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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 cost variance?
EV-AC
Calculating estimates using historical information
The cost budget adds management reserve to the cost baseline
EV-PV

2. What is earned value measurement?
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.
EV/AC
A cost directly attributable to the project; overhead costs

3. What is value analysis?
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.
EV/AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

4. Name inputs to the Estimate Costs process.
The cost budget adds management reserve to the cost baseline
BAC-EAC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

5. What is the formula for variance at completion?
In integration management as part of the Develop Project Management Plan process
BAC-EAC
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

6. What is parametric estimating?
(BAC-EV)/(BAC-AC)
EV-PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Calculating estimates using historical information

7. In which process is the cost management plan created?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV/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.
In integration management as part of the Develop Project Management Plan process

8. Describe a varable cost and a fixed cost chargeable to 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
EV/PV
Creating estimates based on the details of the projects which are then rolled up into project estimates

9. What is the range for a rough order of magnitude estimate?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 50 percent from actual
Estimate costs; Determine Budget; Control Costs
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

10. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
EV/AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Calculating estimates using historical information

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

12. What are key outputs of the Determine Budget process?
A cost directly attributable to the project; overhead costs
Cost baseline; funding requirements
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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.

13. What are key outputs of the Estimate Costs process?
Cost baseline; funding requirements
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Activity cost estimates; Updates 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

14. 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
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV/AC
+/- 10 percent from actual

15. What is the difference between a cost budget and a cost baseline?
Finding a less costly way of doing essentially the same work.
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
The cost budget adds management reserve to the cost baseline
EV/AC

16. What are the formulas for estimate at completion?
EAC-AC
Finding a less costly way of doing essentially the same work.
-10 percent to +25 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

17. Describe a direct cost and and indirect cost chargeable to the project
Activity cost estimates; Updates to the project management plan and project documents
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
+/- 50 percent from actual

18. What does life cycle costing mean?
A cost directly attributable to the project; overhead costs
Cost baseline; funding requirements
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)

19. What is the formula for cost perfrmance index?
Finding a less costly way of doing essentially the same work.
BAC-EAC
EV/AC
Activity cost estimates; Updates to the project management plan and project documents

20. What is the formula for schedule variance?
A cost directly attributable to the project; overhead costs
Estimate costs; Determine Budget; Control Costs
EV-PV
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.

21. What is the formula for schedule performance index?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/PV
+/- 50 percent from actual
BAC-EAC

22. What are key outputs of the Control Costs process?
A cost directly attributable to the project; overhead costs
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
The cost budget adds management reserve to the cost baseline
(BAC-EV)/(BAC-AC)

23. What is the range for a budget estimate?
-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.
+/- 10 percent from actual
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

24. What is the formula for estimate to complete?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Cost baseline; funding requirements
EV-PV
EAC-AC

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

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

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CAPM Cost Management

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