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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 are key outputs of the Determine Budget process?
Cost baseline; funding requirements
BAC-EAC
A cost directly attributable to the project; overhead costs
EV/PV

2. What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserve to the cost baseline
EV-AC
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

3. What are key outputs of the Control Costs process?
EV-PV
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
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

4. What is the formula for schedule variance?
BAC-EAC
EV-AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV-PV

5. 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
EV/AC
+/- 10 percent from actual
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

6. What are the formulas for estimate at completion?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 10 percent from actual
Calculating estimates using historical information
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

7. What are the main approaches to cost or schedule estimating?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
-10 percent to +25 percent from actual
Activity cost estimates; Updates to the project management plan and project documents
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

8. What is the formula for cost variance?
EV-AC
Estimate costs; Determine Budget; Control Costs
Cost baseline; funding requirements
+/- 10 percent from actual

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

10. What is the formula for TCPI?
EV/PV
-10 percent to +25 percent from actual
Activity cost estimates; Updates to the project management plan and project documents
(BAC-EV)/(BAC-AC)

11. What is the formula for schedule performance index?
Cost baseline; funding requirements
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
Estimate costs; Determine Budget; Control Costs

12. What is the process of cost management?
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 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

13. 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
+/- 50 percent from actual
In integration management as part of the Develop Project Management Plan process
+/- 10 percent from actual

14. What is the range for a rough order of magnitude estimate?
EAC-AC
+/- 50 percent from actual
EV-PV
EV/AC

15. What is earned value measurement?
The cost budget adds management reserve to the cost baseline
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.
In integration management as part of the Develop Project Management Plan process

16. What does life cycle costing mean?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing 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
Estimate costs; Determine Budget; Control Costs
In integration management as part of the Develop Project Management Plan process

17. What is value analysis?
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
Finding a less costly way of doing essentially the same work.
Activity cost estimates; Updates to the project management plan and project documents

18. What is the formula for estimate to complete?
-10 percent to +25 percent from actual
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
EAC-AC

19. Name inputs to the Estimate Costs process.
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/PV
Finding a less costly way of doing essentially the same work.

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

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

22. What is parametric estimating?
EAC-AC
Calculating estimates using historical information
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

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

24. What is the formula for variance at completion?
(BAC-EV)/(BAC-AC)
BAC-EAC
Finding a less costly way of doing essentially the same work.
The cost budget adds management reserve to the cost baseline

25. What is analogous estimating?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-PV
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV/AC

26. What is the formula for cost perfrmance index?
EAC-AC
EV/AC
In integration management as part of the Develop Project Management Plan process
Cost baseline; funding requirements