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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 is the formula for cost variance?
+/- 10 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV-AC
EV/AC

2. What is the formula for TCPI?
Finding a less costly way of doing essentially the same work.
Calculating estimates using historical information
(BAC-EV)/(BAC-AC)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

3. What is the formula for schedule variance?
EV-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV-PV

4. What are key outputs of the Estimate Costs process?
EV-PV
EV/PV
Activity cost estimates; Updates to the project management plan and project documents
Estimate costs; Determine Budget; Control Costs

5. What is the formula for cost perfrmance index?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
+/- 10 percent from actual

6. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan process
+/- 10 percent from actual
EV/PV
Activity cost estimates; Updates to the project management plan and project documents

7. What are the formulas for estimate at completion?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Estimate costs; Determine Budget; Control Costs
Cost baseline; funding requirements

8. Describe a varable cost and a fixed 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.
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
The cost budget adds management reserve to the cost baseline

9. 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
Creating estimates based on the details of the projects which are then rolled up into project estimates
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

10. What is earned value measurement?
-10 percent to +25 percent from actual
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.
EV-PV

11. What are the main approaches to cost or schedule estimating?
The cost budget adds management reserve to the cost baseline
(BAC-EV)/(BAC-AC)
EV/PV
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

12. What is the formula for estimate to complete?
Finding a less costly way of doing essentially the same work.
A cost directly attributable to the project; overhead costs
EAC-AC
Calculating estimates using historical information

13. What is parametric estimating?
Finding a less costly way of doing essentially the same work.
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Calculating estimates using historical information
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

14. What is the range for a rough order of magnitude estimate?
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV/PV
+/- 50 percent from actual
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 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
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Finding a less costly way of doing essentially the same work.
BAC-EAC

16. What is analogous estimating?
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
EV-PV

17. What is value analysis?
Cost baseline; funding requirements
+/- 10 percent from actual
Finding a less costly way of doing essentially the same work.
EV/AC

18. What is the range for a definitive estimate?
+/- 10 percent from actual
(BAC-EV)/(BAC-AC)
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

19. What is the formula for schedule performance index?
Cost baseline; funding requirements
In integration management as part of the Develop Project Management Plan process
EV/PV
EAC-AC

20. What is the process of cost management?
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
EV/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

21. Name inputs to the Estimate Costs process.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Activity cost estimates; Updates to the project management plan and project documents
Cost baseline; funding requirements
+/- 50 percent from actual

22. 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
Estimate costs; Determine Budget; Control Costs
A cost directly attributable to the project; overhead costs
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

23. What is the difference between a cost budget and a cost baseline?
BAC-EAC
The cost budget adds management reserve to the cost baseline
Finding a less costly way of doing essentially the same work.
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

24. Describe a direct cost and and indirect cost chargeable to the project
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
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

25. What is the range for a budget estimate?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV/PV
+/- 50 percent from actual
-10 percent to +25 percent from actual

26. What is the formula for variance at completion?
EV-PV
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-EAC