Project Management Earned Value Exam
Baseline Budget - correct answer
Budget at Completion (BAC) - correct answer budgeted cost
at completion. The total budgeted cost of the baseline or project cost accounts.
Control Chart - correct answer a chart used to monitor past
project schedule performance and current performance as well as estimate future
schedule trends.
Cost Performance Index (CPI) - correct answer the ratio of
work performed to actual costs.
(EV/AC)
Earned Value (EV) - correct answer the physical work
accomplished plus the authorized budget for this work. Previously this was called
the budget cost of work performed (BCWP).
Estimated Cost at Completion - Forecasted (EACf) - correct answer
the sum of actual costs to date plus revised estimated costs for the work remaining
in the WBS.
A second method is used in large projects where the original budget is less reliable.
This method uses the actual costs to date plus an efficiency index (CPI=EV/AC)
applied to the remaining project work.
When the estimate for completion uses the CPI as the basis for forecasting cost
completion, we use the acronym EACf, where EACf = estimated costs at completion.
Includes costs to date plus revised estimated costs for the work remaining. (Uses
formula to compute EAC).
Estimated Cost at Completion - Revised Estimates (EACre) - correct answer
the sum of actual costs to date plus revised estimated costs for the work remaining
in the WBS.
