What is the primary purpose of Earned Value Management (EVM) in project management?
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EVM integrates scope, schedule, and cost metrics to measure project performance and forecast future performance trends.
Which metric measures the value of work performed in EVM?
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Earned Value (EV) represents the value of completed work in terms of the project’s budgeted cost, helping to assess progress.
How is Cost Variance (CV) calculated in Earned Value Management?
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Cost Variance (CV) is calculated as Earned Value (EV) minus Actual Cost (AC). A positive CV indicates cost efficiency.
What does a Schedule Performance Index (SPI) value less than 1 indicate?
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An SPI value less than 1 means the project is behind schedule, as it compares earned value to planned value.
Which EVM metric provides insight into project cost efficiency?
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The Cost Performance Index (CPI) measures how efficiently project funds are being used, calculated as EV divided by AC.
What is the Estimate at Completion (EAC) used for in EVM?
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Estimate at Completion (EAC) is used to forecast the total cost of the project based on current performance trends.