Which of the following represents the estimated value of the work actually accomplished? A. Earned value (EV) B. Planned value (PV) C. Actual cost (AC D. Cost variance (CV)

Which of the following represents the estimated value of the work actually 

accomplished? 

A. Earned value (EV) 

B. Planned value (PV) 

C. Actual cost (AC 

D. Cost variance (CV)
by

1 Answer

Answer :

A. Earned value (EV)
by

Related questions

A project with total budget cost of 30 crores is scheduled to be completed in 80 weeks. A periodic review was carried out at end of 60 weeks and results are as given: Budgeted cost of work performed (EV) = 17 crores Actual Cost of work performed (AC = 19 crores Budgeted cost of work scheduled (PV) = 21 croresWhat is the cost performance index? A.0.895 B.0.81 C.0.90 D.1.12

Description :  A project with total budget cost of 30 crores is scheduled to be completed in 80 weeks. A periodic review was carried out at end of 60 weeks and results are as given:  Budgeted cost of work performed (EV) = 17 ... crores What is the cost performance index?  A.0.895  B.0.81  C.0.90  D.1.12

Last Answer : A.0.895

. If the Earned Value is equal to Actual Cost, it means: A. Project is on budget and on schedule B. Schedule Variance Index is 1 C. There is no schedule variance D. There is no cost variance

Description : . If the Earned Value is equal to Actual Cost, it means: A. Project is on budget and on schedule B. Schedule Variance Index is 1 C. There is no schedule variance D. There is no cost variance

Last Answer : D. There is no cost variance

. If the Earned Value is equal to Actual Cost, it means: A. Project is on budget and on schedule B. Schedule Variance Index is 1 C. There is no schedule variance D. There is no cost variance

Description : . If the Earned Value is equal to Actual Cost, it means: A. Project is on budget and on schedule B. Schedule Variance Index is 1 C. There is no schedule variance D. There is no cost variance

Last Answer : D. There is no cost variance

If the Earned Value is equal to Actual Cost, it means: A. Project is on budget and on schedule B. Schedule Variance Index is 1 C. There is no schedule variance D. There is no cost variance

Description : If the Earned Value is equal to Actual Cost, it means: A. Project is on budget and on schedule B. Schedule Variance Index is 1 C. There is no schedule variance D. There is no cost variance

Last Answer : D. There is no cost variance

Cost Variance (CV) is which of the following equations? 1. CV = BCWP - BCWS 2. CV = BCWP - ACWP 3. CV = SV / BCWS 4. A and c

Description : Cost Variance (CV) is which of the following equations? 1. CV = BCWP - BCWS  2. CV = BCWP - ACWP  3. CV = SV / BCWS  4. A and c

Last Answer : 2. CV = BCWP - ACWP

Amount of work completed to date compared with planned in the Earned Value Management method is A. Schedule Performance Index B. Cost Performance Index C. Percentage Complete D .Percentage Spent

Description : Amount of work completed to date compared with planned in the Earned Value  Management method is  A. Schedule Performance Index  B. Cost Performance Index  C. Percentage Complete  D .Percentage Spent

Last Answer : C. Percentage Complete

Petri is working for Nokia in Finland. He has completed 10 months of his 12-month project, budgeted at $800,000. His earned value analysis shows that variance at completion is $75,000. What is the estimate at completion value for this project? Select one: a. 725,000 b. -725,000 c. -$875,000 d. $875,000 e. $800,000

Description : Petri is working for Nokia in Finland. He has completed 10 months of his 12-month project, budgeted at $800,000. His earned value analysis shows that variance at  completion is $75,000. What is the estimate at completion value ... : a. 725,000 b. -725,000 c. -$875,000 d. $875,000 e. $800,000

Last Answer : d. $875,000

When calculating EVM, Peter noticed that the cumulative planned value is 150% of the cumulative earned value. What does this mean? Select one: a. SPI<1, so the project is behind schedule. b. SPI>1, so the project is OK to complete on time. c. SPI<1, so the project is ahead of time. d. SPI>1, so the project is behind schedule. e. SPI>1, so the project is on schedule.

