Question

You are using earned value analysis to track your project's progress. In your project, earned value is higher than planned value and actual value. That means the project is _____ schedule and _____ budget.

Answer 1

Answer: ahead of; under.

Explanation:

The Planned Value is the amount of money that is being allocated to complete a project. The Earned Value is the amount of work that the project has been able to achieve in reference to the original amount that was actually planned for the project.

Since we are told that the earned value is higher than planned value, it means that the project has been able to achieve a value that is more than the actual value planned for that period, therefore, the project is ahead of schedule.

Also, when the earned value is higher than actual value, it means that the project has been able to spend a lower amount for a certain amount of work than the amount that was budgeted for similar work, therefore we say it is under budget.