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CAPM Cost Management

Subjects : certifications, business-skills, capm

Instructions:

Answer 26 questions in 15 minutes.
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Match each statement with the correct term.
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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?
+/- 10 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.
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV-AC

2. What is the range for a rough order of magnitude estimate?
+/- 50 percent from actual
Calculating estimates using historical information
BAC-EAC
The cost budget adds management reserve to the cost baseline

3. What are key outputs of the Determine Budget process?
Finding a less costly way of doing essentially the same work.
EV-AC
(BAC-EV)/(BAC-AC)
Cost baseline; funding requirements

4. What is analogous estimating?
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.
Creating estimates based on the details of the projects which are then rolled up into project estimates
Activity cost estimates; Updates to the project management plan and project documents
-10 percent to +25 percent from actual

5. What is the formula for variance at completion?
Creating estimates based on the details of the projects which are then rolled up into project estimates
BAC-EAC
Activity cost estimates; Updates to the project management plan and project documents
+/- 50 percent from actual

6. What is the formula for TCPI?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV/AC
EV-PV
(BAC-EV)/(BAC-AC)

7. What is the formula for schedule variance?
EV-PV
EV/PV
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

8. What is value analysis?
Cost baseline; funding requirements
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Finding a less costly way of doing essentially the same work.
(BAC-EV)/(BAC-AC)

9. What is the formula for estimate to complete?
Finding a less costly way of doing essentially the same work.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EAC-AC
EV-AC

10. What are key outputs of the Estimate Costs process?
Activity cost estimates; Updates to the project management plan and project documents
+/- 10 percent from actual
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

11. What is the formula for schedule performance index?
EV-AC
EV/PV
Cost baseline; funding requirements
EV-PV

12. What is the formula for cost variance?
BAC-EAC
EV-PV
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV-AC

13. What is earned value measurement?
EV-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.
A cost directly attributable to the project; overhead costs

14. 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
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
A cost directly attributable to the project; overhead costs

15. What is the range for a budget estimate?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Activity cost estimates; Updates to the project management plan and project documents
-10 percent to +25 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

16. What is parametric estimating?
Estimate costs; Determine Budget; Control Costs
(BAC-EV)/(BAC-AC)
Calculating estimates using historical information
+/- 50 percent from actual

17. What are key outputs of the Control Costs process?
Cost baseline; funding requirements
EV-PV
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.

18. What is the formula for cost perfrmance index?
BAC-EAC
EV/AC
Work performance measurements; budget forecasts; change requests; updatse 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

19. Describe a varable cost and a fixed 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
EV/PV
-10 percent to +25 percent from actual

20. What is the process of cost management?
+/- 10 percent from actual
Estimate costs; Determine Budget; Control Costs
-10 percent to +25 percent from actual
Finding a less costly way of doing essentially the same work.

21. 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)
EV-AC
-10 percent to +25 percent from actual

22. What are the main approaches to cost or schedule estimating?
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
Finding a less costly way of doing essentially the same work.
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

23. What is the difference between a cost budget and a cost baseline?
EV/PV
The cost budget adds management reserve to the cost baseline
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Calculating estimates using historical information

24. In which process is the cost management plan created?
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates
In integration management as part of the Develop Project Management Plan process
-10 percent to +25 percent from actual

25. What is the range for a definitive estimate?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Finding a less costly way of doing essentially the same work.
EV/PV
+/- 10 percent from actual

26. Name inputs to the Estimate Costs process.
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
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Cost baseline; funding requirements

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CAPM Cost Management

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