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Test your basic knowledge |
CAPM Cost Management
Start Test
Study First
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 definitive estimate?
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV/PV
+/- 10 percent from actual
Activity cost estimates; Updates to the project management plan and project documents
2. What is parametric estimating?
EV-AC
Cost baseline; funding requirements
-10 percent to +25 percent from actual
Calculating estimates using historical information
3. What are key outputs of the Estimate Costs process?
Activity cost estimates; Updates 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
BAC-EAC
The cost budget adds management reserve to the cost baseline
4. Describe a varable cost and a fixed cost chargeable to the project.
Finding a less costly way of doing essentially the same work.
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time 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
EV-PV
5. What is the range for a budget estimate?
Calculating estimates using historical information
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
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
-10 percent to +25 percent from actual
6. What does life cycle costing mean?
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
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Cost baseline; funding requirements
7. What is the process of cost management?
Estimate costs; Determine Budget; Control Costs
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EAC-AC
In integration management as part of the Develop Project Management Plan process
8. What is the range for a rough order of magnitude estimate?
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.
Activity cost estimates; Updates to the project management plan and project documents
+/- 50 percent from actual
9. What is the formula for cost 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
A cost directly attributable to the project; overhead costs
EV-AC
10. What is value analysis?
-10 percent to +25 percent from actual
EV-PV
Cost baseline; funding requirements
Finding a less costly way of doing essentially the same work.
11. In which process is the cost management plan created?
-10 percent to +25 percent from actual
EV-AC
In integration management as part of the Develop Project Management Plan process
(BAC-EV)/(BAC-AC)
12. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Activity cost estimates; Updates to the project management plan and project documents
The cost budget adds management reserve to the cost baseline
13. What is the formula for cost perfrmance index?
-10 percent to +25 percent from actual
Finding a less costly way of doing essentially the same work.
Estimate costs; Determine Budget; Control Costs
EV/AC
14. What are key outputs of the Determine Budget process?
Activity cost estimates; Updates to the project management plan and project documents
Cost baseline; funding requirements
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/AC
15. What is the formula for schedule variance?
Estimate costs; Determine Budget; Control Costs
+/- 50 percent from actual
EV-PV
Calculating estimates using historical information
16. What is the formula for estimate to complete?
EAC-AC
EV-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Activity cost estimates; Updates to the project management plan and project documents
17. Describe a direct cost and and indirect cost chargeable to the project
EAC-AC
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
-10 percent to +25 percent from actual
A cost directly attributable to the project; overhead costs
18. What is the formula for schedule performance index?
EV/PV
In integration management as part of the Develop Project Management Plan process
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
(BAC-EV)/(BAC-AC)
19. What is the formula for variance at completion?
BAC-EAC
EV-AC
EV/PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
20. What is analogous estimating?
-10 percent to +25 percent from actual
EV-PV
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates
21. What are the main approaches to cost or schedule estimating?
Cost baseline; funding requirements
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
22. What are the formulas for estimate at completion?
EV/PV
Estimate costs; Determine Budget; Control Costs
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EAC-AC
23. What is the difference between a cost budget and a cost baseline?
EAC-AC
The cost budget adds management reserve to the cost baseline
EV-PV
A cost directly attributable to the project; overhead costs
24. What is earned value measurement?
Estimate costs; Determine Budget; Control Costs
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
In integration management as part of the Develop Project Management Plan process
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.
25. Name inputs to the Estimate Costs process.
A cost directly attributable to the project; overhead costs
EV-AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
26. 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
Finding a less costly way of doing essentially the same work.
(BAC-EV)/(BAC-AC)
EV-PV