Earned Value Quiz

2.

DoD established the Cost/Schedule Control Systems Criteria in what year?

1958
1963
1967
1968
2009

Correct Answer

A. 1967

Explanation

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.

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3.

Estimate At Completion (EAC) is calculated how?

BAC / CPI - Used if no variances from the BAC have occurred
AC + ETC - Actual plus a new estimate for remaining work. Used when original estimate was fundamentally flawed
AC + BAC – EV - Actual to date plus remaining budget. Used when current variances are atypical.
AC + (BAC – EV) / CPI - Actual to date plus remaining budget modified by performance. When current variances are typical.
All of the above

Correct Answer

A. All of the above

4.

CPI is what?

EV/BV
EV/AC
EV/PV
AC/PV
AC/EV

Correct Answer

A. EV/AC

Explanation

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.

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5.

SPI is calculated how?

PV/EV
AC/EV
EV/AC
EV/PV

Correct Answer

A. EV/PV

Explanation

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.

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6.

Blank is the foundation for project management

WBS
SBW
Earned Value Manager
Testing

Correct Answer

A. WBS

Explanation

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.

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7.

How many steps to forming a project baseline

3
8
25
4
5

Correct Answer

A. 4

Explanation

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.

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8.

CAP stands for what?

Control Access Plan
Control Account Plan
Cost Account Plan
Work Page

Correct Answer(s)

A. Control Account Plan
A. Cost Account Plan

Explanation

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.

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9.

A CAP has three discrete elements which of the following is not one of them?

A specific scope of work
A approved budget
Allocated Resources
A time frame for performance

Correct Answer

A. Allocated Resources

Explanation

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.

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0

10.

What is an IPDT?

11.

There are three certainties in life: taxes, death and what?

CAP
Project Management
Project Scope
Insurance
Overruns

Correct Answer

A. Project Scope

Explanation

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.

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12.

What are the 4 projects steps

Decide what method of project managment to use
Form the Project baseline
Allocate the resources
Define the project scope
Discuss your budgets
Plan and schedule the work

Correct Answer(s)

A. Form the Project baseline
A. Allocate the resources
A. Define the project scope
A. Plan and schedule the work

Explanation

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.

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Earned Value Quiz

Planned Value (PV) is also known as what?

Quiz Preview

DoD established the Cost/Schedule Control Systems Criteria in what year?

Estimate At Completion (EAC) is calculated how?

CPI is what?

SPI is calculated how?

Blank is the foundation for project management

How many steps to forming a project baseline

CAP stands for what?

A CAP has three discrete elements which of the following is not one of them?

What is an IPDT?

There are three certainties in life: taxes, death and what?

What are the 4 projects steps