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Test your basic knowledge |

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 schedule performance index?
EV/PV
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
Finding a less costly way of doing essentially the same work.

2. What is parametric estimating?
Calculating estimates using historical information
EV-AC
Activity cost estimates; Updates to the project management plan and project documents
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

3. What is the formula for variance at completion?
EV-PV
BAC-EAC
EV/AC
In integration management as part of the Develop Project Management Plan process

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

5. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan 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
Finding a less costly way of doing essentially the same work.

6. Name inputs to the Estimate Costs process.
EAC-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
(BAC-EV)/(BAC-AC)
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

7. Describe a direct cost and and indirect cost chargeable to the project
EV-AC
+/- 10 percent from actual
EV/PV
A cost directly attributable to the project; overhead costs

8. What is value analysis?
+/- 50 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
+/- 10 percent from actual

9. What is the formula for schedule variance?
Creating estimates based on the details of the projects which are then rolled up into project estimates
(BAC-EV)/(BAC-AC)
+/- 50 percent from actual
EV-PV

10. What is the range for a budget estimate?
In integration management as part of the Develop Project Management Plan process
Cost baseline; funding requirements
-10 percent to +25 percent from actual
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 Control Costs process?
Finding a less costly way of doing essentially the same work.
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
Cost baseline; funding requirements

12. What is the range for a rough order of magnitude 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.
A cost directly attributable to the project; overhead costs
+/- 50 percent from actual
In integration management as part of the Develop Project Management Plan process

13. What is the formula for cost variance?
Calculating estimates using historical information
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV-AC

14. What is the process of cost management?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Estimate costs; Determine Budget; Control Costs
+/- 50 percent from actual
EV/PV

15. What is the range for a definitive estimate?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
+/- 10 percent from actual
Activity cost estimates; Updates to the project management plan and project documents
+/- 50 percent from actual

16. What is earned value measurement?
EV/PV
A cost directly attributable to the project; overhead costs
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 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.

17. 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
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
The cost budget adds management reserve to the cost baseline

18. What is the difference between a cost budget and a cost baseline?
Calculating estimates using historical information
EV-AC
The cost budget adds management reserve to the cost baseline
EV/AC

19. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
-10 percent to +25 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
A cost directly attributable to the project; overhead costs

20. What is the formula for estimate to complete?
(BAC-EV)/(BAC-AC)
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EAC-AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

21. What are key outputs of the Estimate Costs process?
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs
EV-PV
-10 percent to +25 percent from actual

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

23. Describe a varable cost and a fixed cost chargeable to the project.
Creating estimates based on the details of the projects which are then rolled up into project estimates
BAC-EAC
Work performance measurements; budget forecasts; change requests; updatse 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

24. What are key outputs of the Determine Budget process?
Cost baseline; funding requirements
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
The cost budget adds management reserve to the cost baseline

25. 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
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-EV)/(BAC-AC)
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

26. What is analogous estimating?
Cost baseline; funding requirements
+/- 10 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates
+/- 50 percent from actual