Description : When calculating EVM, Peter noticed that the cumulative planned value is 150%  of the cumulative earned value. What does this mean? Select one: a. SPI1, so the project is OK to complete on time. c. SPI1, so the project is behind schedule. e. SPI>1, so the project is on schedule.

Last Answer : a. SPI

The budgeted cost for all the activities in a project with the help of Earned Value Method is A. Actual Cost B. Budget at completion C. Budget for completion D. Estimate at completion

Description : The budgeted cost for all the activities in a project with the help of Earned Value  Method is  A. Actual Cost  B. Budget at completion  C. Budget for completion  D. Estimate at completion

Last Answer : D. Estimate at completion

Net Present Value of a machine is A. PV of cash inflows less cost of investment B. PV of cash inflows ÷ cost of investment C. PV of net profit after tax less cost of investment D.PV of cash inflows less average cost of investment

Description : Net Present Value of a machine is  A. PV of cash inflows less cost of investment  B. PV of cash inflows ÷ cost of investment  C. PV of net profit after tax less cost of investment  D.PV of cash inflows less average cost of investment

Last Answer : A. PV of cash inflows less cost of investment

A Project with a total funding of $100,000 finished with a BAC value of $95,000. What term can BEST describe the difference of $5,000? A. Cost Variance B. Management Overhead C. Management Contingency Reserve D. Schedule Variance

Description : A Project with a total funding of $100,000 finished with a BAC value of $95,000. What term can BEST describe the difference of $5,000? A. Cost Variance B. Management Overhead C. Management Contingency Reserve D. Schedule Variance

Last Answer : C. Management Contingency Reserve

A Project with a total funding of $100,000 finished with a BAC value of $95,000. What term can BEST describe the difference of $5,000? A. Cost Variance B. Management Overhead C. Management Contingency Reserve D. Schedule Variance

Description : A Project with a total funding of $100,000 finished with a BAC value of $95,000. What term  can BEST describe the difference of $5,000? A. Cost Variance B. Management Overhead C. Management Contingency Reserve D. Schedule Variance

Last Answer : C. Management Contingency Reserve

. When estimating project time schedules using industry standards, the estimated project completion time for a systems project would be _____ person-months if the actual planning phase were completed in 6 person-months. a. 30 b. 40 c. 17.14 d. 9 e. 50

Description : . When estimating project time schedules using industry standards, the estimated  project completion time for a systems project would be _____ person-months if the actual  planning phase were completed in 6 person-months.  a. 30  b. 40  c. 17.14  d. 9  e. 50

Last Answer : b. 40

What is the definition of Earned Value Management? A. An approach that combines the scope, schedule, and cost baseline into a project performance and progress measurement tool. B. An approach that combines the schedule and cost baseline into a project performance and progress measurement tool. C. An approach that combines the scope and cost baseline into a project performance and progress measurement tool.

Description : What is the definition of Earned Value Management? A. An approach that combines the scope, schedule, and cost baseline into a project  performance and progress measurement tool.  B. ... approach that combines the scope and cost baseline into a project performance and  progress measurement tool.

Last Answer : A. An approach that combines the scope, schedule, and cost baseline into a project  performance and progress measurement tool.

Earned value management integrates scope, cost, and schedule measures to: A. assess project performance and progress. B. develop a preliminary budget. C. assess communication effectiveness among project team members. D. assess whether all requirements were met.

Description : Earned value management integrates scope, cost, and schedule measures to:  A. assess project performance and progress.  B. develop a preliminary budget. C. assess communication effectiveness among project team members. D. assess whether all requirements were met.

Last Answer : A. assess project performance and progress.

