Which of the following analyses should a project manager use to determine problem areas for corrective action planning? (Select two.)

Planned value represents what was budgeted to be done by a point in time but alone does not indicate a problem without comparison to EV or AC.

Schedule variance is a valid EVM metric but the question asks for corrective action planning focused on problem areas, and the two best answers per the answer key are cost-focused metrics.

Acceptable variance is a threshold concept used to define tolerances, not an analytical tool used to identify problem areas.

Cost variance (CV = EV - AC) directly quantifies whether the project is over or under budget by comparing earned value to actual costs, making it a primary indicator for corrective action. When CV is negative, the project manager knows costs must be controlled.

Earned value (EV) measures the budgeted value of work actually completed, serving as the foundation for all variance analysis and enabling the project manager to assess whether completed work aligns with the plan.