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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.
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1. What is the formula for cost variance?
BAC-EAC
EAC-AC
EV-AC
Finding a less costly way of doing essentially the same work.

2. What is the range for a rough order of magnitude estimate?
+/- 50 percent from actual
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs
BAC-EAC

3. What are key outputs of the Control Costs process?
EAC-AC
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
Creating estimates based on the details of the projects which are then rolled up into project estimates

4. What are the main approaches to cost or schedule estimating?
EV/AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Calculating estimates using historical information
EV/PV

5. What is the difference between a cost budget and a cost baseline?
-10 percent to +25 percent from actual
(BAC-EV)/(BAC-AC)
The cost budget adds management reserve to the cost baseline
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

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

7. What are the formulas for estimate at completion?
Finding a less costly way of doing essentially the same work.
EV/PV
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

8. What is the formula for schedule performance index?
Cost baseline; funding requirements
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/PV
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

9. What are key outputs of the Determine Budget process?
Calculating estimates using historical information
Cost baseline; funding requirements
In integration management as part of the Develop Project Management Plan process
The cost budget adds management reserve to the cost baseline

10. What is the process of cost management?
A cost directly attributable to the project; overhead costs
Estimate costs; Determine Budget; Control Costs
In integration management as part of the Develop Project Management Plan process
-10 percent to +25 percent from actual

11. What is the formula for estimate to complete?
EV-AC
Calculating estimates using historical information
EAC-AC
+/- 50 percent from actual

12. What is analogous estimating?
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates
EAC-AC
BAC-EAC

13. What is the range for a definitive estimate?
EV/PV
+/- 10 percent from actual
Calculating estimates using historical information
Cost baseline; funding requirements

14. In which process is the cost management plan created?
In integration management as part of the Develop Project Management Plan 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.
EV-PV
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

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

16. Name inputs to the Estimate Costs process.
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
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.

17. What is earned value measurement?
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
EAC-AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

18. Describe a varable cost and a fixed cost chargeable to the project.
Calculating estimates using historical information
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
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

19. What is parametric estimating?
EV-AC
Calculating estimates using historical information
Estimate costs; Determine Budget; Control Costs
Activity cost estimates; Updates to the project management plan and project documents

20. Describe a direct cost and and indirect cost chargeable to the project
+/- 10 percent from actual
A cost directly attributable to the project; overhead costs
Finding a less costly way of doing essentially the same work.
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.

21. What is the formula for schedule variance?
+/- 50 percent from actual
+/- 10 percent from actual
EV-PV
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

22. What does life cycle costing mean?
EV-PV
-10 percent to +25 percent from actual
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EAC-AC

23. What is the formula for cost perfrmance index?
EV/AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
-10 percent to +25 percent from actual
BAC-EAC

24. What is the formula for TCPI?
EV/AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
(BAC-EV)/(BAC-AC)
EV-AC

25. What is the formula for variance at completion?
A cost directly attributable to the project; overhead costs
BAC-EAC
In integration management as part of the Develop Project Management Plan process
EV-AC

26. What are key outputs of the Estimate Costs process?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Estimate costs; Determine Budget; Control Costs
Activity cost estimates; Updates to the project management plan and project documents
EV/PV

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CAPM Cost Management

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