FREE Fundamentals of Earned Value Management Questions and Answers

Question 1

What does LOE stand for

Accepted Answer

Level Of Effort

Answer

Last Of Effort

Answer

Lost Over Estimate

Answer

Level Over Effort

Question 2

How many elements does the Control Account Plan (CAP) have?

Accepted Answer

eight

Answer

six

Answer

seven

Answer

nine

Question 3

Can procurement use Earned Value Management?

Accepted Answer

Yes

Answer

No

Question 4

Which of these processes doesn't involve using earned value when making project purchases?

Accepted Answer

Place all procurements into four generic categories

Answer

Time phase a project procurement baseline

Answer

Continue Scope definition to include make or buy analysis

Answer

Measure actual earned value performance, estimate actual costs

Question 5

What are the three categories?

Accepted Answer

Major (High Risk)

Answer

Semi-Routine

Answer

Almost-Routine

Question 6

What is CPM stand for?

Accepted Answer

Critical Path Method

Answer

Cost Per Measure

Answer

Cost Per Method

Answer

Critical Path Measure

Question 7

What didn't work: Budget: $120 x $12 per unit for 10 units. Actuals:$192 divided by 12 units at $16 each What was the overrun due to?

Accepted Answer

Price: -$48, Usage: -$24

Answer

Price: -$48, Usage: $24

Answer

Price: -$24, Usage -$48

Answer

Price: $48, Usage: -$24