for the project and ensuring that all stakeholders have a clear understanding of the project's objectives, timeline, and resource requirements.Rate this question:
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- 8.
CAP stands for what?
- A.
Control Access Plan
- B.
Control Account Plan
- C.
Cost Account Plan
- D.
Work Page
Correct Answer(s)
B. Control Account Plan
C. Cost Account PlanExplanation
The correct answer is Control Account Plan and Cost Account Plan. CAP stands for Control Account Plan, which is a management tool used to define the scope, schedule, and budget for a specific control account within a project. It helps in monitoring and controlling the project's progress and ensures that the project stays within its defined parameters. Cost Account Plan is also a valid interpretation of CAP, as it refers to a plan that outlines the budget and cost allocation for a specific cost account within a project. Both interpretations are correct in the context of project management.Rate this question:
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- 9.
A CAP has three discrete elements which of the following is not one of them?
- A.
A specific scope of work
- B.
A approved budget
- C.
Allocated Resources
- D.
A time frame for performance
Correct Answer
C. Allocated ResourcesExplanation
The correct answer is "Allocated Resources". A CAP (Corrective Action Plan) is a plan that outlines the steps and measures to be taken in order to address and correct a problem or issue. It typically includes a specific scope of work, an approved budget, and a time frame for performance. However, the concept of allocated resources is not mentioned as one of the discrete elements of a CAP. Allocated resources refer to the assignment or provision of specific resources, such as manpower, materials, or equipment, for the implementation of the CAP.Rate this question:
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- 10.
What is an IPDT?
- 11.
There are three certainties in life: taxes, death and what?
- A.
CAP
- B.
Project Management
- C.
Project Scope
- D.
Insurance
- E.
Overruns
Correct Answer
C. Project ScopeExplanation
The given answer, "Project Scope," is the correct choice because it aligns with the question's statement about certainties in life. While taxes and death are universally accepted as certainties, project scope refers to the defined boundaries and deliverables of a project, which can also be considered a certainty in the context of project management.Rate this question:
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- 12.
What are the 4 projects steps
- A.
Decide what method of project managment to use
- B.
Form the Project baseline
- C.
Allocate the resources
- D.
Define the project scope
- E.
Discuss your budgets
- F.
Plan and schedule the work
Correct Answer(s)
B. Form the Project baseline
C. Allocate the resources
D. Define the project scope
F. Plan and schedule the workExplanation
The correct answer is to form the project baseline, allocate the resources, define the project scope, and plan and schedule the work. These four steps are essential in effectively managing a project. Forming the project baseline involves establishing the initial goals, objectives, and deliverables of the project. Allocating resources ensures that the necessary personnel, equipment, and materials are available for the project. Defining the project scope helps to clearly outline the boundaries and objectives of the project. Finally, planning and scheduling the work involves creating a detailed plan and timeline for completing the project tasks.Rate this question:
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Mar 01, 2009Quiz Created by
Btriplett2002
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