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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. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan process
Estimate costs; Determine Budget; Control Costs
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
BAC-EAC

2. What are key outputs of the Control Costs process?
EV/PV
EV/AC
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

3. What is value analysis?
EV/PV
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Finding a less costly way of doing essentially the same work.
EV-PV

4. What is the range for a rough order of magnitude estimate?
+/- 50 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
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.
Activity cost estimates; Updates to the project management plan and project documents

5. What are the formulas for estimate at completion?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Finding a less costly way of doing essentially the same work.
Estimate costs; Determine Budget; Control Costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

6. What is the formula for estimate to complete?
The cost budget adds management reserve to the cost baseline
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV/AC
EAC-AC

7. Describe a varable cost and a fixed cost chargeable to the project.
EV/AC
+/- 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
+/- 50 percent from actual

8. What does life cycle costing mean?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/AC
Estimate costs; Determine Budget; Control Costs

9. What are key outputs of the Determine Budget process?
EV/AC
Cost baseline; funding requirements
(BAC-EV)/(BAC-AC)
In integration management as part of the Develop Project Management Plan process

10. Describe a direct cost and and indirect cost chargeable to the project
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs
BAC-EAC
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

11. What is parametric estimating?
In integration management as part of the Develop Project Management Plan process
Calculating estimates using historical information
BAC-EAC
Creating estimates based on the details of the projects which are then rolled up into project estimates

12. What are key outputs of the Estimate Costs process?
Cost baseline; funding requirements
In integration management as part of the Develop Project Management Plan process
Activity cost estimates; Updates to the project management plan and project documents
-10 percent to +25 percent from actual

13. What is the range for a budget estimate?
EAC-AC
Estimate costs; Determine Budget; Control Costs
-10 percent to +25 percent from actual
A cost directly attributable to the project; overhead costs

14. What is earned value measurement?
EV/AC
EV-AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing 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.

15. What is the process of cost management?
-10 percent to +25 percent from actual
A cost directly attributable to the project; overhead costs
Estimate costs; Determine Budget; Control Costs
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

16. What is the formula for cost perfrmance index?
Estimate costs; Determine Budget; Control Costs
(BAC-EV)/(BAC-AC)
EAC-AC
EV/AC

17. What is the formula for schedule performance index?
A cost directly attributable to the project; overhead costs
BAC-EAC
EV/PV
EV/AC

18. What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserve to the cost baseline
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
+/- 10 percent from actual

19. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
-10 percent to +25 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

20. What are the main approaches to cost or schedule estimating?
-10 percent to +25 percent from actual
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
In integration management as part of the Develop Project Management Plan process
EV-PV

21. What is the formula for variance at completion?
The cost budget adds management reserve to the cost baseline
BAC-EAC
+/- 50 percent from actual
EAC-AC

22. What is the formula for cost variance?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-PV

23. What is the formula for schedule variance?
EV-PV
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/PV
Estimate costs; Determine Budget; Control Costs

24. What is the range for a definitive estimate?
(BAC-EV)/(BAC-AC)
+/- 10 percent from actual
The cost budget adds management reserve to the cost baseline
EV-AC

25. Name inputs to the Estimate Costs process.
A cost directly attributable to the project; overhead costs
EV-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

26. What is analogous estimating?
+/- 10 percent from actual
-10 percent to +25 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Creating estimates based on the details of the projects which are then rolled up into project estimates