CAPM (Certified Associate in Project Management) Practice Exam

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How is Earned Value (EV) defined?

The initial budget of the project
The budget for the work that has actually been accomplished in a given period
The total actual cost of the project
The profit gained from the project

The correct answer is: The budget for the work that has actually been accomplished in a given period

Earned Value (EV) is defined as the budget for the work that has actually been accomplished in a given period. This metric helps in measuring the value of the work completed at a specific point in time and provides an objective measure of the project's progress. Option A is incorrect as it refers to the initial budget of the project, not the value of the work completed. Option C is incorrect as it represents the total actual cost of the project, not the budget for completed work. Option D is incorrect as it refers to the profit gained from the project, which is different from the concept of Earned Value.