You have a project with a cost of 10,000 USD, and the duration is 10 months. Five months have passed, 45% of the work is completed and you have spent 5,500 USD. The value of this 45% of the work is known as:
(a) Planned value
(b) Earned value
(c) Actual cost
(d) Schedule variance
Management is sending a team of experts for a risk audit. You inform management that you have already completed the risk review process and did not find any shortcomings, so there is no need for a risk audit. However, management is firm on their decision.
Which of the following is true about the risk audit and risk review?
(a) A risk audit is performed to see the effectiveness of a risk response plan
(b) A risk audit is performed to see if you are following the correct procedures
(c) A risk review is performed to see if you are following the correct procedures
(d) Both are the same but an audit is done by external experts and a review is done internally