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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 variance at completion?
(BAC-EV)/(BAC-AC)
Activity cost estimates; Updates to the project management plan and project documents
Estimate costs; Determine Budget; Control Costs
BAC-EAC

2. What is the range for a definitive estimate?
A cost directly attributable to the project; overhead costs
+/- 10 percent from actual
Calculating estimates using historical information
EAC-AC

3. What is earned value measurement?
Cost baseline; funding requirements
Finding a less costly way of doing essentially the same work.
+/- 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.

4. What are the formulas for estimate at completion?
EAC-AC
EV/AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Calculating estimates using historical information

5. What is the difference between a cost budget and a cost baseline?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV-PV
The cost budget adds management reserve to the cost baseline
Estimate costs; Determine Budget; Control Costs

6. What is the formula for cost perfrmance index?
(BAC-EV)/(BAC-AC)
Calculating estimates using historical information
EV-AC
EV/AC

7. What does life cycle costing mean?
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
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

8. Describe a direct cost and and indirect cost chargeable to the project
A cost directly attributable to the project; overhead costs
EV-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
BAC-EAC

9. What is parametric estimating?
Calculating estimates using historical information
EV-PV
+/- 50 percent from actual
Finding a less costly way of doing essentially the same work.

10. What are key outputs of the Control Costs process?
+/- 10 percent from actual
EAC-AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
(BAC-EV)/(BAC-AC)

11. What is the formula for schedule variance?
+/- 10 percent from actual
EV/PV
EV-PV
(BAC-EV)/(BAC-AC)

12. In which process is the cost management plan created?
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
Activity cost estimates; Updates to the project management plan and project documents
+/- 10 percent from actual

13. What are the main approaches to cost or schedule estimating?
Calculating estimates using historical information
In integration management as part of the Develop Project Management Plan process
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EAC-AC

14. What is analogous estimating?
A cost directly attributable to the project; overhead costs
EV-PV
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

15. What is value analysis?
Finding a less costly way of doing essentially the same work.
+/- 10 percent from actual
EV/AC
EV-PV

16. What is the formula for cost variance?
EAC-AC
BAC-EAC
EV-AC
(BAC-EV)/(BAC-AC)

17. What is the range for a rough order of magnitude estimate?
+/- 50 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Cost baseline; funding requirements

18. What is the process of cost management?
Estimate costs; Determine Budget; Control Costs
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/AC
Finding a less costly way of doing essentially the same work.

19. Describe a varable cost and a fixed cost chargeable to the project.
BAC-EAC
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
+/- 50 percent from actual

20. What is the range for a budget estimate?
-10 percent to +25 percent from actual
Creating estimates based on the details of the projects which are then rolled up into project 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
In integration management as part of the Develop Project Management Plan process

21. What is the formula for TCPI?
A cost directly attributable to the project; overhead costs
EV/PV
+/- 10 percent from actual
(BAC-EV)/(BAC-AC)

22. What are key outputs of the Estimate Costs process?
Finding a less costly way of doing essentially the same work.
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
Activity cost estimates; Updates to the project management plan and project documents

23. Name inputs to the Estimate Costs process.
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
(BAC-EV)/(BAC-AC)
EV/AC

24. What is the formula for estimate to complete?
Creating estimates based on the details of the projects which are then rolled up into project estimates
EAC-AC
Finding a less costly way of doing essentially the same work.
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

25. What is the formula for schedule performance index?
A cost directly attributable to the project; overhead costs
EV-PV
The cost budget adds management reserve to the cost baseline
EV/PV

26. What are key outputs of the Determine Budget process?
EAC-AC
Cost baseline; funding requirements
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents