Use This Earned Schedule Table to Determine the Schedule Variance

question 30

Multiple Choice

Use this earned schedule table to determine the schedule variance (t) for this project at the end of Month 6. $\begin{array}{|l|l|l|l|l|l|l|l} & \text { Month } 1 & \text { Month } 2 & \text { Month } 3 & \text { Month 4 } & \text { Month } 5 & \text { Month } 6 & \text { Month } 7 \\\hline \text { PV (\$) } & \$ 125 & \$ 275 & \$ 500 & \$ 875 & \$ 1,485 & \$ 2,325 & \$ 2,670 \\\hline \text { EV (\$) } & \$ 50 & \$ 120 & \$ 255 & \$ 420 & \$ 715 & \$ 865 & \$ 0 \\\hline\end{array}$

• A) -2.74
• B) -3.74
• C) -2.26
• D) -1.26

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Definitions:

Sampling Error

The error that arises from using a sample to estimate a population parameter, due to the sample not perfectly representing the population.

Confidence Desired

The degree of certainty or level of confidence one desires in the results of a statistical analysis, often expressed as a percentage.

Confidence Interval

A range of values, derived from sample statistics, that is believed to contain the true population parameter with a certain probability level.

Sampling Error

The difference between a sample statistic and the corresponding population parameter due to the fact that the sample is not a perfect representation of the population.