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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 variance at completion?
EV/PV
BAC-EAC
+/- 50 percent from actual
EV/AC

2. What are the formulas for estimate at completion?
Cost baseline; funding requirements
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
In integration management as part of the Develop Project Management Plan process
EV/AC

3. What does life cycle costing mean?
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
Cost baseline; funding requirements
BAC-EAC

4. What is the formula for schedule variance?
The cost budget adds management reserve to the cost baseline
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV-PV
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

5. What is the range for a definitive estimate?
Activity cost estimates; Updates to the project management plan and project documents
+/- 10 percent from actual
Cost baseline; funding requirements
(BAC-EV)/(BAC-AC)

6. What is the formula for estimate to complete?
EAC-AC
A cost directly attributable to the project; overhead costs
Work performance measurements; budget forecasts; change requests; updatse 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

7. Name inputs to the Estimate Costs process.
In integration management as part of the Develop Project Management Plan process
-10 percent to +25 percent from actual
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-AC

8. What is the range for a rough order of magnitude estimate?
BAC-EAC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
+/- 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

9. 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
(BAC-EV)/(BAC-AC)
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
-10 percent to +25 percent from actual

10. What is the formula for schedule performance index?
Creating estimates based on the details of the projects which are then rolled up into project estimates
The cost budget adds management reserve to the cost baseline
EV/PV
-10 percent to +25 percent from actual

11. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
+/- 10 percent from actual
Activity cost estimates; Updates to the project management plan and project documents
BAC-EAC

12. What are key outputs of the Estimate Costs process?
In integration management as part of the Develop Project Management Plan process
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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
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?
EV/AC
Finding a less costly way of doing essentially the same work.
The cost budget adds management reserve to the cost baseline
A cost directly attributable to the project; overhead costs

14. What is the formula for cost perfrmance 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/AC
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

15. 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)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

16. What is the process of cost management?
Estimate costs; Determine Budget; Control Costs
EV/AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV/PV

17. Describe a direct cost and and indirect cost chargeable to the project
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV-PV
A cost directly attributable to the project; overhead 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

18. What is the formula for cost variance?
The cost budget adds management reserve to the cost baseline
EV/AC
EV-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

19. What is parametric estimating?
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.
Calculating estimates using historical information
EV-AC

20. 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
+/- 50 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

21. What is value analysis?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 10 percent from actual
Finding a less costly way of doing essentially the same work.
Creating estimates based on the details of the projects which are then rolled up into project estimates

22. What is the range for a budget estimate?
EAC-AC
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.
-10 percent to +25 percent from actual

23. In which process is the cost management plan created?
+/- 50 percent from actual
A cost directly attributable to the project; overhead costs
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
In integration management as part of the Develop Project Management Plan process

24. What is analogous estimating?
Cost baseline; funding requirements
Finding a less costly way of doing essentially the same work.
Creating estimates based on the details of the projects which are then rolled up into project estimates
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

25. What is earned value measurement?
-10 percent to +25 percent from actual
Cost baseline; funding requirements
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.
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

26. Describe a varable cost and a fixed cost chargeable to the project.
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
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