Earned Value Management Quiz Welcome to your Earned Value Management quiz! email Name 1. Considering the impact of both schedule and cost performance; what the entire project is likely to cost is expressed by?TCPI = (BAC – EV) / (BAC-AC)Estimate at completion (EAC ) = BAC / CPIEstimate to Complete (ETC) = (BAC – EV) / CPIEstimate at completion (EAC) = AC + (BAC – EV)/(CPI X SPI)2. 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$150,000$160,000$40,000$60,0003. What is the upper limit imposed on Actual Cost (AC)AC does not have any upper limitDepends on the nature of the projectAC is limited to 3 times the planned valueAC is limited to 2 times the planned value4. CPI greater than one implies thatProject progress is as per the baseline planActual Cost (AC) is greater than Earned Value (EV)Project is under budgetProject is over budget5. 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 = $40,000.0-11.56. Cost Variance less than zero implies thatProject is under budgetProject is over budgetCost performance is as per the baseline planActual Cost (AC) is less than Earned Value (EV)7. SPI greater than one implies thatEarned Value (EV) is less than Planned Value (PV)Project is ahead of scheduleProject progress is according to the baseline planProject is behind schedule8. Which of the following formulas answers the question; What is the remaining work likely to cost?Variance at Completion (VAC) = EAC – BACEstimate at completion (EAC) = AC + Bottom up ETCEstimate to Complete (ETC) = (BAC – EV) / CPITo-Complete Performance Index (TCPI) = (BAC – EV) / (EAC – AC9. 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 less than 1.0SV is less than 0SPI is equal to 1.0SPI is greater than 1.010. At the end of the project schedule variance is equal toEarned ValueZeroOnePlanned Value11. SPI less than one implies thatPlanned Value (PV) is less than Earned Value (EV)Project performance is as per the baseline planProject is ahead of scheduleProject is behind schedule12. Earned Value (EV) minus Actual Cost (AC) isSchedule Variance (SV)Cost Performance Index (CPI)Schedule Performance Index (SPI)Cost Variance (CV)13. A project is experiencing cost over run. What is true about Cost Performance Index (CPI)CV is equal to 1CPI is equal to 1CPI is greater than 1CPI is less than 114. Cost performance required to be achieved on the remaining work is expressed byCPISPICVTCPI15. What is the best way to calculate the Estimate At Completion (EAC) when original estimates are no longer valid.EAC = BAC/CPIEAC = AC + [(BAC – EV) / (CPI x SPI)]EAC = AC + Bottom-up ETCEAC = AC + BAC – EV16. 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?0.760.670.961.6617. How will you calculate your EAC if the ETC work will be performed at the budgeted rate?EAC = AC + Bottom-up ETCEAC = AC + BAC – EVEAC = BAC/CPIEAC = AC + [(BAC – EV) / (CPI x SPI)]18. Earned Value (EV) minus Planned Value (PV) isSchedule Variance (SV)Cost Variance (CV)Cost Performance Index (CPI)Schedule Performance Index (SPI)19. 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$55,000$10,000-$10,00020. 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 1.5CPI is 2CPI is 1CPI is 0.821. How much we will be over or under budget at the end of the project; is expressed by?Estimate to Complete (ETC) = (BAC – EV) / CPIVariance at Completion (VAC) = EAC – BACEstimate at completion (EAC ) = BAC / CPITo-Complete Performance Index (TCPI) = (BAC – EV) / (BAC – AC)22. 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?$20,000$30,000$10,000$40,00023. 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.Cost Performance Index (CPI)To Complete Performance Index (TCPI)Variance at Completion (VAC)Cost Variance (CV)24. What is EAC for the project if BAC = $50,000 AC = $10,000 EV = $7,000 manual bottom up ETC = $50,000$50,000$67,000$73,000$60,00025. Schedule Variance (SV) greater than zero implies thatProject is ahead of scheduleEV is less than PVProject is behind scheduleProject progress is as per the baseline plan26. What is the best way to accurately calculate Estimate to Completion (ETC)BAC - EVManual forecasting of cost of the remaining work(BAC - EV) / CPIEAC - AC27. 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 is 50,000CV = -50,000CV is -1.528. Budget remaining on the project is expressed asBAC - EVBAC - PV(BAC - AC) or (EAC - AC)EAC - PV29. Schedule Variance (SV) less than zero implies thatSchedule progress is as per the baseline planEarned Value (EV) is greater than Planned (PV)Project is ahead of scheduleProject is behind schedule30. CPI less than one implies thatProject is over budgetActual Cost (AC) is less than Planned Value (PV)Project is under budgetProject performance is as per baseline plan31. 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.Change control processScheduleCostStakeholder Engagement32. Work remaining on the project is expressed asBAC - EVBAC - ACBAC - ECEAC - AC33. 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$22,000$14,000$15,000$24,00034. The Earned Value Methodology (EVM) can be used as a means toForecast future performance based on past performanceCalculate the number of days left in the projectCalculate the profitability of the projectCalculate the value provided to the customer35. Two efficiency indicators that reflect cost and schedule performance of a project areAdd description here!Cost Performance Index (CPI) and Schedule Performance Index (SPI)Earned Value (EV) and Actual Cost (AC)Cost Projection Index (CPI) and Schedule Projection Index (SPI)Actual Cost (AC) and Planned Value (PV)36. Cost Variance greater than zero implies thatActual Cost (AC) is more than Earned Value (EV)Project is under budgetProject is over budgetCost performance is as per the baseline plan1 out of Related