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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 variance at completion?
Estimate costs; Determine Budget; Control Costs
BAC-EAC
A cost directly attributable to the project; overhead costs
Cost baseline; funding requirements

2. What are key outputs of the Control Costs process?
EV/AC
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.
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

3. What is the formula for cost perfrmance index?
EV/AC
(BAC-EV)/(BAC-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
Estimate costs; Determine Budget; Control Costs

4. What are the main approaches to cost or schedule estimating?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
+/- 10 percent from actual
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
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

5. What is analogous estimating?
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV-AC
EV/AC
EV-PV

6. Describe a direct cost and and indirect cost chargeable to the project
+/- 50 percent from actual
A cost directly attributable to the project; overhead costs
The cost budget adds management reserve to the cost baseline
+/- 10 percent from actual

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

8. What are the formulas for estimate at completion?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
BAC-EAC
EV/AC
EV-PV

9. Name inputs to the Estimate Costs process.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/AC
The cost budget adds management reserve to the cost baseline
A cost directly attributable to the project; overhead costs

10. What does life cycle costing mean?
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
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

11. What are key outputs of the Estimate Costs process?
Cost baseline; funding requirements
EAC-AC
EV/PV
Activity cost estimates; Updates to the project management plan and project documents

12. What is the range for a rough order of magnitude estimate?
-10 percent to +25 percent from actual
+/- 50 percent from actual
EV-PV
Calculating estimates using historical information

13. What is the formula for schedule variance?
EV-PV
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

14. What is the formula for cost variance?
In integration management as part of the Develop Project Management Plan process
EV-AC
EAC-AC
A cost directly attributable to the project; overhead costs

15. What is value analysis?
(BAC-EV)/(BAC-AC)
Finding a less costly way of doing essentially the same work.
EV-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

16. What is parametric estimating?
The cost budget adds management reserve to the cost baseline
Calculating estimates using historical information
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-PV

17. What is the formula for schedule performance index?
-10 percent to +25 percent from actual
EV/PV
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

18. In which process is the cost management plan created?
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
EV-AC
In integration management as part of the Develop Project Management Plan process

19. What is the process of cost management?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
-10 percent to +25 percent from actual
+/- 10 percent from actual
Estimate costs; Determine Budget; Control Costs

20. What is the formula for TCPI?
(BAC-EV)/(BAC-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
A cost directly attributable to the project; overhead costs
+/- 10 percent from actual

21. What is the formula for estimate to complete?
+/- 10 percent from actual
EAC-AC
Activity cost estimates; Updates to the project management plan and project documents
(BAC-EV)/(BAC-AC)

22. What is the difference between a cost budget and a cost baseline?
Finding a less costly way of doing essentially the same work.
The cost budget adds management reserve to the cost baseline
Calculating estimates using historical information
A cost directly attributable to the project; overhead costs

23. What is the range for a budget estimate?
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 percent to +25 percent from actual
The cost budget adds management reserve to the cost baseline
EV-AC

24. What is the range for a definitive estimate?
+/- 10 percent from actual
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
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

25. What is earned value measurement?
+/- 50 percent from actual
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.
Calculating estimates using historical information

26. Describe a varable cost and a fixed cost chargeable to the project.
Estimate costs; Determine Budget; Control Costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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