Question

You are using earned value analysis to track your projects progress, in your project ,earned value is higher than planned value and actual value. That means the project is __ schedule and __ budget

Answer 1

Answer:

This is the first element of earned value management. Planned Value is the approved value of the work to be completed in a given time.

According to the PMBOK Guide, “Planned Value (PV) is the authorized budget assigned to work to be accomplished for an activity or WBS component.”

You must calculate Planned Value before actually doing the work; it also serves as a baseline.

The total Planned Value for the project is known as Budget at Completion (BAC). Planned Value is also called Budgeted Cost of Work Scheduled (BCWS).

Formula for Planned Value (PV)

The formula to calculate Planned Value is simple. Multiply the planned percentage of the completed work by the project budget. That will give you the Planned Value.

Planned Value = (Planned % Complete) X (BAC)

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Answer 2

Answer:ahead and over

Explanation:

the key to understanding here is:

***Earned Value is value of the work actually completed to date

***Planned Value is the value that you should have earned as per the schedule

***Actual Value is the amount spent on the project to date

*you are using (EV) to track your project

*in your project however your EV is higher than PV

* that means your project is AHEAD of schedule Under budget