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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 does life cycle costing mean?
In integration management as part of the Develop Project Management Plan process
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
A cost directly attributable to the project; overhead costs

2. 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
(BAC-EV)/(BAC-AC)
+/- 50 percent from actual

3. What is the formula for variance at completion?
EAC-AC
BAC-EAC
EV/PV
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
EAC-AC
BAC-EAC
A cost directly attributable to the project; overhead costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

5. What is the range for a rough order of magnitude estimate?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
-10 percent to +25 percent from actual
+/- 50 percent from actual
EV/PV

6. What is the formula for schedule performance index?
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
Finding a less costly way of doing essentially the same work.

7. What is earned value measurement?
+/- 50 percent from actual
EAC-AC
Activity cost estimates; Updates 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.

8. Name inputs to the Estimate Costs process.
Estimate costs; Determine Budget; Control Costs
A cost directly attributable to the project; overhead costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
BAC-EAC

9. What are key outputs of the Determine Budget process?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Cost baseline; funding requirements
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.

10. What is analogous 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
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.

11. What are the formulas for estimate at completion?
EV/AC
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)
Estimate costs; Determine Budget; Control Costs

12. What are the main approaches to cost or schedule estimating?
EAC-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
A cost directly attributable to the project; overhead costs

13. What is parametric estimating?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/PV
EAC-AC
Calculating estimates using historical information

14. 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
EV/AC
EV-AC

15. What is the formula for cost perfrmance index?
+/- 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
EV/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.

16. What are key outputs of the Estimate Costs process?
Cost baseline; funding requirements
Activity cost estimates; Updates to the project management plan and project documents
The cost budget adds management reserve to the cost baseline
EAC-AC

17. What is the formula for cost variance?
Estimate costs; Determine Budget; Control Costs
Finding a less costly way of doing essentially the same work.
EV-AC
Cost baseline; funding requirements

18. Describe a varable cost and a fixed cost chargeable to the project.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
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
A cost directly attributable to the project; overhead costs
Finding a less costly way of doing essentially the same work.

19. What is value analysis?
(BAC-EV)/(BAC-AC)
EV-PV
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Finding a less costly way of doing essentially the same work.

20. What is the formula for TCPI?
EV-PV
+/- 50 percent from actual
EV-AC
(BAC-EV)/(BAC-AC)

21. What is the range for a definitive estimate?
Estimate costs; Determine Budget; Control Costs
EV-AC
+/- 10 percent from actual
Calculating estimates using historical information

22. What is the process of cost management?
EV-PV
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Estimate costs; Determine Budget; Control Costs
Cost baseline; funding requirements

23. What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserve to the cost baseline
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
Finding a less costly way of doing essentially the same work.

24. What is the formula for estimate to complete?
EAC-AC
+/- 10 percent from actual
A cost directly attributable to the project; overhead costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

25. What is the range for a budget estimate?
EV/AC
+/- 50 percent from actual
BAC-EAC
-10 percent to +25 percent from actual

26. What is the formula for schedule variance?
EV/AC
Finding a less costly way of doing essentially the same work.
EV-AC
EV-PV