Final answer:
In project management, the node in the hierarchy of the WBS used to measure project performance by comparing schedule, cost, and scope with earned value is called a Control Account.
Step-by-step explanation:
You have selected a node in the hierarchy of the Work Breakdown Structure (WBS) that you will use to compare schedule, cost, and scope with the earned value in order to measure the project performance. This node or component in the WBS is called a Control Account.
A Control Account is a management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement. It is at a level in the WBS where the integration of all project elements occurs, and for which cost and schedule performance can be compared to an earned value baseline.
The levels of detail in the WBS typically flow from the project to control accounts and work packages, and finally to activities. Work packages are the deliverables at the lowest level of the WBS, while activities represent tasks required to complete the work packages. A milestone is a significant point or event in the project schedule, but it is not used for performance measurement in the same way as a control account.