EVM 101 EXAM 3 | Verified Answers 2023

EVM 101 EXAM 3 | Verified Answers 2023. Which of the following describes the purpose of the management reserve? Budget set aside for contractor profit/fee Budget set aside to pay for unexpected, unplanned work that is within scope of the contract Budget set aside to minimize existing cost variances Incentive funds awarded to the contractor for excellent performance 4) Which of the following describes the relationship between work packages and planning packages? As work definition becomes more detailed, planning packages are detailed out into work packages. 1 1 1 1 Both work packages and planning packages are essential elements of the management reserve. As work definition becomes more detailed, work packages are detailed out into budget planning packages. 5) What does the following schedule tell you about tasks A, D and F? (IMAGE DESCRIPTION: Task A is first. There is an arrow from the right side of task A to the left side of task D. There is an arrow from the right side of task D to the left side of task F.) If task A completion slips, it will not affect task D because task D is a predecessor to task A. Since task A is a successor to task D, if task D does not finish as planned, task A cannot start as planned. The schedule above does not indicate the relationships between tasks. If task A finishes late, it will delay the start of task D because Task A is a predecessor to task D. 6) For Department of Defense (DoD) contracts with an Earned Value Management (EVM) requirement, when are Integrated Baseline Reviews (IBRs) required to be scheduled? Not later than 180 calendar days after: contract award; any significant major modifications; exercise of significant contract options Not later than 90 calendar days after: contract award; any significant major modifications; exercise of significant contract options Not later than 180 calendar days after contract award, and not later than 180 calendar days before the end of the contract period Not later than 30 calendar days after contract award and not later than 60 calendar days after exercise of any significant contract options or modifications 1 1 7) Which of the following describe typical Integrated Baseline Review (IBR) team member roles during the execution of the IBR? Control account managers and Government technical counterparts collaborate on developing the Integrated Master Plan (IMP) and the Integrated Master Schedule (IMS). Contractor and Government program managers (PMs) collaborate in creating the project's detailed WBS. Control account managers (CAMs) and Government technical counterparts conduct discussions that focus on Earned Value Management System (EVMS) issues since the IBR is a substitute for a Defense Contract Management Agency (DCMA) validation review of a contractor’s EVMS. Control account managers (CAMs) and Government technical counterparts conduct discussions to understand the plan to complete the scope of work including the risks inherent in it. 8) Which of the following is a correct statement about how budgeted cost for work scheduled (BCWS) is developed? Control account managers allocate their budget at completion (BAC) to their work packages and planning packages using estimates of resources required. The management reserve is distributed to the control account managers to hide in the performance measurement baseline (PMB). The budget at completion (BAC) for a control account is time-phased separately from the scheduled tasks, and maintained as a separate performance measurement baseline (PMB) from the Integrated Master Schedule (IMS). Possible answer-The control account managers may only allocate budgets to a portion of the scope in their work authorization documents, leaving some required work packages without budgets. 9) While evaluating the performance measurement baseline (PMB), the Integrated Baseline Review (IBR) team discusses the level of personnel turnover and loss of resources to a competing program. Which risk area are they evaluating? Management process risk 1 1 1 Cost risk Resource risk Technical risk 10) Which of the following is a key document used to incorporate contract scope into the performance measurement baseline (PMB)? Risk Register Integrated Program Management Report (IPMR) Contract Data Requirements List (CDRL) Acquisition Plan