Trivia Quiz On Earned Value Management!

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Trivia Quiz On Earned Value Management! - Quiz

When it comes to project management, a manager needs to ensure that what was planned was achieved at the desired time. The earned value management concept best explains this rule. Think that you understood the concept entirely? The best way to test yourself is by using this challenging quiz. Try it out and see what more you might learn!


Questions and Answers
  • 1. 

    LOE stands for what

    • A.

      Lost Over Estimate

    • B.

      Level Over Effort

    • C.

      Level Of Effort

    • D.

      Last Of Effort

    Correct Answer
    C. Level Of Effort
    Explanation
    LOE stands for Level Of Effort. This term is commonly used in project management to refer to the amount of work required to complete a task or project. It represents the overall time, resources, and energy needed to accomplish a specific goal. The other options, Lost Over Estimate, Level Over Effort, and Last Of Effort, are not commonly used or recognized acronyms in this context.

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  • 2. 

    Control Account Plan (CAP) has how many Elements?

    • A.

      6

    • B.

      7

    • C.

      8

    • D.

      9

    Correct Answer
    C. 8
    Explanation
    See page 104

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  • 3. 

    Can Earned Value Management be used in Procurements?

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Earned Value Management (EVM) can indeed be used in procurements. EVM is a project management technique that helps measure project performance and progress in terms of cost and schedule. It allows for the integration of project scope, schedule, and cost objectives, making it applicable to various aspects of project management, including procurements. By using EVM, project managers can effectively track and evaluate the performance of procurement activities, ensuring that they are meeting cost and schedule targets. This helps in identifying any deviations or issues early on, allowing for timely corrective actions to be taken.

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  • 4. 

    Which of these steps is not used for employing earned value on project procurements?

    • A.

      Continue Scope defintion to inclcude make or buy analysis

    • B.

      Time phase a project procurement baseline

    • C.

      Place all procurements into four generic categories

    • D.

      Forcast final costs (EAC)

    • E.

      Measuare actual earned value performance, estimate actual costs

    Correct Answer
    C. Place all procurements into four generic categories
    Explanation
    The step "Place all procurements into four generic categories" is not used for employing earned value on project procurements. Earned value management focuses on measuring and forecasting project performance based on the budgeted cost of work performed (BCWP), actual cost of work performed (ACWP), and budgeted cost of work scheduled (BCWS). Categorizing procurements into generic categories is not a specific step in this process.

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  • 5. 

    The Three Categories are:

    • A.

      Major (High Risk)

    • B.

      Minor (Low Risk)

    • C.

      Routine

    • D.

      Semi-Routine

    • E.

      Almost-Routine

    Correct Answer(s)
    A. Major (High Risk)
    B. Minor (Low Risk)
    C. Routine
    Explanation
    The given answer categorizes the activities into three categories based on their level of risk. Major activities are considered high risk, indicating that they involve significant potential hazards or consequences. Minor activities are classified as low risk, suggesting that they involve minimal hazards or consequences. Routine activities are those that are performed regularly and are considered to have a moderate level of risk.

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  • 6. 

    CPM stands for what?

    • A.

      Critical Path Method

    • B.

      Critical Path Measure

    • C.

      Cost Per Measure

    • D.

      Cost Per Method

    Correct Answer
    A. Critical Path Method
    Explanation
    CPM stands for Critical Path Method, which is a project management technique used to determine the longest sequence of activities in a project. It helps in identifying the critical activities that must be completed on time to avoid delays in the project. The Critical Path Method involves analyzing the dependencies between activities, estimating the duration of each activity, and creating a network diagram to visualize the project schedule. By calculating the critical path, project managers can effectively allocate resources, prioritize tasks, and ensure timely project completion.

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  • 7. 

    What went wrong: Budget:$120 - 10 units x $12/unit Actuals:$192 - 12 unit x $16/unit What caused the overrun?

    • A.

      Price: -$24, Usage -$48

    • B.

      Price: $48, Usage: -$24

    • C.

      Price: -$48, Usage: $24

    • D.

      Price: -$48, Usage: -$24

    • E.

