CompTIA Project+ Practice Test

Which of the following is a tool to assess project performance regarding budget and schedule constraints?

1. Earned value management

2. Work breakdown structure

3. Gantt chart

4. Critical path analysis

The correct answer is: Earned value management

Earned value management is a powerful project management tool that integrates the scope, schedule, and cost of a project to evaluate its performance. It quantifies project status using three key metrics: planned value (PV), earned value (EV), and actual cost (AC). By analyzing these metrics, project managers can assess whether the project is on track in terms of budget and schedule constraints. This methodology not only provides insights into current performance but also helps predict future performance trends, enabling proactive management of potential issues before they become critical. In essence, earned value management allows teams to make informed decisions by comparing how much work was planned against how much work has been completed, alongside actual costs incurred. Other options such as the work breakdown structure, Gantt chart, and critical path analysis serve vital roles in project management but are not specifically designed for comprehensive performance assessment in relation to budget and schedules. The work breakdown structure focuses on task breakdown and organization, Gantt charts provide visualization of timelines, and critical path analysis identifies the longest path of dependent tasks that determine project duration. While useful for planning and tracking, these tools do not integrate the financial aspects as effectively as earned value management does.