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CAPM Cost Management

Subjects : certifications, business-skills, capm

Instructions:

Answer 26 questions in 15 minutes.
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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 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
In integration management as part of the Develop Project Management Plan process
Cost baseline; funding requirements

2. Describe a direct cost and and indirect cost chargeable to the project
EV/PV
A cost directly attributable to the project; overhead costs
EV-AC
-10 percent to +25 percent from actual

3. What is the process of cost management?
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
EV/AC
Estimate costs; Determine Budget; Control Costs

4. 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
Activity cost estimates; Updates to the project management plan and project documents

5. What is value analysis?
EV/AC
BAC-EAC
Finding a less costly way of doing essentially the same work.
EV-AC

6. What does life cycle costing mean?
-10 percent to +25 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
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

7. What is the formula for cost perfrmance index?
EV/AC
EV-PV
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
A cost directly attributable to the project; overhead costs

8. Describe a varable cost and a fixed cost chargeable to the project.
EV-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
Calculating estimates using historical information

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

10. What is the range for a rough order of magnitude estimate?
BAC-EAC
Creating estimates based on the details of the projects which are then rolled up into project estimates
Cost baseline; funding requirements
+/- 50 percent from actual

11. What is the formula for cost variance?
EV-AC
BAC-EAC
+/- 50 percent from actual
EV/AC

12. What is the range for a definitive estimate?
In integration management as part of the Develop Project Management Plan process
Activity cost estimates; Updates to the project management plan and project documents
+/- 10 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.

13. What is the formula for schedule performance index?
BAC-EAC
EV/PV
Activity cost estimates; Updates to the project management plan and project documents
EV-AC

14. What is the formula for TCPI?
Activity cost estimates; Updates to the project management plan and project documents
-10 percent to +25 percent from actual
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
(BAC-EV)/(BAC-AC)

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

16. What is the formula for estimate to complete?
The cost budget adds management reserve to the cost baseline
EAC-AC
Finding a less costly way of doing essentially the same work.
EV/PV

17. What are key outputs of the Determine Budget process?
Cost baseline; funding requirements
EV/AC
-10 percent to +25 percent from actual
EAC-AC

18. Name inputs to the Estimate Costs process.
+/- 50 percent from actual
In integration management as part of the Develop Project Management Plan process
The cost budget adds management reserve to the cost baseline
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

19. What is parametric estimating?
Cost baseline; funding requirements
(BAC-EV)/(BAC-AC)
In integration management as part of the Develop Project Management Plan process
Calculating estimates using historical information

20. What is the range for a budget estimate?
EAC-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
-10 percent to +25 percent from actual
Estimate costs; Determine Budget; Control Costs

21. What are the formulas for estimate at completion?
Finding a less costly way of doing essentially the same work.
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
EAC-AC

22. What is analogous estimating?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Creating estimates based on the details of the projects which are then rolled up into project estimates
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

23. In which process is the cost management plan created?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
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
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.

24. 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
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

25. What is earned value measurement?
Calculating estimates using historical information
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
Cost baseline; funding requirements

26. What is the formula for schedule variance?
EV-PV
+/- 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
Calculating estimates using historical information