Furman University
Earned Value Analysis1.A project manager learns that her project has an EV of 1200, AC of 1100 and PV of 1000. What can the project manager report regarding this project?The project has a position CV of $100. This indicates that $100 less was spent on actual work performed than what was planned. The project has a positive SV of $200. This indicates that $200 worth of work has been completed that wasn't planned at this time. In order to be sure that this work includes critical activities, the project manager must look at the tracking Gantt chart. Efficiency indexes can also be reported and interpreted. CPI = 1.09 and the SPI is 1.2. The earned value system starts with the time-phased costs that provide the project budget baseline, which is called the planned budgeted value of the work scheduled (PV). Given this time-phased baseline, comparisons are made with actual and planned schedule and costs using earned value. The earned value approach provides the missing links not found in conventional cost-budget systems.2.The earned value of a project is the Percent of the original budget that has been earned by actual workEarned value for a task is simply the percent complete times its original budget. Stated differently, EV is the percent of the original budget that has been earned by actual work completed.3.The cost variance for a project is calculated by EV - ACThe cost variance is the difference between the planned value of work actually done (EV) and the actual cost of work actually done (AC). The cost variance for a project is calculated EV - AC.4.The schedule variance for a project is calculated by: EV - PVThe schedule variance is the difference between the planned value of work actually done (EV) and the planned value of work that was planned to be done (PV). The schedule variance for a project is calculated EV - PV.5.Which of the following methods will measure the cost efficiency of the work accomplished to date? EV/AC6.Which of the following methods will measure the scheduling efficiency of the work accomplished to date? EV/PV7.Which performance index is the most potentially misleading? SVMany times it is determined that a positive SV indicates the project is ahead of schedule and a negative SV indicates that a project is behind schedule. This is not always the case. Schedule variance does indicate whether or not the work that was planned to be completed has been completed, but it doesn't tell you if that work is critical or not. If more work than what was planned was completed, but this work was noncritical, it is possible to have a positive SV and still be behind schedule.8.Which of the following are required to assess the current status of a project using the earned-value cost/schedule system? PV, EV, and AC Assessing the current status of a project using the earned value cost/schedule system requires three data elements—planned cost of the work scheduled (PV), budgeted cost of the work completed (EV), and actual cost of the work completed (AC).9.Which of the following methods will measure the cost efficiency of the work accomplished to date? EV/ACThe CPI is the cost performance index that measures the cost efficiency of the project. Cost performance index (CPI) = EV/AC.10.Which of the following methods will measure the scheduling efficiency of the work accomplished to date? EV/PVThe SPI is the schedule performance index that measures scheduling efficiency. Scheduling performance index (SPI) = EV/PV.11.A CPI or SPI value less than one indicates that the project is Over cost or behind scheduleAn index of 1 indicates progress as planned. An index greater than 1 shows progress is better than expected. An index less than 1 suggests progress is poorer than planned and deserves attention.12.The value that tells you the planned value of work that has actually been completed is the EVThe value that tells you the planned value of work that has actually been completed is the earned value. It is the percent complete multiplied by the original budget.13.A project manager learns that the project is only earning $.90 of planned work for each dollar spent by looking at the CPIA CPI of .90 would indicate that the project is earning $.90 of planned work for each dollar spent14.A project manager notices that $1,000 worth of work that was scheduled to be completed at this time has not been accomplished. They know this by looking at the SVA SV of -1000 would indicate that $1,000 worth of work that was scheduled to be completed at this time has not been accomplished.15.Molly receives the following information on her project: PV = 100, AC = 75, EV = 100. How well is the project doing in terms of budget? 25 under budgetTo find out how well this project is doing in terms of budget, the CV will need to be calculated by subtracting AC from EV. The result is a positive 25, which indicates that this project has spent $25 less than planned on actual work completed.16.Tom receives the following information on his project: PV = 1000, EV = 1200, AC = 800, BAC = 2000, EAC = 1333. How is the project doing in terms of schedule? More work has been done than plannedTo find out how well this project is doing in terms of schedule, the SV will need to be calculated by subtracting PV from EV. The result is a positive 200, which indicates that $200 more worth of work has been completed than planned.17.Carol notices that the current EV for her project is higher than both the PV and the AC. Carol has reason to be concerned. FalseWhen the EV is higher than the PV and the AC, this results in positive cost and schedule variances. This indicates that the project is progressing well in terms of cost. Rachel should check her tracking Gantt chart to make sure critical activities are progressing well.-1428757048518.Assume you have collected the following data for your project. Its budget is $75,000 and it is expected to last 4 months. After two months, you have calculated the following information about the project:018.Assume you have collected the following data for your project. Its budget is $75,000 and it is expected to last 4 months. After two months, you have calculated the following information about the project:1141730109855PV=$45,000EV=$38,500AC=$37,000PV=$45,000EV=$38,500AC=$37,000-439420222250Calculate the SPI and CPI. Based on these values, estimate the time and budget necessary to complete the project? How would you evaluate these findings (i.e., are they good news or bad news?)Calculate the SPI and CPI. Based on these values, estimate the time and budget necessary to complete the project? How would you evaluate these findings (i.e., are they good news or bad news?)-153035663575Solution:SPI = EV/PV = $38,500/45,000 = .86?CPI = EV/AC = $38,500/37,000 = 1.04?Estimated Time to Completion = (1/.86) x 4 months = 4.65 months?Estimated Cost to Completion = (1/1.04) x $75,000 = $72,078?The findings are a bit of good news and a bit of bad. The good news is that your estimated cost to completion is lower than the original budget; however, the bad news is that the project is behind schedule and is likely to take 4.65 months to complete, rather than the originally planned 4 months0Solution:SPI = EV/PV = $38,500/45,000 = .86?CPI = EV/AC = $38,500/37,000 = 1.04?Estimated Time to Completion = (1/.86) x 4 months = 4.65 months?Estimated Cost to Completion = (1/1.04) x $75,000 = $72,078?The findings are a bit of good news and a bit of bad. The good news is that your estimated cost to completion is lower than the original budget; however, the bad news is that the project is behind schedule and is likely to take 4.65 months to complete, rather than the originally planned 4 months ................
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