Practice Test Geeks(CCT) Certified Cost Technician Practice Test
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Earned Value Management Flashcards

7 cards from real CCT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. What does Earned Value (EV) represent in Earned Value Management?

    Answer: The budgeted value of work actually completed

    Earned Value (EV), also called Budgeted Cost of Work Performed (BCWP), represents the budgeted value of the work that has actually been completed.

  2. Which formula correctly calculates the Cost Performance Index (CPI)?

    Answer: CPI = EV / AC

    CPI = EV / AC; it measures how efficiently budget is being used, with values above 1.0 indicating under-budget performance.

  3. A Schedule Performance Index (SPI) of 0.85 indicates that the project is:

    Answer: Behind schedule

    An SPI below 1.0 means less work has been completed than was planned, indicating the project is behind schedule.

  4. What is the Budget at Completion (BAC)?

    Answer: The total authorized budget for the project

    BAC is the total authorized budget assigned to the project scope, established during baseline planning.

  5. Planned Value (PV) is also commonly referred to as:

    Answer: Budgeted Cost of Work Scheduled (BCWS)

    Planned Value (PV) is the traditional term BCWS—Budgeted Cost of Work Scheduled—representing the authorized budget for work planned by a given date.

  6. If EV = $80,000 and AC = $95,000, what is the Cost Variance (CV)?

    Answer: -$15,000

    CV = EV - AC = $80,000 - $95,000 = -$15,000, indicating the project is $15,000 over budget for the work completed.

  7. What does a positive Schedule Variance (SV) indicate?

    Answer: The project is ahead of schedule

    SV = EV - PV; a positive SV means more work value has been earned than was planned, indicating the project is ahead of schedule.