Earned Value Management Quiz

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| By Rpleta

Rpleta

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Quizzes Created: 1 | Total Attempts: 823

Questions: 7 | Attempts: 825 | Updated: Mar 21, 2023

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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.

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4
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

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4
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.

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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.

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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.

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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.

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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.

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Current Version
Mar 21, 2023

Quiz Edited by
ProProfs Editorial Team
Mar 16, 2009

Quiz Created by
Rpleta

Earned Value Management Quiz

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

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

Earned Value provides answers to the following important questions:

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

What requirements must be in place for accurate Earned Value Management

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

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