What three key dimensions are measured for each work package in earned value management?

• A. Actual cost, risk level, schedule performance index
• B. Planned value, earned value, actual cost
• C. Budgeted cost, baseline variance, resource availability
• D. Schedule variance, earned value, team feedback

Answer: (B)

In earned value management (EVM), the three key dimensions measured for each work package are planned value, earned value, and actual cost. These dimensions provide a comprehensive view of a project’s performance, allowing project managers to assess project health relative to the baselines established during project planning.

Planned value represents the budgeted amount for the work that was planned to be completed by a specific time. It reflects the scope of work and the timeline laid out at the beginning of the project.

Earned value is a critical metric that indicates the value of the work actually completed at a specific point in time, allowing for an assessment of whether the project is on track with the planned schedule and budget.

Actual cost is the total cost incurred for the work performed up to that date. It helps in understanding how much has been spent compared to the planned budget and the value of the work done.

Together, these three dimensions enable project managers to identify variances from the plan, assess project performance, and make informed decisions based on quantitative data. This organized approach allows for effective monitoring and controlling of project activities. The other options do not encompass these crucial elements of EVM, which are essential for accurately assessing project performance.