Earned Value Management Quiz Welcome to your Earned Value Management quiz! email Name 1. Earned Value Measurements of a project indicate that the current CPI is 0.80 and the current SPI is 0.98. For the next phase of the project the project manager should focus on which element of the project.Stakeholder EngagementScheduleChange control processCost2. CPI greater than one implies thatActual Cost (AC) is greater than Earned Value (EV)Project progress is as per the baseline planProject is over budgetProject is under budget3. What is the upper limit imposed on Actual Cost (AC)AC is limited to 3 times the planned valueAC is limited to 2 times the planned valueDepends on the nature of the projectAC does not have any upper limit4. Cost Variance less than zero implies thatProject is over budgetActual Cost (AC) is less than Earned Value (EV)Cost performance is as per the baseline planProject is under budget5. Considering the following project data what is the Estimate at Completion (EAC) if the work is performed at the budgeted rate? BAC = $22,000 EV = $13,000 PV = $14,000 AC = $15,000$24,000$14,000$22,000$15,0006. Budget remaining on the project is expressed asEAC - PV(BAC - AC) or (EAC - AC)BAC - EVBAC - PV7. SPI greater than one implies thatEarned Value (EV) is less than Planned Value (PV)Project progress is according to the baseline planProject is ahead of scheduleProject is behind schedule8. Two efficiency indicators that reflect cost and schedule performance of a project areAdd description here!Earned Value (EV) and Actual Cost (AC)Cost Performance Index (CPI) and Schedule Performance Index (SPI)Actual Cost (AC) and Planned Value (PV)Cost Projection Index (CPI) and Schedule Projection Index (SPI)9. What is the TCPI of the project based on following project data? (1) EAC = $115,000 (2) BAC = $100,000, (3) EV = $25,000 (4) AC = $40,000.-101.510. What is EAC for the project if BAC = $50,000 AC = $10,000 EV = $7,000 manual bottom up ETC = $50,000$60,000$73,000$67,000$50,00011. Which of the following formulas answers the question; What is the remaining work likely to cost?To-Complete Performance Index (TCPI) = (BAC – EV) / (EAC – ACVariance at Completion (VAC) = EAC – BACEstimate at completion (EAC) = AC + Bottom up ETCEstimate to Complete (ETC) = (BAC – EV) / CPI12. What is the best way to accurately calculate Estimate to Completion (ETC)BAC - EV(BAC - EV) / CPIEAC - ACManual forecasting of cost of the remaining work13. The planned value of task A is $150,000 and task B is $500,000. After six months the project manager does a performance analysis of the project and finds that the project is behind schedule. The actual cost incurred in completing task A is $175,000 and that for completing 80% of task B is $650,000. What is the cost performance index of the project?0.760.960.671.6614. At the end of the project schedule variance is equal toPlanned ValueEarned ValueOneZero15. Cost Variance greater than zero implies thatCost performance is as per the baseline planProject is under budgetActual Cost (AC) is more than Earned Value (EV)Project is over budget16. CPI less than one implies thatProject is under budgetActual Cost (AC) is less than Planned Value (PV)Project performance is as per baseline planProject is over budget17. How much we will be over or under budget at the end of the project; is expressed by?Estimate to Complete (ETC) = (BAC – EV) / CPITo-Complete Performance Index (TCPI) = (BAC – EV) / (BAC – AC)Variance at Completion (VAC) = EAC – BACEstimate at completion (EAC ) = BAC / CPI18. Earned Value (EV) minus Actual Cost (AC) isCost Performance Index (CPI)Schedule Performance Index (SPI)Cost Variance (CV)Schedule Variance (SV)19. A project is estimated to cost $50,000 with a timeline of 50 days. After 25 days, the project manager finds that 80% of the project is complete and Actual costs are $50,000. What is the Cost Performance Index (CPI)?Add description here!CPI is 2CPI is 1.5CPI is 0.8CPI is 120. A project manager expects that the project would finish one month before the planned finish date. However he expects that the project to exceed the budgeted cost. What is true about the Schedule Performance Index (SPI)SPI is equal to 1.0SPI is greater than 1.0SPI is less than 1.0SV is less than 021. Earned Value (EV) minus Planned Value (PV) isCost Variance (CV)Schedule Variance (SV)Schedule Performance Index (SPI)Cost Performance Index (CPI)22. A project is experiencing cost over run. What is true about Cost Performance Index (CPI)CPI is less than 1CV is equal to 1CPI is equal to 1CPI is greater than 123. A project manager determined that BAC is no longer viable and developed a forecasted EAC. What index can the project manager use to look at the calculated projection of cost performance that must be achieved on the remaining work.Variance at Completion (VAC)Cost Performance Index (CPI)To Complete Performance Index (TCPI)Cost Variance (CV)24. Work remaining on the project is expressed asEAC - ACBAC - ECBAC - EVBAC - AC25. Cost performance required to be achieved on the remaining work is expressed byCPICVTCPISPI26. Considering the impact of both schedule and cost performance; what the entire project is likely to cost is expressed by?Estimate to Complete (ETC) = (BAC – EV) / CPITCPI = (BAC – EV) / (BAC-AC)Estimate at completion (EAC) = AC + (BAC – EV)/(CPI X SPI)Estimate at completion (EAC ) = BAC / CPI27. A project is estimated to cost $200,000 with a timeline of 10 months. Due to shipment delay, the schedule was slightly delayed. This was however made up by receiving the first batch of materials for the project by air. The net result was that there was some additional cost in the project. At the end of the second month, he project manager reviews the project and finds that the project is 20% complete and actual costs are $50,000. The Estimate to Complete (ETC) for the project would be$40,000$150,000$160,000$60,00028. A project has a budget of $30,000 and the costs incurred till date is $20,000. The project has achieved $10,000 worth of work. The project manager believes that the future work will progress at the planned rate. What is the Estimate at Completion (EAC) of the project?$30,000$20,000$10,000$40,00029. A project's current total Earned Value (EV) is $150,000 and the Actual Cost (AC) is $100,000. What is the Cost Variance (CV) of the project?CV is 1.5CV = -50,000CV is 50,000CV is -1.530. The Earned Value Methodology (EVM) can be used as a means toCalculate the number of days left in the projectForecast future performance based on past performanceCalculate the value provided to the customerCalculate the profitability of the project31. A project is scheduled to complete in one year. After 3 months of execution the earned value is $45,000 and the planned value is $55,000. What is the schedule variance of the project?$45,000-$10,000$55,000$10,00032. What is the best way to calculate the Estimate At Completion (EAC) when original estimates are no longer valid.EAC = AC + Bottom-up ETCEAC = AC + BAC – EVEAC = BAC/CPIEAC = AC + [(BAC – EV) / (CPI x SPI)]33. How will you calculate your EAC if the ETC work will be performed at the budgeted rate?EAC = AC + Bottom-up ETCEAC = AC + [(BAC – EV) / (CPI x SPI)]EAC = AC + BAC – EVEAC = BAC/CPI34. Schedule Variance (SV) greater than zero implies thatProject is ahead of scheduleProject is behind scheduleProject progress is as per the baseline planEV is less than PV35. SPI less than one implies thatProject is ahead of schedulePlanned Value (PV) is less than Earned Value (EV)Project is behind scheduleProject performance is as per the baseline plan36. Schedule Variance (SV) less than zero implies thatEarned Value (EV) is greater than Planned (PV)Project is ahead of scheduleProject is behind scheduleSchedule progress is as per the baseline plan1 out of Related