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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 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
Finding a less costly way of doing essentially the same work.
EV/AC

2. What is the formula for schedule performance index?
EV/PV
EV-PV
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

3. What is the process of cost management?
Estimate costs; Determine Budget; Control Costs
Activity cost estimates; Updates to the project management plan and project documents
BAC-EAC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

4. What is value analysis?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Finding a less costly way of doing essentially the same work.
Estimate costs; Determine Budget; Control Costs
Activity cost estimates; Updates to the project management plan and project documents

5. What are key outputs of the Determine Budget process?
A cost directly attributable to the project; overhead costs
(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
Cost baseline; funding requirements

6. What are key outputs of the Estimate Costs process?
(BAC-EV)/(BAC-AC)
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 from actual

7. What are key outputs of the Control Costs process?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV-PV
The cost budget adds management reserve to the cost baseline
EV-AC

8. What is earned value measurement?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
-10 percent to +25 percent from actual
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time 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.

9. What is the range for a definitive estimate?
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
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. What is parametric estimating?
Activity cost estimates; Updates to the project management plan and project documents
Calculating estimates using historical information
Finding a less costly way of doing essentially the same work.
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.

11. What does life cycle costing mean?
Calculating estimates using historical information
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
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

12. What is the formula for cost variance?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/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-AC

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

14. Name inputs to the Estimate Costs process.
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/PV
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

15. 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
In integration management as part of the Develop Project Management Plan process
+/- 10 percent from actual
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

16. What is the formula for variance at completion?
Activity cost estimates; Updates to the project management plan and project documents
BAC-EAC
In integration management as part of the Develop Project Management Plan process
(BAC-EV)/(BAC-AC)

17. Describe a varable cost and a fixed cost chargeable to the project.
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
EV-PV
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?
Estimate costs; Determine Budget; Control Costs
EV/AC
EV/PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

19. What is the formula for schedule variance?
EV-PV
Estimate costs; Determine Budget; Control Costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
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.

20. Describe a direct cost and and indirect cost chargeable to the project
-10 percent to +25 percent from actual
A cost directly attributable to the project; overhead costs
+/- 50 percent from actual
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

21. What are the formulas for estimate at completion?
+/- 10 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
(BAC-EV)/(BAC-AC)
BAC-EAC

22. What is analogous estimating?
(BAC-EV)/(BAC-AC)
+/- 10 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV/PV

23. What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserve to the cost baseline
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)

24. What are the main approaches to cost or schedule 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
Estimate costs; Determine Budget; Control Costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV-AC

25. What is the formula for estimate to complete?
EAC-AC
Cost baseline; funding requirements
EV-AC
(BAC-EV)/(BAC-AC)

26. What is the range for a rough order of magnitude estimate?
+/- 50 percent from actual
EV/PV
In integration management as part of the Develop Project Management Plan process
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.