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Test your basic knowledge |

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 analogous estimating?
Creating estimates based on the details of the projects which are then rolled up into project estimates
BAC-EAC
EAC-AC
EV-PV

2. What is parametric estimating?
A cost directly attributable to the project; overhead costs
EV/PV
Calculating estimates using historical information
Estimate costs; Determine Budget; Control Costs

3. What are the main approaches to cost or schedule estimating?
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
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
-10 percent to +25 percent from actual

4. Name inputs to the Estimate Costs process.
BAC-EAC
-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
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

5. What is earned value measurement?
+/- 50 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.
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

6. 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
EV/PV
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

7. What is the range for a rough order of magnitude estimate?
-10 percent to +25 percent from actual
+/- 50 percent from actual
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

8. What is the formula for schedule performance index?
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/PV
EV-PV

9. Describe a direct cost and and indirect cost chargeable to the project
EV/AC
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
+/- 10 percent from actual

10. What is the formula for TCPI?
EV/PV
EV-AC
+/- 10 percent from actual
(BAC-EV)/(BAC-AC)

11. What is the range for a definitive estimate?
EAC-AC
EV-AC
Calculating estimates using historical information
+/- 10 percent from actual

12. Describe a varable cost and a fixed cost chargeable to 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
Finding a less costly way of doing essentially the same work.
+/- 50 percent from actual
Calculating estimates using historical information

13. What is the process of cost management?
Calculating estimates using historical information
Estimate costs; Determine Budget; Control Costs
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EAC-AC

14. What is the difference between a cost budget and a cost baseline?
EV-PV
Activity cost estimates; Updates to the project management plan and project documents
The cost budget adds management reserve to the 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

15. What does life cycle costing mean?
EV-AC
-10 percent to +25 percent from actual
EV/PV
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

16. What is value analysis?
BAC-EAC
Finding a less costly way of doing essentially the same work.
EV/PV
Estimate costs; Determine Budget; Control Costs

17. What is the formula for cost perfrmance index?
Activity cost estimates; Updates to the project management plan and project documents
EV-PV
EV/AC
Creating estimates based on the details of the projects which are then rolled up into project estimates

18. 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
+/- 10 percent from actual
EV-AC

19. What are key outputs of the Determine Budget process?
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
EV/AC
Cost baseline; funding requirements

20. What is the formula for schedule variance?
(BAC-EV)/(BAC-AC)
EV-PV
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

21. What is the range for a budget estimate?
Cost baseline; funding requirements
BAC-EAC
-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

22. What is the formula for variance at completion?
Activity cost estimates; Updates to the project management plan and project documents
EV-PV
Calculating estimates using historical information
BAC-EAC

23. What are the formulas for estimate at completion?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
+/- 10 percent from actual
EV/PV
Creating estimates based on the details of the projects which are then rolled up into project estimates

24. What are key outputs of the Estimate Costs process?
EV/AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EAC-AC
Activity cost estimates; Updates to the project management plan and project documents

25. What is the formula for estimate to complete?
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
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
EAC-AC

26. In which process is the cost management plan created?
+/- 10 percent from actual
EV-PV
In integration management as part of the Develop Project Management Plan process
Cost baseline; funding requirements