The BCWS = $250, the ACWP = $350, and the BCWP = $200. Calculate the Cost Variance. 1. -$150 2. $150 3. -$50 4. $50

Description : The BCWS = $250, the ACWP = $350, and the BCWP = $200. Calculate the Cost Variance. 1. -$150  2. $150  3. -$50  4. $50

Last Answer : 1. -$150

A time-phased budget that project managers use to measure and monitor cost performance. A. Cost Baseline B. Cost Budgeting C. Cost Estimating D. Cost Variance

Description :  A time-phased budget that project managers use to measure and monitor cost performance. A. Cost Baseline B. Cost Budgeting C. Cost Estimating D. Cost Variance

Last Answer : A. Cost Baseline

The basic approach to Earned Value is toA. Sum up the Work Package Earned Values to calculate the Earned Value of the Control Account and ultimately the Project B. Multiply the percent complete by the value of the Work Package to calculate the "Earned Value" for that package C. Estimate a percent complete for each WBS Work Package D. All of the above

Description : The basic approach to Earned Value is to A. Sum up the Work Package Earned Values to calculate the Earned Value of the Control  Account and ultimately the Project  B. Multiply the percent complete by ... that package  C. Estimate a percent complete for each WBS Work Package  D. All of the above

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A Unit Price (UP) contract provides: 1. a reimbursement of allowable costs plus a fixed fee which is paid proportionately as the contract progresses 2. a reimbursement of allowable cost of services performed plus an agreed upon percentage of the estimated cost as profit 3. the supplier with a fixed price for delivered performance plus a predetermined fee for superior performance 4. a fixed price where the supplier agrees to furnish goods and services at unit rates and the final price is dependent on the quantities needed to carry out the work.

Description : A Unit Price (UP) contract provides: 1. a reimbursement of allowable costs plus a fixed fee which is paid proportionately as the  contract progresses  2. a reimbursement of allowable cost of services ... unit rates and the  final price is dependent on the quantities needed to carry out the work.

Last Answer : 4. a fixed price where the supplier agrees to furnish goods and services at unit rates and the  final price is dependent on the quantities needed to carry out the work

General gas equation is  (a) PV=nRT  (b) PV=mRT  (d) PV = C  (c) PV=KiRT  (e) Cp-Cv = Wj

Description : General gas equation is  (a) PV=nRT  (b) PV=mRT  (d) PV = C  (c) PV=KiRT  (e) Cp-Cv = Wj

Last Answer : Answer : b

A critical path network diagram does NOT: A. Help determine the amount of float B. Identify the particularly important activities C. Calculate earned value D. Calculate the duration of the whole project

Description : A critical path network diagram does NOT: A. Help determine the amount of float B. Identify the particularly important activities C. Calculate earned value D. Calculate the duration of the whole project

Last Answer : C. Calculate earned value

Which of the following statements is incorrect regarding a normal project? A. If the NPV of a project is greater than 0, then its PI will exceed 1. B. If the IRR of a project is 8%, its NPV, using a discount rate, k, greater than 8%, will be less than 0.C. If the PI of a project equals 0, then the project's initial cash outflow equals the PV of its cash flows. D. If the IRR of a project is greater than the discount rate, k, then its PI will be greater than 1.

Description : Which of the following statements is incorrect regarding a normal project? A. If the NPV of a project is greater than 0, then its PI will exceed 1. B. If the IRR of a project is 8%, its NPV, using ... the IRR of a project is greater than the discount rate, k, then its PI will be greater than 1.

Last Answer : D. If the IRR of a project is greater than the discount rate, k, then its PI will be greater than 1.

Which one of the following does project change control primarily seek to ensure? a. All variance to the project scope is evaluated. b. No reduction in the perceived quality of the project outcome. c. Management costs of the project do not increase. d. Any decrease in the scoped deliverable of the project is rejected.

Description : Which one of the following does project change control primarily seek to ensure? a. All variance to the project scope is evaluated. b. No reduction in the perceived quality of the project outcome. ... project do not increase. d. Any decrease in the scoped deliverable of the project is rejected.

Last Answer : a. All variance to the project scope is evaluated.

Which one of the following does project change control primarily seek to ensure? a. All variance to the project scope is evaluated. b. No reduction in the perceived quality of the project outcome. c. Management costs of the project do not increase. d. Any decrease in the scoped deliverable of the project is rejected

Description : Which one of the following does project change control primarily seek to ensure?  a. All variance to the project scope is evaluated.  b. No reduction in the perceived quality of the project outcome ... project do not increase.  d. Any decrease in the scoped deliverable of the project is rejected

Last Answer : a. All variance to the project scope is evaluated.

