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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 earned value measurement?
Cost baseline; funding requirements
(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.
+/- 50 percent from actual

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

3. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
The cost budget adds management reserve to the cost baseline
-10 percent to +25 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

4. What is the formula for cost variance?
EV-AC
BAC-EAC
EV/AC
-10 percent to +25 percent from actual

5. What is the formula for estimate to complete?
The cost budget adds management reserve to the cost baseline
EAC-AC
-10 percent to +25 percent from actual
Finding a less costly way of doing essentially the same work.

6. What is value analysis?
Finding a less costly way of doing essentially the same work.
EV-PV
BAC-EAC
EAC-AC

7. What is the range for a rough order of magnitude estimate?
EV/AC
+/- 50 percent from actual
BAC-EAC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

8. What does life cycle costing mean?
+/- 50 percent from actual
The cost budget adds management reserve to the cost baseline
BAC-EAC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

9. What is analogous estimating?
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
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

10. What is the formula for variance at completion?
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
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
BAC-EAC

11. Describe a direct cost and and indirect cost chargeable to the project
A cost directly attributable to the project; overhead costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Estimate costs; Determine Budget; Control Costs

12. Name inputs to the Estimate Costs process.
EAC-AC
+/- 50 percent from actual
EV/AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

13. What are key outputs of the Estimate Costs process?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
BAC-EAC
EV-AC
Activity cost estimates; Updates to the project management plan and project documents

14. What is the formula for cost perfrmance index?
In integration management as part of the Develop Project Management Plan process
EV/PV
EV/AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

15. What is the process of cost management?
Calculating estimates using historical information
BAC-EAC
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

16. What is the formula for schedule performance index?
+/- 50 percent from actual
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
Finding a less costly way of doing essentially the same work.

17. Describe a varable cost and a fixed 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
Calculating estimates using historical information
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

18. What is the formula for schedule variance?
Estimate costs; Determine Budget; Control Costs
+/- 50 percent from actual
EV-PV
Cost baseline; funding requirements

19. What is parametric estimating?
The cost budget adds management reserve to the cost baseline
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
Calculating estimates using historical information

20. What are the main approaches to cost or schedule estimating?
The cost budget adds management reserve to the cost baseline
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EAC-AC
Estimate costs; Determine Budget; Control Costs

21. What is the difference between a cost budget and a cost baseline?
EV/AC
EV-AC
The cost budget adds management reserve to the cost baseline
EV/PV

22. 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
-10 percent to +25 percent from actual
The cost budget adds management reserve to the cost baseline
In integration management as part of the Develop Project Management Plan process

23. What are key outputs of the Control Costs process?
-10 percent to +25 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EAC-AC
A cost directly attributable to the project; overhead costs

24. What are key outputs of the Determine Budget process?
EAC-AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Cost baseline; funding requirements
Finding a less costly way of doing essentially the same work.

25. What is the range for a definitive estimate?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EAC-AC
+/- 10 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates

26. What are the formulas for estimate at completion?
Activity cost estimates; Updates to the project management plan and project documents
The cost budget adds management reserve to the cost baseline
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Estimate costs; Determine Budget; Control Costs