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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 are the formulas for estimate at completion?
EV/AC
Calculating estimates using historical information
+/- 10 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

2. What are key outputs of the Determine Budget process?
Creating estimates based on the details of the projects which are then rolled up into project estimates
Cost baseline; funding requirements
-10 percent to +25 percent from actual
Calculating estimates using historical information

3. What is the formula for schedule performance index?
EV-AC
EV/PV
Finding a less costly way of doing essentially the same work.
BAC-EAC

4. Describe a varable cost and a fixed cost chargeable to the project.
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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
EV/PV

5. What is the formula for cost perfrmance index?
(BAC-EV)/(BAC-AC)
+/- 10 percent from actual
EV/AC
EV-AC

6. Name inputs to the Estimate Costs process.
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)
Cost baseline; funding requirements
EAC-AC

7. Describe a direct cost and and indirect cost chargeable to the project
Estimate costs; Determine Budget; Control Costs
The cost budget adds management reserve to the cost baseline
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
A cost directly attributable to the project; overhead costs

8. 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
Estimate costs; Determine Budget; Control Costs
EV/PV
Finding a less costly way of doing essentially the same work.

9. What are the main approaches to cost or schedule estimating?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV-AC
Calculating estimates using historical information

10. What are key outputs of the Estimate Costs process?
Activity cost estimates; Updates to the project management plan and project documents
EV/AC
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

11. What is the range for a budget estimate?
Finding a less costly way of doing essentially the same work.
EV-PV
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
-10 percent to +25 percent from actual

12. What is the process of cost management?
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
EAC-AC
(BAC-EV)/(BAC-AC)

13. What is the difference between a cost budget and a cost baseline?
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
EAC-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

14. 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
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
In integration management as part of the Develop Project Management Plan process

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

16. What is the formula for variance at completion?
(BAC-EV)/(BAC-AC)
Activity cost estimates; Updates to the project management plan and project documents
BAC-EAC
EV/PV

17. What is the formula for schedule variance?
Cost baseline; funding requirements
EV-PV
EV-AC
-10 percent to +25 percent from actual

18. What is the formula for cost variance?
+/- 50 percent from actual
(BAC-EV)/(BAC-AC)
EV-AC
EAC-AC

19. What is value analysis?
Finding a less costly way of doing essentially the same work.
EV/PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EAC-AC

20. What is the range for a rough order of magnitude estimate?
+/- 10 percent from actual
+/- 50 percent from actual
The cost budget adds management reserve to the cost baseline
EV/AC

21. What is analogous estimating?
Creating estimates based on the details of the projects which are then rolled up into project estimates
Estimate costs; Determine Budget; Control Costs
-10 percent to +25 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

22. What is the formula for estimate to complete?
Finding a less costly way of doing essentially the same work.
Estimate costs; Determine Budget; Control Costs
EAC-AC
+/- 10 percent from actual

23. What is parametric estimating?
EAC-AC
+/- 50 percent from actual
Calculating estimates using historical information
A cost directly attributable to the project; overhead costs

24. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
EV-PV
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

25. What does life cycle costing mean?
-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
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.
Creating estimates based on the details of the projects which are then rolled up into project estimates

26. What is the range for a definitive 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.
+/- 10 percent from actual
EV-PV
Creating estimates based on the details of the projects which are then rolled up into project estimates

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CAPM Cost Management

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