EVM 101 Module 1-6 TEST | Verified Answers 2023

EVM 101 Module 1-6 TEST | Verified Answers 2023. 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 $4,000, BCWP value is $2,000, and ACWP value is $6,000.) Cost variance (CV) and schedule variance (SV) are both unfavorable Schedule variance (SV) and cost variance (CV) are both favorable Schedule variance (SV) is unfavorable, and cost variance (CV) is favorable Schedule variance (SV) is favorable and cost variance (CV) is unfavorable 3) Which of the following statements is correct about the relationship between technical performance and Earned Value Management (EVM)? EVM performance data and technical performance do not deal with the same contract scope of work. Technical performance should not be considered in conjunction with EVM analysis. Technical Performance Measurement (TPM) analysis can give early warning of issues that might impact cost and schedule performance. Technical performance measures do not provide early warning of problems, whereas EVM data does. 5) Which of the following is a key benefit of Earned Value Management (EVM) as an integrated program management tool? EVM provides input for the Integrated Master Plan (IMP) and the Integrated Master Schedule (IMS). EVM is a resource management tool that is unrelated to the contract schedule. EVM integrates budget and schedule data to ensure a positive cost variance (CV) and schedule variance (SV). EVM provides insight into contract cost and schedule performance compared to a contract performance measurement baseline (PMB). 6) The Department of Defense (DoD) ensures contractor compliance with the 32 guidelines through which of the following two processes? Compliance reviews, surveillance reviews Integrated Baseline Reviews (IBRs), Earned Value Management (EVM) reporting Verification, checking Contractor internal surveillance reviews, Earned Value Management (EVM) reporting 7) What is the purpose of the Earned Value Management System (EVMS) guidelines? EVMS guidelines describe desired management system outcomes. For contracts on which the government requires Earned Value Management (EVM) as a management tool, the EVMS guidelines are optional guidelines. EVMS guidelines specify the specific software systems that contractors must use. EVMS guidelines prescribe a specific, universal management system that all contractors must use on contracts that require Earned Value Management (EVM). 9) Select the correct statement about the relationship of Earned Value Management (EVM) and the risk management process. 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. EVM cost and schedule variances can help identify risks that may be associated with the variance. 10) Which of the following describes Earned Value Management System (EVMS) surveillance? An ongoing review process by which the Department of Defense (DoD) ensures a contractor's EVMS remains compliant with the EVMS guidelines The series of accurate reports produced by a fully compliant EVMS A formal certification that a contractor’s written EVMS meets the 32 guidelines Scheduled audits by the Government of contractor compliance with accounting standards and EVMS guidelines 11) By comparing the budgeted cost for work scheduled (BCWS) and the budgeted cost of work performed (BCWP), program managers can determine: If the budget at completion (BAC) is realistic If the management reserve is sufficient If the project is on budget How much of the planned work was accomplished A cost reimbursement contract to build a single prototype refrigeration unit has a contract cost of $25M. What is the Department of Defense (DoD) policy on requiring Earned Value Management (EVM) on this contract? Only apply EVM if the Milestone Decision Authority (MDA) approves a waiver. Apply EVM; a formal Earned Value Management System (EVMS) approval is not required. EVM is not required. Apply EVM; a formal Earned Value Management System (EVMS) approval is required Module 2 ) Why is the Contract Work Breakdown Structure (CWBS) a useful project management tool for tracking project work? [Given contract scenario documents (Program Work Breakdown Structure, Contract Work Breakdown Structure, Statement of Work excerpt), recognize the use of the Work Breakdown Structure (WBS) as a management framework describing the scope of work in a contract] It breaks down the work the contractor must perform into manageable pieces, allowing for performance measurement at both high and low levels. It provides an overview of an entire program, including the Program Work Breakdown Structure (PWBS) and other Government elements, such as program office operations and Government Furnished Equipment (GFE). It addresses mandatory procedures for programs subject to Department of Defense Instruction (DoDI) 5000.02 and provides guidance on extending program work breakdown structures. It describes the basic technical characteristics of all Work Breakdown Structure (WBS) elements, their hierarchical relationship, and the resources and processes required to produce each element. 2) Which of the following provides a way of relating the statement of work (SOW), risk management information, technical performance measurements (TPMs), and cost and schedule performance information reported in the Integrated Program Management Report (IPMR)? [Given scenario documents (Integrated Program Management Report Format 1 and Format 6, risk register, technical performance measures), recognize the integrated program management information that is reported by the Work Breakdown Structure (WBS)] The work breakdown structure (WBS) The Contract Data Requirements List (CDRL) The Request for Proposal (RFP) The Integrated Master Schedule (IMS) 3) Which of the following Work Breakdown Structure (WBS) elements would the program manager (PM) be least likely to request lower levels of Integrated Program Management Report (IPMR) reporting on? [Given contract risk management and Earned Value Management (EVM) data and Department of Defense (DoD) guidance, select Work Breakdown Structure (WBS) elements for EVM reporting below WBS level 3] WBS Element 2: Low cost, low risk WBS Element 1: High cost, low risk WBS Element 3: High cost, medium risk WBS Element 4: High cost, high risk 4) Which of the following is typically part of the Earned Value Management (EVM) analyst’s responsibilities? [Given a typical Department of Defense (DoD) Program Management Office (PMO) Integrated Product Team (IPT) organization chart, match PMO team members with their typical Earned Value Management (EVM) related activities.] Understanding contractor variance analysis Processing the Governments payments for the contractor’s invoices Define technical performance measures for the contract effort. Developing the program office budget. 5) What purpose does the contractor Organizational Breakdown Structure (OBS) serve in the Earned Value Management System (EVMS)? [Given a notional contract scenario and contractor Organizational Breakdown Structure (OBS), recognize the use of the OBS in an Earned Value Management System (EVMS)] It identifies the contractor’s internal management structure. It breaks down the project work into logical subdivisions at lower and lower levels of detail. It dictates the Earned Value Management (EVM) requirements the Government may request the contractor to meet. It identifies the relationship between the cost, schedule, and technical parameters of the contract.