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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 range for a budget estimate?
+/- 10 percent from actual
-10 percent to +25 percent from actual
A cost directly attributable to the project; overhead costs
EV/PV

2. What does life cycle costing mean?
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.
BAC-EAC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Estimate costs; Determine Budget; Control Costs

3. What are the main approaches to cost or schedule estimating?
+/- 50 percent from actual
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
In integration management as part of the Develop Project Management Plan process

4. What are key outputs of the Control Costs process?
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
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.

5. What is the formula for cost variance?
EV-AC
EV-PV
EV/PV
The cost budget adds management reserve to the cost baseline

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

7. What are key outputs of the Determine Budget process?
Finding a less costly way of doing essentially the same work.
EV/AC
Cost baseline; funding requirements
BAC-EAC

8. What is the formula for schedule performance index?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/PV

9. What is the difference between a cost budget and a cost baseline?
Creating estimates based on the details of the projects which are then rolled up into project estimates
The cost budget adds management reserve to the cost baseline
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
(BAC-EV)/(BAC-AC)

10. What is parametric estimating?
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 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
Calculating estimates using historical information
Creating estimates based on the details of the projects which are then rolled up into project estimates

11. What is the formula for cost perfrmance index?
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.
-10 percent to +25 percent from actual
+/- 50 percent from actual

12. What is the formula for TCPI?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
In integration management as part of the Develop Project Management Plan process
(BAC-EV)/(BAC-AC)
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

13. What is the formula for variance at completion?
BAC-EAC
EAC-AC
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

14. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan process
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
The cost budget adds management reserve to the cost baseline

15. What is the range for a rough order of magnitude estimate?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV-PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 50 percent from actual

16. What are the formulas for estimate at completion?
Calculating estimates using historical information
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)
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

17. What is the formula for schedule variance?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
+/- 50 percent from actual
EV/AC
EV-PV

18. What is the formula for estimate to complete?
EAC-AC
-10 percent to +25 percent from actual
In integration management as part of the Develop Project Management Plan process
EV/AC

19. What are key outputs of the Estimate Costs process?
Activity cost estimates; Updates to the project management plan and project documents
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
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

20. What is value analysis?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
+/- 10 percent from actual
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
Finding a less costly way of doing essentially the same work.

21. 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
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
(BAC-EV)/(BAC-AC)

22. What is the process of cost management?
EV-AC
Estimate costs; Determine Budget; Control Costs
EV/AC
A cost directly attributable to the project; overhead costs

23. Name inputs to the Estimate Costs process.
Activity cost estimates; Updates to the project management plan and project documents
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Cost baseline; funding requirements
Estimate costs; Determine Budget; Control Costs

24. What is the range for a definitive estimate?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
The cost budget adds management reserve to the cost baseline
Finding a less costly way of doing essentially the same work.
+/- 10 percent from actual

25. Describe a direct cost and and indirect cost chargeable to the project
Creating estimates based on the details of the projects which are then rolled up into project 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.
A cost directly attributable to the project; overhead costs
+/- 50 percent from actual

26. What is analogous estimating?
Creating estimates based on the details of the projects which are then rolled up into project estimates
The cost budget adds management reserve to the cost baseline
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
In integration management as part of the Develop Project Management Plan process