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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 parametric estimating?
Estimate costs; Determine Budget; Control Costs
Cost baseline; funding requirements
Calculating estimates using historical information
EV-AC

2. Name inputs to the Estimate Costs process.
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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
+/- 50 percent from actual

3. 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
(BAC-EV)/(BAC-AC)
Estimate costs; Determine Budget; Control Costs

4. What are key outputs of the Control Costs process?
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
EV-AC

5. What is the range for a rough order of magnitude estimate?
+/- 50 percent from actual
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 directly attributable to the project; overhead costs

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

7. What is the formula for cost variance?
Calculating estimates using historical information
Estimate costs; Determine Budget; Control Costs
(BAC-EV)/(BAC-AC)
EV-AC

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

9. What is the formula for schedule performance index?
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
A cost directly attributable to the project; overhead costs
Activity cost estimates; Updates to the project management plan and project documents

10. What is the formula for variance at completion?
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
The cost budget adds management reserve to the cost baseline
BAC-EAC

11. 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.
The cost budget adds management reserve to the cost baseline
-10 percent to +25 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

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

13. What is the range for a definitive estimate?
+/- 10 percent from actual
The cost budget adds management reserve to the cost baseline
EV-PV
In integration management as part of the Develop Project Management Plan process

14. What are key outputs of the Estimate Costs process?
Calculating estimates using historical information
Finding a less costly way of doing essentially the same work.
Activity cost estimates; Updates to the project management plan and project documents
-10 percent to +25 percent from actual

15. What are key outputs of the Determine Budget process?
-10 percent to +25 percent from actual
BAC-EAC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Cost baseline; funding requirements

16. What does life cycle costing mean?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

17. Describe a varable cost and a fixed cost chargeable to the project.
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
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Finding a less costly way of doing essentially the same work.

18. What are the formulas for estimate at completion?
+/- 10 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates
Estimate costs; Determine Budget; Control Costs
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

19. 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 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
Creating estimates based on the details of the projects which are then rolled up into project estimates

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

21. In which process is the cost management plan created?
A cost directly attributable to the project; overhead costs
In integration management as part of the Develop Project Management Plan process
(BAC-EV)/(BAC-AC)
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

22. What is value analysis?
A cost directly attributable to the project; overhead costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Finding a less costly way of doing essentially the same work.

23. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
A cost directly attributable to the project; overhead costs
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

24. What is the range for a budget estimate?
-10 percent to +25 percent from actual
+/- 50 percent from actual
EV/PV
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

25. What is the formula for estimate to complete?
Calculating estimates using historical information
EAC-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

26. What is the difference between a cost budget and a cost baseline?
+/- 50 percent from actual
Estimate costs; Determine Budget; Control Costs
Finding a less costly way of doing essentially the same work.
The cost budget adds management reserve to the cost baseline