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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 estimate to complete?
EAC-AC
(BAC-EV)/(BAC-AC)
A cost directly attributable to the project; overhead costs
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

2. What is the range for a rough order of magnitude estimate?
+/- 50 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/AC
EV/PV

3. What are key outputs of the Determine Budget process?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Cost baseline; funding requirements
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

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

5. In which process is the cost management plan created?
+/- 50 percent from actual
In integration management as part of the Develop Project Management Plan process
Activity cost estimates; Updates to the project management plan and project documents
-10 percent to +25 percent from actual

6. What are the main approaches to cost or schedule estimating?
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
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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 difference between a cost budget and a cost baseline?
+/- 50 percent from actual
The cost budget adds management reserve to the cost baseline
EV/PV
Estimate costs; Determine Budget; Control Costs

8. What is the formula for TCPI?
Creating estimates based on the details of the projects which are then rolled up into project estimates
(BAC-EV)/(BAC-AC)
+/- 10 percent from actual
Finding a less costly way of doing essentially the same work.

9. What are the formulas for estimate at completion?
-10 percent to +25 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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

10. What are key outputs of the Estimate Costs process?
+/- 10 percent from actual
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs
The cost budget adds management reserve to the cost baseline

11. What is the formula for cost variance?
Activity cost estimates; Updates to the project management plan and project documents
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)
EV-AC

12. What is the process of cost management?
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
Estimate costs; Determine Budget; Control Costs
(BAC-EV)/(BAC-AC)

13. Describe a direct cost and and indirect cost chargeable to the project
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
Estimate costs; Determine Budget; Control 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

14. What is the range for a definitive estimate?
+/- 50 percent from actual
+/- 10 percent from actual
EV/AC
Activity cost estimates; Updates to the project management plan and project documents

15. What is earned value measurement?
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.
Estimate costs; Determine Budget; Control Costs
Creating estimates based on the details of the projects which are then rolled up into project estimates

16. Name inputs to the Estimate Costs process.
EV-AC
EV/PV
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

17. 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
Finding a less costly way of doing essentially the same work.
Calculating estimates using historical information
EV/AC

18. What is the formula for cost perfrmance index?
Estimate costs; Determine Budget; Control Costs
Cost baseline; funding requirements
EV/AC
A cost directly attributable to the project; overhead costs

19. What is the formula for schedule performance index?
Estimate costs; Determine Budget; Control Costs
EV/PV
-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.

20. What is the formula for variance at completion?
BAC-EAC
EV-AC
Estimate costs; Determine Budget; Control Costs
+/- 50 percent from actual

21. 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)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

22. Describe a varable cost and a fixed cost chargeable to the project.
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
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/AC

23. What is parametric estimating?
-10 percent to +25 percent from actual
Estimate costs; Determine Budget; Control Costs
Calculating estimates using historical information
A cost directly attributable to the project; overhead costs

24. What is analogous estimating?
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
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

25. What does life cycle costing mean?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
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
EV-PV

26. What is value analysis?
Finding a less costly way of doing essentially the same work.
Estimate costs; Determine Budget; Control Costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Creating estimates based on the details of the projects which are then rolled up into project estimates