Earned Value Management | EVM | PMP Questions and Answers 1 | PMP Exam Prep
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- เผยแพร่เมื่อ 2 ต.ค. 2024
- Earned Value Management or EVM is a systematic approach to analyze project status with respect to planned scope, planned schedule and planned cost. This is also referred to as Earned Value Analysis or EVA.
This lesson addresses the following
Earned Value Management Questions
Earned Value Management Formulas
Earned Value Management Problems
Additional Lessons
1. Fixed Price Incentive Fee Contracts: • What is a Fixed Price ...
2. Firm Fixed Price Contracts: • What is a Firm Fixed P...
3. Cost Plus Incentive Fee Contracts: • Cost Plus Incentive Fe...
4. Time Value of Money: • What is Time Value of ...
5. NPV and IRR: • What is Net Present Va...
6. Benefit-Cost Ratio & ROI: • Benefit-Cost Ratio & R...
7. Straight Line Depreciation: • What is Straight Line ...
8. Double Declining Balance Depreciation: • What is Double Declini...
9. Sum Of Years Digits Depreciation: • Sum Of Years Digits De...
All the best with your PMP exam!!
[Schedule Variance]
Schedule Variance and Cost Variance
Schedule Variance in Project Management
Schedule Variance Formula
Schedule Variance Calculation Example
Schedule Variance Example
Schedule Variance Graph
Schedule Variance Formula with Example
[Cost Variance]
Cost Variance Analysis
Cost Variance Project Management
Cost Variance Formula
Cost Variance and Schedule Variance
[Schedule Performance Index]
Schedule Performance Index (SPI)
Schedule Performance Index Calculator
Schedule Performance Index PMP
Schedule Performance Index Formula
Cost Performance Index and Schedule Performance Index
[Cost Performance Index]
Cost Performance Index in Project Management
Cost Performance Index Example
Cost Performance Index Calculation
[Budget At Completion]
Budget At Completion Project Management
Budget At Completion Example
Budget At Completion Formula
Budget At Completion PMP
#SunnySensei #EarnedValueAnalysis #EVA #TCPI #SPI #CPI #ETC #EAC #SV #CV #PMP #EV #AC #PV
Those were good questions and a good explanation. This filled in a few gaps. Thank you!
You are most welcome. I am happy to know that you found the contents useful. I will be soon posting a lesson on Earned Schedule - a concept introduced in PMBOK Guide 6th Edition. I hope that you will like that too.
#SunnySensei
I also recommended this to a couple of friends today. I look forward to your other explanations.
Thank you. I am working on a new lesson on Critical Path Method. I will post that around this weekend. I will be happy if you find that useful too!
I am not sure the explanation given for question 3 is correct. If the project was not completed on time the SPI can't be 1. SPI 1 means project is on track, SPI=budgeted cost of work performed/ Budgeted cost of work scheduled. At the end of two years work was not complete so the EV can't be 1,000,000 as 4 month worth of work still needs to be performed, based on the fact that your SPI has to be less than 1. Same way SV can't be zero, it will be a negative number
Hello Khalid, I think you are referring to question #4, not question #3.
Let me explain. The question says that the project is “already complete”. This means the objectives of the project are met. In EVM terminology, this means EV=BAC. In addition, the planned value of a complete project also equals BAC, or, PV = BAC.
Now, we have the SPI = EV/PV = BAC/BAC = 1 and SV = EV - PV = BAC - BAC = 0
This is indeed a strange result. The project ended with a delay, and ideally, we should have SPI < 1 and SV < 0. This is actually a problem with the Earned Value based approach. To overcome this limitation, we use Earned Schedule, an extension to the EVM technique. Please have a look at the following lesson for details.
th-cam.com/video/s-3fHiZwY1Q/w-d-xo.html
Good luck with your PMP exam!
@@sunny.sensei thank you for the further explanation, as I was wondering the same thing. It says "planned" so that leads me to the initial price of the project, not an adjusted one. I will assume PMI operates under this mentality as well.
However, the concept of CPI and SPI, on a finished project, seems to be contradictory. How is it, when a project is complete the "planned value" now equals the BAC or EV, and the SPI now equals 1 because the project is now complete (which no longer allows it to be ahead or behind schedule), yet the CPI is not 1? That is extremely confusing. Why are they treated differently?
Your videos explain everything quite well. Good use of colour to differentiate between terms and calculations.
I managed 3/5. Not good enough for PMP exam.
0-5, but I learned a lot.
isnt PV = (planned% completeXBAC) ?
I like all your videos. They are clear and helps me to understand more about EVM. Are you sure that the answer of question 3 is B? Because when CPI=0.65, EV=1, then AC=1,53. That means 53% over budget.
3 out of 5, but I learned how to calculate CV from CPI and AC. Thank you for revisiting my much-needed algebra I lesson!
I am glad that this lesson was useful to you. Thanks for your comment.
wish to get more vdos from you, it really helped to improve the problem solving approaches. great work.
Thank you again for your kind words. I am sorry for the huge gap between my lessons. I have been quite busy lately. I promise to post another lesson around end of December.
Excellent. you made my day. this way of explanation with solve examples is amazing and easy to understand. you deserve subscription
Thank you for you kind words. I am glad that you found the lesson helpful 😊
I answered 4 correctly
Excellent!
As to me, the answer to Q3 is "B", not "C". As there is time overrun, the schedule variance is negative, and this makes "C" true, not false. "B" is false as SPI is negative.
Good channel
Thank you, I am glad that you liked my lessons. All the best with the PMP exam!
Good Question and very good explanation, more video on such problems solving will be better for all aspirant. Thank you sir...
Thank you for your feedback. I am happy to know that you liked the lesson. I will try to prepare more videos with sample problems. All the best with your PMP exam!!
superb! thanks for sharing sir! cheers...
I am glad that you liked the lesson. All the best with your PMP exam!
Excellent work done
Many thanks
Solid presentation and explanation.
Thank you so much!
ok
???? who asked
Relevant and useful examples and a very methodical and simple way to present/teach. Thank you!
Thank you for your encouraging words 🙏