ACQ 101 Module 9 Earned Value Management (2022/2023) Rated A+

ACQ 101 Module 9 Earned Value Management (2022/2023) Rated A+ What is earned value management EVM governed by? ✔✔government performance and results act of 1993 GPRA; federal acquisition streamlining act of 1994 Title ...

ACQ 101 Module 9 Earned Value Management (2022/2023) Rated A+ What is earned value management EVM governed by? ✔✔government performance and results act of 1993 GPRA; federal acquisition streamlining act of 1994 Title V FASA V; Information technology management reform act of 1996 ITMRA and clinger cohen What is the purpose of EVM? ✔✔establish performance standards for federal budget expenditures; report cost, schedule and performance goals, report performance information and evaluate progress for system acquisitions EVM is historically based in the 20th century manufacturing concepts? ✔✔True EVM is a management tool for measuring project performance and progress in an objective manner? ✔✔True; it provides the PM with contractor cost, schedule and performance information What is the DoD standard for EVM systems? ✔✔DODI 5000.02 establishes EIA standard 748 What is the Integrated Program Management Report IPMR? ✔✔primary means of documenting the ongoing communication between the contractor and the PM. The IPMR is used to report to date cost and schedule metric trends. What is the Contract Funds Status Report CFSR? ✔✔contract fund requirements, funding changes, budget estimates, rough estimates of termination costs, funds availability, etc. The IPMR provides performance data that are used to identify problems early in the contract and forecast future contract performance. The CFSR supplies funding data about a defense contract to PMs? ✔✔True How many calendar days after the contract is awarded does the DoD acquisition policy require the PMs to conduct an IBR on EVM contracts? ✔✔180 days Does EVM apply throughout the acquisition life cycle when the government shares the risk with the contractor? ✔✔True What is the central office for EVM, root cause analysis, and major defense authorization performance assessment? ✔✔Performance Assessments and Root Cause Analysis (PARCA) What are the 9 EVM management processes? ✔✔managerial analysis, materiel management, organizing, scheduling, work budget authorization, accounting, indirect management, change incorporation, subcontract maangement Who is responsible for ensuring the integrity and application effectiveness of contractor EVMS? ✔✔DCMA Who has primary responsibility for surveillance of the contractor's EVMS? ✔✔CMO Who is authorized to approve a contractor's EVMS? ✔✔PCO What are implementation requirements in the EVM implementation guide? ✔✔determine options for EVM validation and reporting requirements, prepare RFP, evaluate offeror proposal, select offeror and negotiate contract, award contract, execute contract Which of the EVM independent variables is also called earned value? ✔✔Budgeted Cost for Work Performed BCWP, represents the value of completed work expressed as the value of the performance budget assigned to that work. Which metrics provide PMs with cost and schedule performance? ✔✔CPI, SPI Which of the following metrics provide the PMs a method to measure cost and schedule variances from the budgeted targets? ✔✔CV, VAC, SV What is the formula to determine cost variance? ✔✔BCWP-ACWP=CV Which report is used as the primary means of documenting the ongoing communication between the contractor and the PM and reporting to date cost and schedule metric trends? ✔✔IPMR Which DoD agency is responsible for ensuring the integrity and application effectiveness of contractor EVMS? ✔✔DCMA Which of the EVM independent variables is also called earned value? ✔✔BCWP What is an implementation requirement in the EVM implementation guide? ✔✔execute contract Are there specific dollar application thresholds associated with the contractor funds status report CFSR? ✔✔False or No The Integrated Program Management Report (IPMR) provides performance data, which of the following does the Contract Funds Status Report (CFSR) provide? ✔✔funding data Why is an Estimate at Completion (EAC) so useful to Program Managers (PMs) in assessing the contract completion costs? ✔✔Predicting if sufficient funds will be available to complete contract Which of the following is also known as Planned Value? ✔✔BCWS budgeted cost for work scheduled What is a key benefit of the Integrated Baseline Reviews (IBR)? ✔✔joint understanding of program risks Which of the following is earned value management EVM? ✔✔management tool What best describes what the Earned Value Management (EVM) tool does ✔✔ensures cost, schedule and technical aspects of the contract are truly integrated What is and EVM performance metric used to represent cost efficiency and is primarily used as an element of the estimate at completion EAC equation? ✔✔CPI cost performance index What is a function of Earned Value Management (EVM) ✔✔report performance goals In which of the following documents are the nine management processes associated with Earned Value Management (EVM) addressed ✔✔The 32 EVM system guidelines found in ANSI/EIA-748 The government's earned value estimate at completion (EAC) formula is based on the amount of money already spent on the contract plus? ✔✔The amount it will take to complete the project Which earned value management (EVM) office is responsible for recognition and acceptance of the contractor's EVM system? ✔✔contract management office CMO When does DoD 5000.02 require earned value management EVM systems? ✔✔For DoD cost or incentive contracts, subcontracts, intra-governmental work agreements, and other agreements valued at or grater than $20 million Which of the following is a function of Earned Value Management (EVM)? ✔✔report performance goals In which document are the 32 Earned Value Management (EVM) system guidelines defined? ✔✔American National Standards Institute/Electronics Industries Alliance Standard 748-1998 (ANSI/EIA-748) What is the difference between the budgeted cost of work performed (BCWP) and the actual cost of work performed (ACWP)? ✔✔So the short answer is that BCWP means value received or "earned," while ACWP means amount spent. The difference between BCWP and ACWP gives you the cost variance.