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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 TCPI?
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates
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

2. What is value analysis?
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates
A cost directly attributable to the project; overhead costs
Finding a less costly way of doing essentially the same work.

3. What are key outputs of the Control Costs process?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

4. What is the range for a rough order of magnitude estimate?
EV/PV
Creating estimates based on the details of the projects which are then rolled up into project estimates
+/- 50 percent from actual
EV/AC

5. What is the difference between a cost budget and a cost baseline?
EV/PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-PV
The cost budget adds management reserve to the cost baseline

6. What are the main approaches to cost or schedule estimating?
EV-PV
(BAC-EV)/(BAC-AC)
EV/PV
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

7. What is parametric estimating?
EV-AC
In integration management as part of the Develop Project Management Plan process
Calculating estimates using historical information
Estimate costs; Determine Budget; Control Costs

8. What is the formula for schedule performance index?
+/- 10 percent from actual
Cost baseline; funding requirements
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/PV

9. What is the range for a budget estimate?
Activity cost estimates; Updates to the project management plan and project documents
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
-10 percent to +25 percent from actual
In integration management as part of the Develop Project Management Plan process

10. 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
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EAC-AC
EV/PV

11. Describe a varable cost and a fixed cost chargeable to the project.
A cost directly attributable to the project; overhead costs
BAC-EAC
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

12. What is the formula for estimate to complete?
EV-PV
EAC-AC
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

13. What are key outputs of the Estimate Costs process?
EV/AC
A cost directly attributable to the project; overhead costs
EV-AC
Activity cost estimates; Updates to the project management plan and project documents

14. What is the formula for schedule variance?
EV/PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-PV
+/- 10 percent from actual

15. What is the process of cost management?
A cost directly attributable to the project; overhead costs
+/- 10 percent from actual
EAC-AC
Estimate costs; Determine Budget; Control Costs

16. What is the formula for cost variance?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV-AC
EAC-AC

17. Name inputs to the Estimate Costs process.
(BAC-EV)/(BAC-AC)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Cost baseline; funding requirements
The cost budget adds management reserve to the cost baseline

18. What is the formula for cost perfrmance index?
Cost baseline; funding requirements
In integration management as part of the Develop Project Management Plan process
A cost directly attributable to the project; overhead costs
EV/AC

19. What is earned value measurement?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
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.
A cost directly attributable to the project; overhead costs

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

21. What are the formulas for estimate at completion?
+/- 50 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/PV
-10 percent to +25 percent from actual

22. In which process is the cost management plan created?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
The cost budget adds management reserve to the cost baseline
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

23. What is the formula for variance at completion?
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-EV)/(BAC-AC)
BAC-EAC
Activity cost estimates; Updates to the project management plan and project documents

24. What are key outputs of the Determine Budget process?
Cost baseline; funding requirements
EV/PV
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

25. 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
-10 percent to +25 percent from actual
A cost directly attributable to the project; overhead costs
EV/PV

26. What is the range for a definitive estimate?
Calculating estimates using historical information
Estimate costs; Determine Budget; Control Costs
+/- 10 percent from actual
BAC-EAC