Final Answer:
The correct method used by Earned Value Management (EVM) to track the project "triangle" of scope, time, and cost is by multiplying the percentage of completion of each activity on the PERT network chart by the total value of the completed activity.
Step-by-step explanation:
Earned Value Management (EVM) is a project management technique that integrates scope, time, and cost to measure a project's performance. It uses various methods to track and assess project progress. One fundamental approach is through the PERT (Program Evaluation and Review Technique) network chart, where activities are scheduled based on time estimates. In EVM, the percentage of completion of each activity on the PERT network chart is multiplied by the total value of the completed activity to ascertain the earned value. This calculation combines the progress made on tasks with their respective planned values, allowing for an evaluation of the project's efficiency.
PERT charts provide a visual representation of a project's tasks, durations, and dependencies. To calculate the earned value for each activity, the percentage of completion is multiplied by the total planned value for that specific activity. For instance, if an activity was planned to cost $100 and it is 50% completed, the earned value would be $50. This method helps in understanding how much value has been earned concerning the planned cost for a particular activity.
This approach enables project managers to assess progress accurately, comparing the planned costs with the actual earned value. It helps in identifying areas where the project might be lagging or excelling, allowing for adjustments to be made to ensure successful project completion within the stipulated scope, time, and cost constraints.