EVM 101 Test 1-6 Answers(Module 1)

1) The use of Earned Value Management (EVM) requires time-phased plan to complete the entire contract effort that is called which of the following? [Recognize that Earned Value Management (EVM) is a management tool that program managers use for insight into cost, schedule and performance of Department of Defense (DoD) acquisition programs and that supports proactive decision-making] [Remediation Accessed :N] Performance measurement baseline (PMB) Estimate to complete (ETC) Budgeted cost of work performed (BCWP) Integrated Master Plan (IMP) 2) By comparing the budgeted cost for work performed (BCWP) and the actual cost of work performed (ACWP), program managers can determine whether or not: [Define the terms for key EVM elements: budgeted cost for work scheduled (BCWS), budgeted cost for work performed (BCWP), actual cost of work performed (ACWP), budget at completion (BAC), and estimate at completion (EAC)] The project is on budget The project is on schedule The management reserve is sufficient The budget at completion (BAC) is realistic 3) This graph depicts a time-phased performance measurement baseline (PMB) with cumulative budgeted cost for work scheduled (BCWS), budgeted cost for work performed (BCWP), and actual cost of work performed (ACWP). Given this information, which of the following is true at Time Now? (IMAGE DESCRIPTION: PMB graph with BCWS plotted from contract start through contract end. BCWP and ACWP are plotted from contract start through time now. At time now BCWS is $3,000, BCWP value is $4,500, and ACWP value is $3,750.) [Recognize a favorable and unfavorable cost and schedule variance, given a graphic depiction of a time-phased performance measurement baseline (PMB), cumulative budgeted cost for work scheduled (BCWS), budgeted cost for work performed (BCWP), and actual cost of work performed (ACWP)] [Remediation Accessed :N] Schedule variance (SV) and cost variance (CV) are both favorable Cost variance (CV) is favorable, and schedule variance (SV) is unfavorable Schedule variance (SV) is favorable, and cost variance (CV) is unfavorable Schedule variance (SV) and cost variance (CV) are both unfavorable 4) Which of the following documents contains updated forecasts of contract funding requirements by appropriation? [Given typical Earned Value Management (EVM) data and notional Government budget value, recognize that EVM provides information useful for updating budget and funding projections] Contractor Funds Status Report (CFSR) Defense Acquisition Executive Summary (DAES) Selected Acquisition Report (SAR) Unit Cost Report (UCR) 5) Which of the following provides a crosscheck on the validity of the budgeted cost for work performed (BCWP) claimed by a contractor? [Compare EVM and Technical Performance Measurement] Technical performance measures (TPMs) Performance measurement baseline (PMB) Actual cost of work performed (ACWP) Contract Funds Status Report (CFSR) 6) Select the correct statement about the relationship of Earned Value Management (EVM) and the risk management process. [Given a graphical depiction of the Department of Defense (DoD) risk management process, identify typical Earned Value Management (EVM) processes related to each step in the risk management process] EVM cost and schedule variances can help identify risks that may be associated with the variance. Risk management and EVM are stand-alone processes that need not be used in an integrated manner. The risk management process provides helpful cost and schedule performance information to support EVM. Risk reflects future uncertainties, while EVM data provides insight only into past performance so the two processes don’t really support each other. 7) Select the correct statement about the Earned Value Management System (EVMS) Guidelines. [Identify the purpose and benefits of the Earned Value Mana