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CAPM Cost Management

Subjects : certifications, business-skills, capm

Instructions:

Answer 26 questions in 15 minutes.
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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 performance index?
Activity cost estimates; Updates 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.
EV/PV
Calculating estimates using historical information

2. What is the formula for cost variance?
Cost baseline; funding requirements
EV/AC
EV-AC
Estimate costs; Determine Budget; Control Costs

3. What are key outputs of the Estimate Costs process?
Estimate costs; Determine Budget; Control Costs
+/- 10 percent from actual
Activity cost estimates; Updates to the project management plan and project documents
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

4. What are key outputs of the Control Costs process?
+/- 50 percent from actual
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.
Cost baseline; funding requirements

5. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
Cost baseline; funding requirements
-10 percent to +25 percent from actual
Calculating estimates using historical information

6. Describe a varable cost and a fixed cost chargeable to the project.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
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
EAC-AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

7. Name inputs to the Estimate Costs process.
The cost budget adds management reserve to the cost baseline
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
(BAC-EV)/(BAC-AC)
Finding a less costly way of doing essentially the same work.

8. What is the formula for variance at completion?
Finding a less costly way of doing essentially the same work.
Estimate costs; Determine Budget; Control Costs
Cost baseline; funding requirements
BAC-EAC

9. What is the process of cost management?
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
Estimate costs; Determine Budget; Control Costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

10. What is the difference between a cost budget and a cost baseline?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

11. What is value analysis?
Estimate costs; Determine Budget; Control Costs
Finding a less costly way of doing essentially the same work.
EV-AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

12. What is the range for a budget estimate?
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
Activity cost estimates; Updates to the project management plan and project documents
In integration management as part of the Develop Project Management Plan process

13. What does life cycle costing mean?
The cost budget adds management reserve to the cost baseline
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/PV
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

14. What is the formula for estimate to complete?
Activity cost estimates; Updates to the project management plan and project documents
EAC-AC
Finding a less costly way of doing essentially the same work.
+/- 50 percent from actual

15. In which process is the cost management plan created?
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/PV
+/- 50 percent from actual

16. What is the formula for schedule variance?
EV-PV
EV/PV
EAC-AC
Finding a less costly way of doing essentially the same work.

17. Describe a direct cost and and indirect cost chargeable to the project
EAC-AC
A cost directly attributable to the project; overhead costs
Finding a less costly way of doing essentially the same work.
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

18. What are the formulas for estimate at completion?
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
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

19. What is analogous estimating?
Creating estimates based on the details of the projects which are then rolled up into project estimates
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV/PV
EV/AC

20. What is the range for a rough order of magnitude estimate?
Creating estimates based on the details of the projects which are then rolled up into project estimates
Finding a less costly way of doing essentially the same work.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 50 percent from actual

21. What is parametric estimating?
EV-PV
EV/AC
Calculating estimates using historical information
Cost baseline; funding requirements

22. What is the formula for cost perfrmance index?
Estimate costs; Determine Budget; Control Costs
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV/AC
Calculating estimates using historical information

23. What is earned value measurement?
Calculating estimates using historical information
-10 percent to +25 percent from actual
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

24. 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
Cost baseline; funding requirements
+/- 50 percent from actual

25. What are key outputs of the Determine Budget process?
+/- 50 percent from actual
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Cost baseline; funding requirements
EV-AC

26. What is the range for a definitive estimate?
Estimate costs; Determine Budget; Control Costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 10 percent from actual

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CAPM Cost Management

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