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1. What is earned value on a project task?
The percentage of the task that is complete, expressed as that percentage of the budget for that task.
The amount of revenue or savings that the project will earn in the first year, divided by the budget for that task.
The amount of money spent on a task divided by the budget for that task.
2. What does it mean to set the EV for a task using the 30 - 70 rule?
A task Earned Value is set at 30% of the PV when the task starts, then at task completion the remaining 70% is added and the EV is set at 100% of the PV for the task.
A task Earned Value is set by assigning 30% of the cost to EV and 70% of the cost to AC when the task starts. That percentage is switched when the task is 50% complete.
A task Earned Value is set by assigning 30% of the PV to EV when the task starts, that number is increased to 70% when the task is 50% complete, and is then set at 100% of PV when the task finishes.
3. Under what circumstances will the EV for the task exceed the PV for the task?
EV can never exceed the PV.
When the task is behind schedule and overrun, the EV will exceed the PV by the amount of the overrun.
EV can never exceed PV for tasks, but it can exceed the PV for the project when there is scope creep.
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