Question

what does it mean when earned value is above planned value? select an answer: more work has been completed than planned, and the task or project is ahead of schedule. less work has been completed than planned, and the task or project is ahead of schedule. more was spent for the work completed than planned, and the project is behind schedule. less was spent for the work completed than planned, and the project is under budget.

Explanation:

Earned Value (EV) represents the value of work actually completed, while Planned Value (PV) is the value of work planned to be completed at a certain point. When EV > PV, it means the amount of work completed (in terms of value) is more than what was planned. This indicates that the task or project is ahead of schedule because more work has been done than was intended by the plan. The second option is incorrect as less work completed would mean EV < PV. The third option relates to cost (not schedule) and the fourth option is about cost variance (not schedule variance from EV and PV).

Answer:

More work has been completed than planned, and the task or project is ahead of schedule.