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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 estimate to complete?
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
EV/PV
EAC-AC

2. What are key outputs of the Estimate Costs process?
EAC-AC
Creating estimates based on the details of the projects which are then rolled up into project estimates
A cost directly attributable to the project; overhead costs
Activity cost estimates; Updates to the project management plan and project documents

3. What is the formula for schedule variance?
EAC-AC
EV-PV
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

4. What is the process of cost management?
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
(BAC-EV)/(BAC-AC)
Estimate costs; Determine Budget; Control Costs

5. What is the formula for TCPI?
EV/AC
Estimate costs; Determine Budget; Control Costs
Finding a less costly way of doing essentially the same work.
(BAC-EV)/(BAC-AC)

6. What is parametric estimating?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Calculating estimates using historical information
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV-AC

7. What is value analysis?
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 from actual
Finding a less costly way of doing essentially the same work.
Activity cost estimates; Updates to the project management plan and project documents

8. What is earned value measurement?
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.
Activity cost estimates; Updates 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

9. Describe a direct cost and and indirect cost chargeable to the project
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
(BAC-EV)/(BAC-AC)
Activity cost estimates; Updates to the project management plan and project documents

10. What are key outputs of the Determine Budget process?
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
EV/AC
Cost baseline; funding requirements

11. What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserve to the cost baseline
EV/AC
Estimate costs; Determine Budget; Control Costs
EV/PV

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

13. What are the main approaches to cost or schedule estimating?
Creating estimates based on the details of the projects which are then rolled up into project estimates
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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

14. What are the formulas for estimate at completion?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Calculating estimates using historical information
EV/AC
Cost baseline; funding requirements

15. What are key outputs of the Control Costs process?
EV-AC
+/- 50 percent from actual
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 schedule performance index?
EV/PV
Cost baseline; funding requirements
Calculating estimates using historical information
-10 percent to +25 percent from actual

17. What does life cycle costing mean?
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.
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
The cost budget adds management reserve to the cost baseline

18. What is the formula for cost variance?
EV-AC
A cost directly attributable to the project; overhead costs
EV/AC
Cost baseline; funding requirements

19. What is the formula for variance at completion?
BAC-EAC
The cost budget adds management reserve to the cost baseline
Creating estimates based on the details of the projects which are then rolled up into project 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.

20. In which process is the cost management plan created?
EV-AC
In integration management as part of the Develop Project Management Plan process
+/- 50 percent from actual
BAC-EAC

21. What is the range for a definitive estimate?
-10 percent to +25 percent from actual
EV/PV
In integration management as part of the Develop Project Management Plan process
+/- 10 percent from actual

22. What is the formula for cost perfrmance index?
Calculating estimates using historical information
EV/AC
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

23. Name inputs to the Estimate Costs process.
BAC-EAC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Estimate costs; Determine Budget; Control Costs
Activity cost estimates; Updates to the project management plan and project documents

24. What is the range for a rough order of magnitude estimate?
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
Calculating estimates using historical information
+/- 50 percent from actual
+/- 10 percent from actual

25. What is analogous estimating?
BAC-EAC
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
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

26. Describe a varable cost and a fixed cost chargeable to the project.
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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.
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project