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CAPM Cost Management

Subjects : certifications, business-skills, capm

Instructions:

Answer 26 questions in 15 minutes.
If you are not ready to take this test, you can study here.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.

1. What are the main approaches to cost or schedule estimating?
A cost directly attributable to the project; overhead costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
+/- 10 percent from actual
-10 percent to +25 percent from actual

2. What is parametric estimating?
Calculating estimates using historical information
The cost budget adds management reserve to the cost baseline
Cost baseline; funding requirements
EV/PV

3. What is the range for a budget estimate?
BAC-EAC
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates
-10 percent to +25 percent from actual

4. In which process is the cost management plan created?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
+/- 50 percent from actual
In integration management as part of the Develop Project Management Plan process
Estimate costs; Determine Budget; Control Costs

5. What is the formula for cost perfrmance index?
-10 percent to +25 percent from actual
BAC-EAC
EV/AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

6. What are key outputs of the Control Costs process?
BAC-EAC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV-PV

7. What is value analysis?
Finding a less costly way of doing essentially the same work.
Creating estimates based on the details of the projects which are then rolled up into project estimates
+/- 50 percent from actual
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

8. What are key outputs of the Determine Budget process?
EV-PV
Cost baseline; funding requirements
The cost budget adds management reserve to the cost baseline
Creating estimates based on the details of the projects which are then rolled up into project estimates

9. Describe a direct cost and and indirect cost chargeable to the project
A method of measuring project performance that looks at the value earned for work accomplished. It can be used to predict future cost performance and project completion dates.
A cost directly attributable to the project; overhead costs
EV/AC
(BAC-EV)/(BAC-AC)

10. What is the formula for schedule variance?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV-PV
EV/AC

11. What is analogous estimating?
Creating estimates based on the details of the projects which are then rolled up into project estimates
A cost that varies with the amoutn of work done on the project; a cost that does not vary with the amount of work done on the project
Cost baseline; funding requirements
Activity cost estimates; Updates to the project management plan and project documents

12. What does life cycle costing mean?
Creating estimates based on the details of the projects which are then rolled up into project estimates
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
-10 percent to +25 percent from actual

13. What are key outputs of the Estimate Costs process?
Cost baseline; funding requirements
The cost budget adds management reserve to the cost baseline
Activity cost estimates; Updates to the project management plan and project documents
Calculating estimates using historical information

14. What is the range for a rough order of magnitude estimate?
A cost directly attributable to the project; overhead costs
+/- 50 percent from actual
EAC-AC
(BAC-EV)/(BAC-AC)

15. What is the difference between a cost budget and a cost baseline?
A cost directly attributable to the project; overhead costs
The cost budget adds management reserve to the cost baseline
In integration management as part of the Develop Project Management Plan process
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

16. What is the formula for cost variance?
Estimate costs; Determine Budget; Control Costs
The cost budget adds management reserve to the cost baseline
EV-AC
EV/PV

17. What is the formula for schedule performance index?
A method of measuring project performance that looks at the value earned for work accomplished. It can be used to predict future cost performance and project completion dates.
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Cost baseline; funding requirements
EV/PV

18. What is the process of cost management?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Estimate costs; Determine Budget; Control Costs
+/- 10 percent from actual
+/- 50 percent from actual

19. What are the formulas for estimate at completion?
EAC-AC
Estimate costs; Determine Budget; Control Costs
The cost budget adds management reserve to the cost baseline
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

20. What is the range for a definitive estimate?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EAC-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 10 percent from actual

21. Describe a varable cost and a fixed cost chargeable to the project.
+/- 10 percent from actual
A cost that varies with the amoutn of work done on the project; a cost that does not vary with the amount of work done on the project
In integration management as part of the Develop Project Management Plan process
Estimate costs; Determine Budget; Control Costs

22. What is the formula for estimate to complete?
EAC-AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Finding a less costly way of doing essentially the same work.
A cost directly attributable to the project; overhead costs

23. What is the formula for variance at completion?
EV/PV
Cost baseline; funding requirements
BAC-EAC
EV-PV

24. What is the formula for TCPI?
+/- 50 percent from actual
Estimate costs; Determine Budget; Control Costs
(BAC-EV)/(BAC-AC)
+/- 10 percent from actual

25. Name inputs to the Estimate Costs process.
Estimate costs; Determine Budget; Control Costs
Calculating estimates using historical information
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
-10 percent to +25 percent from actual

26. What is earned value measurement?
A method of measuring project performance that looks at the value earned for work accomplished. It can be used to predict future cost performance and project completion dates.
In integration management as part of the Develop Project Management Plan process
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs