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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?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/AC
Cost baseline; funding requirements

2. What is the difference between a cost budget and a cost baseline?
EAC-AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
The cost budget adds management reserve to the cost baseline
Calculating estimates using historical information

3. What is the range for a rough order of magnitude estimate?
+/- 10 percent from actual
(BAC-EV)/(BAC-AC)
+/- 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

4. Describe a direct cost and and indirect cost chargeable to the project
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
+/- 10 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
A cost directly attributable to the project; overhead costs

5. Name inputs to the Estimate Costs process.
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
Estimate costs; Determine Budget; Control Costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 50 percent from actual

6. What is the formula for variance at completion?
Cost baseline; funding requirements
+/- 10 percent from actual
BAC-EAC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

7. What are key outputs of the Control Costs process?
EV-PV
EAC-AC
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

8. What is the range for a definitive estimate?
BAC-EAC
Finding a less costly way of doing essentially the same work.
+/- 10 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates

9. What are key outputs of the Determine Budget process?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Cost baseline; funding requirements

10. What is the formula for estimate to complete?
Finding a less costly way of doing essentially the same work.
EAC-AC
BAC-EAC
Calculating estimates using historical information

11. What is the formula for schedule variance?
EV-PV
-10 percent to +25 percent from actual
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

12. In which process is the cost management plan created?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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.
EAC-AC
In integration management as part of the Develop Project Management Plan process

13. What is the formula for cost variance?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/AC
In integration management as part of the Develop Project Management Plan process
EV-AC

14. What is earned value measurement?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV-PV
EV/PV
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 parametric estimating?
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
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. What is the process of cost management?
A cost directly attributable to the project; overhead costs
(BAC-EV)/(BAC-AC)
Estimate costs; Determine Budget; Control Costs
The cost budget adds management reserve to the cost baseline

17. What does life cycle costing mean?
Calculating estimates using historical information
EV-PV
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

18. 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
(BAC-EV)/(BAC-AC)
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

19. 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.
EV/PV
+/- 50 percent from actual
EV/AC

20. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
Estimate costs; Determine Budget; Control Costs
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

21. What are the formulas for estimate at completion?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/PV
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates

22. What is the range for a budget estimate?
(BAC-EV)/(BAC-AC)
Finding a less costly way of doing essentially the same work.
+/- 10 percent from actual
-10 percent to +25 percent from actual

23. What is analogous estimating?
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
EV/PV
+/- 10 percent from actual

24. What is value analysis?
The cost budget adds management reserve to the cost baseline
EV-AC
Creating estimates based on the details of the projects which are then rolled up into project estimates
Finding a less costly way of doing essentially the same work.

25. What are key outputs of the Estimate Costs process?
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
Activity cost estimates; Updates to the project management plan and project documents
Calculating estimates using historical information
In integration management as part of the Develop Project Management Plan process

26. What is the formula for cost perfrmance index?
The cost budget adds management reserve to the cost baseline
Estimate costs; Determine Budget; Control Costs
In integration management as part of the Develop Project Management Plan process
EV/AC