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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.
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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?
EV-PV
(BAC-EV)/(BAC-AC)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
The cost budget adds management reserve to the cost baseline

2. Describe a direct cost and and indirect cost chargeable to the project
Cost baseline; funding requirements
Estimate costs; Determine Budget; Control Costs
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 directly attributable to the project; overhead costs

3. What is value analysis?
Finding a less costly way of doing essentially the same work.
EAC-AC
In integration management as part of the Develop Project Management Plan process
(BAC-EV)/(BAC-AC)

4. Name inputs to the Estimate Costs process.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/AC
In integration management as part of the Develop Project Management Plan process
Activity cost estimates; Updates to the project management plan and project documents

5. What is earned value measurement?
Finding a less costly way of doing essentially the same work.
Estimate costs; Determine Budget; Control Costs
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 directly attributable to the project; overhead costs

6. What are key outputs of the Determine Budget process?
(BAC-EV)/(BAC-AC)
Cost baseline; funding requirements
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Estimate costs; Determine Budget; Control Costs

7. What is the formula for TCPI?
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
(BAC-EV)/(BAC-AC)
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

8. What is the process of cost management?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Estimate costs; Determine Budget; Control Costs
EV-PV
The cost budget adds management reserve to the cost baseline

9. 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.
EV/PV
EV/AC

10. What is the range for a rough order of magnitude estimate?
EAC-AC
+/- 50 percent from actual
EV-PV
Cost baseline; funding requirements

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

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
EAC-AC
Estimate costs; Determine Budget; Control Costs
Finding a less costly way of doing essentially the same work.

13. What are key outputs of the Control Costs process?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
BAC-EAC
EV-PV

14. What is the formula for estimate to complete?
EAC-AC
EV-PV
+/- 50 percent from actual
(BAC-EV)/(BAC-AC)

15. What is the range for a definitive 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 from actual
(BAC-EV)/(BAC-AC)
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

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

17. What are key outputs of the Estimate Costs process?
Creating estimates based on the details of the projects which are then rolled up into project estimates
Activity cost estimates; Updates to the project management plan and project documents
In integration management as part of the Develop Project Management Plan process
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

18. What is the formula for variance at completion?
The cost budget adds management reserve to the cost baseline
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs
BAC-EAC

19. What does life cycle costing mean?
EV/PV
(BAC-EV)/(BAC-AC)
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV-AC

20. What are the main approaches to cost or schedule estimating?
Activity cost estimates; Updates to the project management plan and project documents
-10 percent to +25 percent from actual
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
+/- 50 percent from actual

21. What is the range for a budget estimate?
-10 percent to +25 percent from actual
BAC-EAC
+/- 50 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.

22. What is the formula for cost variance?
+/- 50 percent from actual
EV-AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Calculating estimates using historical information

23. What is parametric estimating?
EV-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Calculating estimates using historical information
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

24. What is the formula for schedule performance index?
+/- 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
(BAC-EV)/(BAC-AC)
EV/PV

25. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan process
Finding a less costly way of doing essentially the same work.
Calculating estimates using historical information
Creating estimates based on the details of the projects which are then rolled up into project estimates

26. What is the formula for cost perfrmance index?
EV/AC
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
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

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CAPM Cost Management

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