Quiz # 3
Earned Value Management Quiz
Test your knowledge on Earned Value Management (EVM) concepts with our engaging quiz! This quiz covers essential topics such as Earned Value metrics, cost performance indices, and project scheduling. Whether you are a project manager or just starting in the field, this is a great way to evaluate your understanding.
Join now to discover your expertise and learn more about EVM:
- 11 thought-provoking questions
- Multiple choice format
- Instant feedback on your answers
Answer the following question using the given Earned Value graph:
Your forecasting calculations show that Estimate to Complete (ETC) is 2500. What will be the Variance at Completion (VAC)?
- 1500
1500
- 500
500
Answer the following question using the given Earned Value graph:
How the project is doing in terms of schedule and cost on the status date (i.e. on 1 Apr)?
The project is ahead of schedule but over budget.
The project is behind the schedule but under budget.
The project is ahead of schedule and under budget.
The project is behind the schedule and over budget.
Answer the following question using the given Earned Value graph:
Which of the following equations will you use to calculate the CPI on the status date (i.e. on 1 Apr)?
CPI = 2500 / 2000
CPI = 2000 / 2500
CPI = 3500 / 2000
CPI = 2000 / 3500
Answer the following question using the given Earned Value graph:
The EAC calculations done on 1 May show that the VAC is -500. If the management approves this EAC, how much Management Reserves will be left upon completion of project (if no further unknown-unknowns occur)?
500
1000
1500
0 (zero)
Answer the following question using the given Earned Value graph:
The EAC calculations done on 1 May show that the VAC is -500. If the management approves this EAC, what will be the new BAC?
5500
4500
6000
6500
During a meeting with the sponsor, you told her that your project was 50% complete and it was going over budget. She asked you, “What performance level will be required by the project team to finish the project while remaining within the initially approved budget estimate (i.e. Cost baseline)?” Which of the following will best answer the sponsor’s question?
Cost Performance Index (CPI = EV / AC)
Schedule Performance Index (SPI = EV / PV)
To Complete Performance Index (TCPI = (BAC – EV) / (EAC – AC)
To Complete Performance Index (TCPI = (BAC – EV) / (BAC – AC)
The approved cost baseline of your project is $10,000. So far, you have completed $6,000 worth of work and incurred $8,000 on it. The current cost performance index (CPI) is 0.75. What will be the EAC, if the remaining work is performed at the budgeted rate?
$10,000
$11,000
$12,000
$13,000
Your assistant manager has brought a project proposal to you, which requires an initial investment of Rs. 1,000,000. How much simple interest (i.e. Only the interest excluding the principal) will you get in 3 years at an annual interest rate of 10%?
Rs. 275,000
Rs. 300,000
Rs. 325,000
Rs. 350,000
The approved cost baseline of your project was $10,000 and your current cost performance shows a CPI of 0.8. You have estimated that your project will now finish in $12,000 (instead of $10,000) and thus requested the management to approve the additional $2,000 for your project. If the management approves your request, which of the following will best describe the behavior of your project’s TCPI:
The TCPI will increase
The TCPI will decrease
The TCPI will remain unchanged
The TCPI will become double the initial TCPI
Your friend suggested you to install an ice-cream machine with an initial cost of $50,000. The machine has a useful life of 4 years. The average expected annual income from the machine is $10,000. Considering the project’s payback period, will this be a feasible project?
No, because the payback period is greater than its useful life
No, because the payback period is smaller than its useful life
Yes, because the payback period is greater than its useful life
Yes, because the payback period is smaller than its useful life
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