Test your basic knowledge |

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 is the range for a budget estimate?
Finding a less costly way of doing essentially the same work.
A cost directly attributable to the project; overhead costs
-10 percent to +25 percent from actual
In integration management as part of the Develop Project Management Plan process

2. What is parametric estimating?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EAC-AC
Creating estimates based on the details of the projects which are then rolled up into project estimates
Calculating estimates using historical information

3. 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
BAC-EAC
+/- 10 percent from actual

4. What is the formula for cost variance?
EV/AC
EV-AC
BAC-EAC
Finding a less costly way of doing essentially the same work.

5. What is the difference between a cost budget and a cost baseline?
Cost baseline; funding requirements
The cost budget adds management reserve to the cost baseline
EV/PV
+/- 10 percent from actual

6. Name inputs to the Estimate Costs process.
EV/PV
-10 percent to +25 percent from actual
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-PV

7. What are the main approaches to cost or schedule estimating?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Cost baseline; funding requirements
EAC-AC
The cost budget adds management reserve to the cost baseline

8. What is the range for a definitive estimate?
+/- 10 percent from actual
Finding a less costly way of doing essentially the same work.
Cost baseline; funding requirements
EV-AC

9. What is the formula for schedule variance?
EAC-AC
EV-PV
+/- 10 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

10. In which process is the cost management plan created?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
In integration management as part of the Develop Project Management Plan process
Finding a less costly way of doing essentially the same work.
EV-PV

11. What does life cycle costing mean?
The cost budget adds management reserve to the cost baseline
+/- 50 percent from actual
EV-AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

12. Describe a varable cost and a fixed cost chargeable to the project.
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
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Calculating estimates using historical information
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

13. What is the formula for cost perfrmance index?
EV/AC
Cost baseline; funding requirements
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

14. What are the formulas for estimate at completion?
BAC-EAC
-10 percent to +25 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/PV

15. What is the process of cost management?
The cost budget adds management reserve to the cost baseline
EV/AC
Estimate costs; Determine Budget; Control Costs
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

16. Describe a direct cost and and indirect cost chargeable to the project
-10 percent to +25 percent from actual
Cost baseline; funding requirements
Calculating estimates using historical information
A cost directly attributable to the project; overhead costs

17. What is the formula for schedule performance index?
EV-PV
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
EV/PV
Estimate costs; Determine Budget; Control Costs

18. What is earned value measurement?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
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.
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
+/- 50 percent from actual

19. What are key outputs of the Control Costs process?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Creating estimates based on the details of the projects which are then rolled up into project estimates
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Cost baseline; funding requirements

20. What is analogous estimating?
EAC-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
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

21. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
The cost budget adds management reserve to the cost baseline
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
+/- 50 percent from actual

22. What is the formula for variance at completion?
(BAC-EV)/(BAC-AC)
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
BAC-EAC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

23. What is the range for a rough order of magnitude estimate?
EV-PV
+/- 50 percent from actual
EAC-AC
EV/AC

24. What is value analysis?
Cost baseline; funding requirements
(BAC-EV)/(BAC-AC)
In integration management as part of the Develop Project Management Plan process
Finding a less costly way of doing essentially the same work.

25. What are key outputs of the Determine Budget process?
In integration management as part of the Develop Project Management Plan process
Cost baseline; funding requirements
Activity cost estimates; Updates to the project management plan and project documents
+/- 50 percent from actual

26. What are key outputs of the Estimate Costs process?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Finding a less costly way of doing essentially the same work.
EV-AC
Activity cost estimates; Updates to the project management plan and project documents