MAN 4583- Exam 3 Questions and Complete Solutions
Planned value the budget for the project based on how much work should be complete overtime Actual cost How much we have spent to date on project for work that's complete Earned value management project management methodology, integrates scope, time and cost to accurately measure current project performance and realistically predict future performance true Without Earned Value Management its impossible to understand the status of a project Planned value How much should be complete as of today -planned time-phased value of the work that is schedule -Budgeted cost of the work scheduled Earned value percent complete multiplied by planned value, How much work is complete Budget at completion the total planned value for the project -Total budget Cost Variance Adjusted budget costs to the actual spent cost =EV-AC On budget If CV= 0 Under budget If CV 0 Over Budget if CV 0 Schedule Variance -How much work that has been done compared with how much should have done at this point in time. =EV-PV On schedule If SV=0 Ahead of schedule if SV 0
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