Quiz – Earned Value Management

Question 1 of 6

1. Question

How is Cost Variance calculated?

Earned Value minus Actual Cost

Correct Incorrect Correct answer

Earned Value minus Planned Value

Correct Incorrect Correct answer

Planned Value minus Actual Cost

Correct Incorrect Correct answer

Actual Cost minus Earned Value

Correct Incorrect Correct answer

Question 2 of 6

2. Question

How is Schedule Variance calculated?

Earned Value minus Planned Value

Correct Incorrect Correct answer

Earned Value minus Actual Cost

Correct Incorrect Correct answer

Planned Value minus Actual Cost

Correct Incorrect Correct answer

Actual Cost minus Planned Value

Correct Incorrect Correct answer

Question 3 of 6

3. Question

A negative Schedule Variance indicates what?

Schedule slippage

Correct Incorrect Correct answer

Spending efficiency

Correct Incorrect Correct answer

Being ahead of schedule

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A budget surplus

Correct Incorrect Correct answer

Question 4 of 6

4. Question

EVM is rooted in which standards?

ANSI/PMI standards

Correct Incorrect Correct answer

ISO 9001 only

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GAAP accounting standards

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Six Sigma belts

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Question 5 of 6

5. Question

Match each metric or sign to its meaning.

Sort elements

Spending efficiency
Schedule slippage
Demands immediate corrective action

Positive Cost Variance

Correct Incorrect Correct answer

Negative Schedule Variance

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Negative variance overall

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Question 6 of 6

6. Question

Fill in the blanks.

Cost Variance equals Earned Value minus Fill in the blank 1 of 2 Cost, and a positive value signals spending efficiency. Schedule Variance equals Earned Value minus Fill in the blank 2 of 2 Value, and a negative value indicates schedule slippage.