Price movement between two Information Technology stocks would generally have a co-variance. A. zero B. positive C. negative

Description : Price movement between two Information Technology stocks would generally have a  co-variance. A. zero B. positive C. negative

Last Answer : B. positive

What Is Effort Variance?

Description : What Is Effort Variance?

Last Answer : Effort Variance = (Actual effort – Estimated Effort) / Estimated Effort.

A cost performance index (CPI) of 0.89 means: A. At this time, we expect the total project to cost 89 percent more than planned B. When the project is completed we will have spent 89 percent more than planned C. The project is only progressing at 89 percent of the rate planned D. The project is only getting 89 cents out of every dollar invested

Description : A cost performance index (CPI) of 0.89 means:  A. At this time, we expect the total project to cost 89 percent more than planned  B. When the project is completed we will have spent 89 ... at 89 percent of the rate planned  D. The project is only getting 89 cents out of every dollar invested

Last Answer : D. The project is only getting 89 cents out of every dollar invested

Pick up the correct statement from the following: (A) The estimated value of the work excluding the amount for contingencies, work charged establishment, tool and plants, is called work value (B) The actual expenditure involved to complete a work including incidental, establishment and travelling charges, is called actual cost (C) The formal acceptance by the administrative department for incurring an expenditure on the work, is called administrative approval (D) All the above

Description : Pick up the correct statement from the following: (A) The estimated value of the work excluding the amount for contingencies, work charged establishment, tool and plants, is called work value (B ... for incurring an expenditure on the work, is called administrative approval (D) All the above

Last Answer : (D) All the above

Which of the following is typically a written document that defines what work will be accomplished by the end of the project?Select one: a. Scope of work (SOW) b. Project logic diagram c. Milestone schedule d. Ballpark estimate e. Work breakdown structure

Description : Which of the following is typically a written document that defines what work  will be accomplished by the end of the project? Select one: a. Scope of work (SOW) b. Project logic diagram c. Milestone schedule d. Ballpark estimate e. Work breakdown structure

Last Answer : a. Scope of work (SOW)

The work plan records and keeps track of all of the tasks that need to be accomplished over the life of the project, listing each task, along with important information about it, such as when it needs to be completed, the person assigned to do the work, and any deliverables that will result.

Description : The work plan records and keeps track of all of the tasks that need to be accomplished  over the life of the project, listing each task, along with important information about it,  such as when it needs to be completed, the person assigned to do the work, and any  deliverables that will result.

Last Answer : Ans: True

Creating a work plan requires three steps: identify the tasks that need to be accomplished, estimate the time that it will take to complete the tasks, and record the task completion time in a Gantt Chart.

Description : Creating a work plan requires three steps: identify the tasks that need to be  accomplished, estimate the time that it will take to complete the tasks, and record the task  completion time in a Gantt Chart.

Last Answer : Ans: False

The _____ is a dynamic schedule that logs and monitors all of the tasks that need to be accomplished for the length of the project. a. margin of error b. project mand. timebox e. work planager c. project objective

Description : The _____ is a dynamic schedule that logs and monitors all of the tasks that need to be  accomplished for the length of the project.  a. margin of error  b. project manager  c. project objective d. timebox  e. work plan

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The formula used for calculation of labour rate variance is A. Total standard labour cost of actual output - Total actual cost of actual output B. (Standard rate per hour - Actual rate per hour) * Actual Hours C. (Standard time - Actual time) * Standard rate per hour D. Abnormal idle hours * Standard hourly rate

Description : The formula used for calculation of labour rate variance is A. Total standard labour cost of actual output - Total actual cost of actual output B. (Standard rate per hour - Actual rate per hour) ... time - Actual time) * Standard rate per hour D. Abnormal idle hours * Standard hourly rate