      Price: $24, Usage: $48

    Correct Answer
    D. Price: -$48, Usage: -$24
    Explanation
    The overrun was caused by a decrease in price and an increase in usage. The budgeted price was $12 per unit, but the actual price was $16 per unit, resulting in a decrease of $4 per unit. The budgeted usage was 10 units, but the actual usage was 12 units, resulting in an increase of 2 units. Multiplying the price decrease by the actual usage increase, we get $4 * 2 = $8. Therefore, the total overrun is $8.

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  • 8. 

    One fundamental problem with project baselines is what?

    • A.

      The authorized budget is too high.

    • B.

      Not enough tasks.

    • C.

      The authorized budget is too low.

    • D.

      The authorized work does not exist.

    Correct Answer
    C. The authorized budget is too low.
    Explanation
    The explanation for the correct answer is that one fundamental problem with project baselines is that the authorized budget is too low. This means that the allocated funds for the project are insufficient to cover all the necessary expenses and tasks. This can lead to delays, compromises in quality, and overall project failure if not addressed and adjusted accordingly.

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  • 9. 

    Can a budget be frontloaded?

    • A.

      No

    • B.

      Yes

    Correct Answer
    B. Yes
    Explanation
    A budget can be frontloaded, meaning that a larger portion of the budget is allocated or spent at the beginning of the budget period. This allows for more resources to be allocated to priority projects or expenses early on, while potentially reducing spending later in the budget period. Frontloading a budget can help ensure that important initiatives are adequately funded and implemented in a timely manner.

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  • 10. 

    Variance at Completion.  Is it also know as to what?

    • A.

      EAC - BAC

    • B.

      CPI

    • C.

      VAC

    • D.

      BAC - EAC

    • E.

      SPI

    Correct Answer
    D. BAC - EAC
    Explanation
    The correct answer, BAC - EAC, refers to the Variance at Completion (VAC). VAC is a measure used in project management to determine the difference between the budgeted cost of work scheduled (BAC) and the estimated cost to complete (EAC) the project. It helps to assess whether the project is under or over budget. A positive VAC indicates that the project is under budget, while a negative VAC suggests that the project is over budget.

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  • 11. 

    SPI is calculated how?

    • A.

      EV/PE

    • B.

      EV/PN

    • C.

      EV/AC

    • D.

      EV/PV

    • E.

      PV/EV

    Correct Answer
    D. EV/PV
    Explanation
    SPI stands for Schedule Performance Index, which is a measure used in project management to assess the efficiency of schedule performance. It is calculated by dividing the Earned Value (EV) by the Planned Value (PV). EV represents the value of the work actually accomplished, while PV represents the planned value of the work scheduled to be done. By dividing EV by PV, we can determine whether a project is ahead or behind schedule. A value greater than 1 indicates that the project is ahead of schedule, while a value less than 1 indicates that the project is behind schedule. Therefore, the correct answer is EV/PV.

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  • 12. 

    Mark all that apply for forecasting.

    • A.

      Estimate At Completion (EAC)

    • B.

      Overrun-to-Date

    • C.

      CPI time PMI

    Correct Answer(s)
    A. Estimate At Completion (EAC)
    B. Overrun-to-Date
    Explanation
    Estimate At Completion (EAC) and Overrun-to-Date are both methods used in forecasting. EAC is used to estimate the total cost of a project based on the current performance and the remaining work. Overrun-to-Date, on the other hand, is used to calculate the amount by which the actual cost of a project has exceeded the planned cost up to a certain point in time. Both of these methods are important for forecasting and can help in predicting the final outcome of a project.

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  • 13. 

    TCPI (BAC)

    • A.

      Work Remaining (BAC - EV)/ Funds Remaining (BAC - AD)

    • B.

      Work Remaining (BAC - EV)/ Funds Remaining (BAC - AC)

    • C.

      Work Remaining (BAC - PV)/ Funds Remaining (BAC - AC)

    Correct Answer
    C. Work Remaining (BAC - PV)/ Funds Remaining (BAC - AC)
    Explanation
    The correct answer is "Work Remaining (BAC - PV)/ Funds Remaining (BAC - AC)". This formula calculates the TCPI (To-Complete Performance Index) by dividing the work remaining (BAC - PV) by the funds remaining (BAC - AC). TCPI is a measure of the efficiency required to complete the remaining work within the remaining budget. By using the work remaining and funds remaining, this formula provides a more accurate indication of the performance needed to meet the project's goals.

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