The First Step in Earned Value Management Is To

question 53

Multiple Choice

The first step in earned value management is to:

• A)create the activity and resource usage schedules.
• B)develop a time-phased budget that shows expenditures across the project's life.
• C)total the actual costs of doing each task to arrive at the actual cost of work performed.
• D)clearly define each activity that will be performed including its resource needs and budget.

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Definitions:

Normally Distributed

This describes a type of continuous probability distribution for a real-valued random variable where data is symmetrically distributed around the mean.

Gasoline Prices

The cost per unit volume of gasoline, typically influenced by supply and demand factors, taxation, and global oil prices.

Exponential Distribution

Exponential Distribution is a statistical distribution used to model the time between events in a Poisson process, describing phenomena such as the time until a radioactive particle decays.

Expected Value

The anticipated value for a given investment or decision in probabilistic terms, calculated as the weighted average of all possible values.