CAPM (Certified Associate in Project Management) Practice Exam

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What reflects the sum of approved cost estimates for activities that have been completed?

Planned value
Actual cost
Earned value
Cost variance

The correct answer is: Earned value

Earned value reflects the sum of approved cost estimates for activities that have been completed. It is a key performance indicator in project management that helps in measuring the project's progress and performance. Planned value represents the authorized budget assigned to the scheduled work to be completed by a specific time. Actual cost is the total cost incurred in completing the work as of the specified date. Cost variance is the numerical difference between the planned cost and the actual cost of work completed.