Last Answer : B. (Standard rate per hour - Actual rate per hour) * Actual Hours

The sub-variance of material usage variance, known as Material mix variance is measured as A. Total standard cost - Total actual cost B. Standard cost of revised standard mix - Standard cost of actual mix C. (Standard unit price - Actual unit price) * Actual quantity used D. (Standard quantity - Actual quantity) * Unit standard price

Description : The sub-variance of material usage variance, known as Material mix variance is measured as A. Total standard cost - Total actual cost B. Standard cost of revised standard mix - Standard cost of ... unit price) * Actual quantity used D. (Standard quantity - Actual quantity) * Unit standard price

Last Answer : B. Standard cost of revised standard mix - Standard cost of actual mix

. Integrity in the project management field is accomplished through all of the following except which one? A. Training to learn how to manage relationships with others from different cultures B. Adhering to an ethical code C. Applying established project management processes D. Following the PMP Code of Professional Conduct

Description :  . Integrity in the project management field is accomplished through all of the  following except which one?  A. Training to learn how to manage relationships with others from different ... C. Applying established project management processes D. Following the PMP Code of Professional Conduct

Last Answer : A. Training to learn how to manage relationships with others from different cultures

Each component of the software product is separately estimated and the results aggregated to produce an estimate for the overall job. (A) Algorithmic model (B) Expert judgment (C) Bottom-up (D) Top down

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Last Answer : (C) Bottom-up

The probability of completing the project can be estimated based upon the ____ . (A) Uniform distribution curve (B) Normal distribution curve. (C) U-shaped distribution curve (D) None of the above

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Last Answer : (B) Normal distribution curve.

Each component of the product is separately estimated and the results aggregated to produce an estimate for the overall job. (A)Algorithmic model (B)Expert judgment (C)Bottom-up (D)Top down

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Last Answer : (C)Bottom-up

The probability of completing the project can be estimated based upon the . (A)Uniform distribution curve (B)Normal distribution curve. (C)U-shaped distribution curve (D)None of the above

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Using typical industry standards for estimating project time schedules, the estimated analysis phase would be 10 person-months for a systems project where the planning phase was completed in 7.5 person-months.

Description : Using typical industry standards for estimating project time schedules, the estimated  analysis phase would be 10 person-months for a systems project where the planning phase was completed in 7.5 person-months.

Last Answer : Ans: True

Using typical industry standards for estimating project time schedules, the estimated analysis phase would be 25 person-months for a systems project where the planning phase was completed in 30 person-months.

Description : Using typical industry standards for estimating project time schedules, the estimated  analysis phase would be 25 person-months for a systems project where the planning phase was completed in 30 person-months.

Last Answer : Ans: False

When using a function point estimation worksheet, there are 14 factors that impact the complexity of a project. These factors include _____. a. data communications, time tradeoffs, and estimated effort b. end-user efficiency, data communications, and reusability c. performance and programming language d. reports printed and PCA e. x-rays, extensibility, and operational conversion

Description : When using a function point estimation worksheet, there are 14 factors that impact the complexity of a project. These factors include _____.  a. data communications, time tradeoffs, and ... programming language  d. reports printed and PCA  e. x-rays, extensibility, and operational conversion

Last Answer : b. end-user efficiency, data communications, and reusability

Function points are used to measure the estimated _____ of a project. a. complexity b. effort required c. program size d. time required

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The estimated benefits from a capital budgeting project are expected as cash flows rather than income flows because . A. it is more difficult to calculate income flows than cash flows B. it is cash, not accounting income, that is central to the firm's capital budgeting decision C. this is required by the accounting profession

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What is a visual representation of a project’s planned activities against a calendar called? a. A Gantt chart. b. A critical path network. c. A product flow diagram. d. A Pareto chart.

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Last Answer : a. A Gantt chart.

Project management is a rationally planned and organised effort to achieve a specific goal. (True/False)

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A schedule performance index (SPI) of 0.76 means: B. You are ahead of schedule C. You are only progressing at 76 percent of the rate originally planned D. You are only progressing at 24 percent of the rate originally planned A. You are over budget

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Last Answer : C. You are only progressing at 76 percent of the rate originally planned