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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 does life cycle costing mean?
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
+/- 50 percent from actual
(BAC-EV)/(BAC-AC)

2. What is the formula for variance at completion?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
BAC-EAC
Estimate costs; Determine Budget; Control Costs

3. What is the formula for TCPI?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
(BAC-EV)/(BAC-AC)
BAC-EAC
The cost budget adds management reserve to the cost baseline

4. What is the range for a budget estimate?
(BAC-EV)/(BAC-AC)
In integration management as part of the Develop Project Management Plan process
-10 percent to +25 percent from actual
Cost baseline; funding requirements

5. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan process
BAC-EAC
Cost baseline; funding requirements
Estimate costs; Determine Budget; Control Costs

6. Describe a direct cost and and indirect cost chargeable to the project
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV-AC
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs

7. What is the range for a definitive estimate?
EV-AC
-10 percent to +25 percent from actual
The cost budget adds management reserve to the cost baseline
+/- 10 percent from actual

8. Describe a varable cost and a fixed cost chargeable to the project.
EV/AC
In integration management as part of the Develop Project Management Plan process
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
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

9. What is the formula for estimate to complete?
Finding a less costly way of doing essentially the same work.
Calculating estimates using historical information
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EAC-AC

10. What are key outputs of the Estimate Costs process?
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
Calculating estimates using historical information
EV/PV

11. What is the range for a rough order of magnitude estimate?
Calculating estimates using historical information
A cost directly attributable to the project; overhead costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 50 percent from actual

12. What is the process of cost management?
Estimate costs; Determine Budget; Control Costs
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
+/- 50 percent from actual

13. What are key outputs of the Control Costs process?
Calculating estimates using historical information
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
BAC-EAC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

14. What is parametric estimating?
(BAC-EV)/(BAC-AC)
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
Calculating estimates using historical information

15. What are key outputs of the Determine Budget 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
Cost baseline; funding requirements
+/- 10 percent from actual

16. What is value analysis?
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
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

17. What is the formula for cost perfrmance index?
EV/AC
The cost budget adds management reserve to the cost baseline
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

18. What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserve to the cost baseline
Cost baseline; funding requirements
Creating estimates based on the details of the projects which are then rolled up into project estimates
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

19. What is the formula for cost variance?
EV-AC
Estimate costs; Determine Budget; Control Costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/AC

20. What is the formula for schedule performance index?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
-10 percent to +25 percent from actual
EV/PV
EV-AC

21. What is the formula for schedule variance?
Estimate costs; Determine Budget; Control Costs
EV-PV
The cost budget adds management reserve to the cost baseline
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

22. What is analogous 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.
Creating estimates based on the details of the projects which are then rolled up into project estimates
Estimate costs; Determine Budget; Control Costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

23. Name inputs to the Estimate Costs process.
A cost directly attributable to the project; overhead costs
EAC-AC
EV/PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

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

25. What are the formulas for estimate at completion?
Finding a less costly way of doing essentially the same work.
BAC-EAC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

26. What is earned value measurement?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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
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.