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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 estimate to complete?
EAC-AC
EV-PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Cost baseline; funding requirements

2. What is the formula for schedule variance?
The cost budget adds management reserve to the cost baseline
EV-PV
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates

3. What is the difference between a cost budget and a cost baseline?
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
Finding a less costly way of doing essentially the same work.
The cost budget adds management reserve to the cost baseline

4. What are key outputs of the Determine Budget process?
Estimate costs; Determine Budget; Control Costs
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Cost baseline; funding requirements
EAC-AC

5. What is the range for a budget estimate?
Calculating estimates using historical information
EAC-AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
-10 percent to +25 percent from actual

6. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
EV/AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
BAC-EAC

7. What are key outputs of the Control Costs 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
A cost directly attributable to the project; overhead costs
+/- 10 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

8. Describe a varable cost and a fixed cost chargeable to the project.
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV/AC
+/- 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

9. What is analogous estimating?
-10 percent to +25 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV/PV
Creating estimates based on the details of the projects which are then rolled up into project estimates

10. What is earned value measurement?
-10 percent to +25 percent from actual
+/- 10 percent from actual
(BAC-EV)/(BAC-AC)
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 are the formulas for estimate at completion?
A cost directly attributable to the project; overhead costs
Activity cost estimates; Updates to the project management plan and project documents
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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.

12. In which process is the cost management plan created?
EV-PV
(BAC-EV)/(BAC-AC)
-10 percent to +25 percent from actual
In integration management as part of the Develop Project Management Plan process

13. What is value analysis?
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.
(BAC-EV)/(BAC-AC)
EAC-AC

14. What is the formula for cost perfrmance index?
EV/AC
+/- 10 percent from actual
Cost baseline; funding requirements
Finding a less costly way of doing essentially the same work.

15. 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
BAC-EAC
EV/AC
+/- 10 percent from actual

16. What is the formula for variance at completion?
Estimate costs; Determine Budget; Control Costs
Finding a less costly way of doing essentially the same work.
In integration management as part of the Develop Project Management Plan process
BAC-EAC

17. What are the main approaches to cost or schedule estimating?
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.
Activity cost estimates; Updates to the project management plan and project documents
BAC-EAC

18. Name inputs to the Estimate Costs process.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
A cost directly attributable to the project; overhead costs
+/- 10 percent from actual
+/- 50 percent from actual

19. What is the range for a rough order of magnitude estimate?
Calculating estimates using historical information
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
+/- 50 percent from actual

20. What is the formula for schedule performance index?
EV/PV
+/- 10 percent from actual
Cost baseline; funding requirements
EV-PV

21. What is the formula for cost variance?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
In integration management as part of the Develop Project Management Plan process
EV-AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

22. What is the process of cost management?
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.
Estimate costs; Determine Budget; Control 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

23. What is parametric estimating?
Calculating estimates using historical information
-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.
In integration management as part of the Develop Project Management Plan process

24. Describe a direct cost and and indirect cost chargeable to the project
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
+/- 50 percent from actual
A cost directly attributable to the project; overhead costs

25. What are key outputs of the Estimate Costs process?
EV/AC
Activity cost estimates; Updates to the project management plan and project documents
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
-10 percent to +25 percent from actual

26. What is the range for a definitive estimate?
Calculating estimates using historical information
-10 percent to +25 percent from actual
A cost directly attributable to the project; overhead costs
+/- 10 percent from actual