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WGU Project Management C722 Unit 8 Module 31 questions and answers verified 2024
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WGU Project Management C722 Unit 8 Module 31 questions and answers verified 2024
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WGU Project Management C722 Unit 8Module 31
Which question is answered by Earned Value Management?
a. Is the quality of the project being monitored on a regular basis?
b. Are budget changes needed to complete the project as scheduled?
c. Does the project scope seem feasible given the budgetary limitations? -
correct answer ✔b. Are budget changes needed to complete the project as
scheduled?
Earned Value Management (EVM) uses measures of the value of work
completed to make comparisons to the baseline budget and schedule. The
results of this analysis guide the project manager in determining whether
changes to the project plan or project resources will be needed in order to
meet the budget and schedule baselines.
A project manager is conducting an Earned Value Analysis and needs to
know the total value of costs incurred to date. Which data element is the
project manager evaluating?
a. Planned Value (PV)
b. Actual cost (AC)
c. Budget at completion (BAC) - correct answer ✔b. Actual Cost (AC)
, The actual cost (AC) is the total dollar value of costs incurred to date. This
includes work and invoices already paid as well as any expenses that have
been incurred but not yet invoiced or paid.
True or False:
The purpose of completing an Earned Value Management (EVM) analysis is
to ensure that the baseline budget was sufficient to complete the project. -
correct answer ✔False: The purpose of an Earned Value Management
(EVM) analysis is to determine the current and end of project status of the
project with respect to budget and schedule.
The planned value (PV) can best be described as what?
The total project budget
The value of completed work to date
The budget of work scheduled to date
The total cost incurred to date - correct answer ✔b. The value of completed
work to date
The planned value (PV) is the approved budget for work that was scheduled
to be accomplished to date.
The earned value (EV) of a project can best be described as the ________ of
a project at a given point in time.
a. total costs incurred to date
b. approved budget to date
c. value of completed work - correct answer ✔c. value of completed work
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