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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 value analysis?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Finding a less costly way of doing essentially the same work.
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV-PV

2. In which process is the cost management plan created?
The cost budget adds management reserve to the cost baseline
+/- 50 percent from actual
In integration management as part of the Develop Project Management Plan process
Cost baseline; funding requirements

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

4. What are the formulas for estimate at completion?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Calculating estimates using historical information
EV-PV
EV/AC

5. What are the main approaches to cost or schedule estimating?
BAC-EAC
EV-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

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

7. What is the formula for schedule performance index?
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
EV/PV
Creating estimates based on the details of the projects which are then rolled up into project estimates

8. Describe a varable cost and a fixed cost chargeable to the project.
EAC-AC
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
In integration management as part of the Develop Project Management Plan process

9. What is the formula for TCPI?
BAC-EAC
-10 percent to +25 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates
(BAC-EV)/(BAC-AC)

10. What is parametric estimating?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Calculating estimates using historical information
EAC-AC
+/- 10 percent from actual

11. What is the formula for schedule variance?
Calculating estimates using historical information
EV-PV
Estimate costs; Determine Budget; Control Costs
EV-AC

12. What is analogous estimating?
EV/PV
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
The cost budget adds management reserve to the cost baseline

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

14. What is the formula for cost perfrmance index?
Estimate costs; Determine Budget; Control Costs
EV/PV
A cost directly attributable to the project; overhead costs
EV/AC

15. What is the formula for variance at completion?
BAC-EAC
Activity cost estimates; Updates to the project management plan and project documents
EV/PV
-10 percent to +25 percent from actual

16. What is the formula for cost variance?
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.
EV-AC
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

17. What is the range for a budget estimate?
+/- 50 percent from actual
-10 percent to +25 percent from actual
EV/AC
A cost directly attributable to the project; overhead costs

18. What are key outputs of the Determine Budget process?
EV-PV
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs
Cost baseline; funding requirements

19. What is the process of cost management?
EAC-AC
The cost budget adds management reserve to the cost baseline
Estimate costs; Determine Budget; Control Costs
+/- 10 percent from actual

20. What is the range for a definitive estimate?
In integration management as part of the Develop Project Management Plan process
+/- 10 percent from actual
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

21. Name inputs to the Estimate Costs process.
Creating estimates based on the details of the projects which are then rolled up into project estimates
-10 percent to +25 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

22. What is the formula for estimate to complete?
Finding a less costly way of doing essentially the same work.
EAC-AC
Calculating estimates using historical information
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.

23. What is the range for a rough order of magnitude 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.
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
+/- 50 percent from actual
-10 percent to +25 percent from actual

24. Describe a direct cost and and indirect cost chargeable to 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
(BAC-EV)/(BAC-AC)
A cost directly attributable to the project; overhead costs

25. What is earned value measurement?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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.
Finding a less costly way of doing essentially the same work.

26. 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
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
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.