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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 schedule variance?
A cost directly attributable to the project; overhead costs
EV-PV
+/- 50 percent from actual
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

2. What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserve to the cost baseline
EV-AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
(BAC-EV)/(BAC-AC)

3. Name inputs to the Estimate Costs process.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
In integration management as part of the Develop Project Management Plan process
+/- 50 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

4. What is the range for a definitive estimate?
Finding a less costly way of doing essentially the same work.
In integration management as part of the Develop Project Management Plan process
The cost budget adds management reserve to the cost baseline
+/- 10 percent from actual

5. What is the formula for schedule performance index?
EV-AC
EV/PV
BAC-EAC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

6. What are key outputs of the Estimate Costs process?
Calculating estimates using historical information
+/- 10 percent from actual
EV/AC
Activity cost estimates; Updates to the project management plan and project documents

7. What is the range for a budget estimate?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-PV
-10 percent to +25 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates

8. What is the process of cost management?
Cost baseline; funding requirements
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
Estimate costs; Determine Budget; Control Costs

9. What does life cycle costing mean?
+/- 10 percent from actual
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/PV

10. What is earned value measurement?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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

11. Describe a direct cost and and indirect cost chargeable to the project
In integration management as part of the Develop Project Management Plan process
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
Creating estimates based on the details of the projects which are then rolled up into project estimates

12. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan process
+/- 50 percent from actual
BAC-EAC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

13. What is value analysis?
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
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

14. What are key outputs of the Control Costs process?
EV/PV
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Cost baseline; funding requirements
-10 percent to +25 percent from actual

15. What is analogous estimating?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
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
EV-PV

16. What is parametric estimating?
+/- 10 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Calculating estimates using historical information
A cost directly attributable to the project; overhead costs

17. What is the range for a rough order of magnitude estimate?
EV/AC
A cost directly attributable to the project; overhead costs
+/- 50 percent from actual
In integration management as part of the Develop Project Management Plan process

18. What is the formula for estimate to complete?
Cost baseline; funding requirements
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/PV
EAC-AC

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

20. 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
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
Estimate costs; Determine Budget; Control Costs

21. What are the main approaches to cost or schedule estimating?
EV-PV
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
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

22. What is the formula for variance at completion?
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
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

23. What is the formula for TCPI?
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-EV)/(BAC-AC)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Calculating estimates using historical information

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

25. What are the formulas for estimate at completion?
Estimate costs; Determine Budget; Control Costs
In integration management as part of the Develop Project Management Plan process
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
BAC-EAC

26. What is the formula for cost variance?
The cost budget adds management reserve to the cost baseline
+/- 10 percent from actual
Finding a less costly way of doing essentially the same work.
EV-AC