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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.
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
EV/PV
EV/AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

2. What is the range for a definitive estimate?
+/- 10 percent from actual
-10 percent to +25 percent from actual
Estimate costs; Determine Budget; Control Costs
EV/PV

3. What is the formula for estimate to complete?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
(BAC-EV)/(BAC-AC)
+/- 10 percent from actual
EAC-AC

4. What is earned value measurement?
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
+/- 10 percent from actual
Cost baseline; funding requirements

5. What are the formulas for estimate at completion?
Activity cost estimates; Updates to the project management plan and project documents
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)
Creating estimates based on the details of the projects which are then rolled up into project estimates

6. What are key outputs of the Control Costs process?
BAC-EAC
EV-PV
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Estimate costs; Determine Budget; Control Costs

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

8. What are the main approaches to cost or schedule estimating?
EAC-AC
EV/AC
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

9. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
Calculating estimates using historical information
+/- 10 percent from actual
Cost baseline; funding requirements

10. What is the formula for cost variance?
-10 percent to +25 percent from actual
EV-AC
EV/PV
(BAC-EV)/(BAC-AC)

11. What is the formula for cost perfrmance index?
EV-AC
Activity cost estimates; Updates to the project management plan and project documents
EV/AC
BAC-EAC

12. What is the range for a budget estimate?
Estimate costs; Determine Budget; Control Costs
-10 percent to +25 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.
Activity cost estimates; Updates to the project management plan and project documents

13. What is the difference between a cost budget and a cost baseline?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
A cost directly attributable to the project; overhead costs
Estimate costs; Determine Budget; Control Costs
The cost budget adds management reserve to the cost baseline

14. What is value analysis?
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
Activity cost estimates; Updates to the project management plan and project documents
EV/AC

15. What is the range for a rough order of magnitude estimate?
EAC-AC
+/- 50 percent from actual
Cost baseline; funding requirements
-10 percent to +25 percent from actual

16. Name inputs to the Estimate Costs process.
Activity cost estimates; Updates to the project management plan and project documents
The cost budget adds management reserve to the cost baseline
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Calculating estimates using historical information

17. What is the process of cost management?
Estimate costs; Determine Budget; Control Costs
EV-PV
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
+/- 50 percent from actual

18. Describe a direct cost and and indirect cost chargeable to the project
A cost directly attributable to the project; overhead costs
Finding a less costly way of doing essentially the same work.
+/- 50 percent from actual
EV/AC

19. What is analogous estimating?
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
Cost baseline; funding requirements
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Creating estimates based on the details of the projects which are then rolled up into project estimates

20. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan process
A cost directly attributable to the project; overhead costs
EV/AC
Estimate costs; Determine Budget; Control Costs

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

22. What is parametric estimating?
A cost directly attributable to the project; overhead costs
Calculating estimates using historical information
EV/AC
Finding a less costly way of doing essentially the same work.

23. What is the formula for variance at completion?
Activity cost estimates; Updates to the project management plan and project documents
Finding a less costly way of doing essentially the same work.
EV/AC
BAC-EAC

24. Describe a varable cost and a fixed cost chargeable to the project.
+/- 10 percent from actual
A cost directly attributable to the project; overhead costs
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

25. 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
The cost budget adds management reserve to the cost baseline
In integration management as part of the Develop Project Management Plan process
EAC-AC

26. What are key outputs of the Determine Budget process?
Cost baseline; funding requirements
Calculating estimates using historical information
+/- 50 percent from actual
+/- 10 percent from actual

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CAPM Cost Management

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