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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?
Estimate costs; Determine Budget; Control Costs
(BAC-EV)/(BAC-AC)
Calculating estimates using historical information
-10 percent to +25 percent from actual

2. What is the process of cost management?
Creating estimates based on the details of the projects which are then rolled up into project estimates
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Estimate costs; Determine Budget; Control Costs
EV-AC

3. Describe a varable cost and a fixed cost chargeable to the project.
Estimate costs; Determine Budget; Control Costs
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)
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

4. Name inputs to the Estimate Costs process.
BAC-EAC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-AC
+/- 50 percent from actual

5. What is earned value measurement?
EV/PV
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.
Calculating estimates using historical information

6. What are key outputs of the Estimate Costs process?
EAC-AC
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)
EV/PV

7. 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.
In integration management as part of the Develop Project Management Plan process
BAC-EAC
+/- 50 percent from actual

8. What is the range for a rough order of magnitude estimate?
(BAC-EV)/(BAC-AC)
+/- 50 percent from actual
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

9. What are the formulas for estimate at completion?
EV/PV
EV-PV
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
Calculating estimates using historical information

10. What is analogous estimating?
Cost baseline; funding requirements
In integration management as part of the Develop Project Management Plan process
BAC-EAC
Creating estimates based on the details of the projects which are then rolled up into project estimates

11. What is parametric estimating?
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.
+/- 50 percent from actual
Calculating estimates using historical information

12. What is the formula for estimate to complete?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
The cost budget adds management reserve to the cost baseline
EAC-AC
BAC-EAC

13. What is the formula for cost variance?
EV-AC
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.
Cost baseline; funding requirements

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

15. What is the range for a budget estimate?
Finding a less costly way of doing essentially the same work.
+/- 50 percent from actual
EV-PV
-10 percent to +25 percent from actual

16. Describe a direct cost and and indirect cost chargeable to the project
A cost directly attributable to the project; overhead costs
Estimate costs; Determine Budget; Control Costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
BAC-EAC

17. In which process is the cost management plan created?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
-10 percent to +25 percent from actual
In integration management as part of the Develop Project Management Plan process
EV/PV

18. What is the formula for cost perfrmance index?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/PV
EV/AC
Cost baseline; funding requirements

19. What are key outputs of the Control Costs process?
EV-AC
+/- 50 percent from actual
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

20. What is the range for a definitive estimate?
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
+/- 10 percent from actual
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

21. What is value analysis?
EV-PV
Finding a less costly way of doing essentially the same work.
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

22. What are key outputs of the Determine Budget process?
In integration management as part of the Develop Project Management Plan process
Cost baseline; funding requirements
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
+/- 50 percent from actual

23. What is the formula for schedule variance?
EV-PV
EV/PV
(BAC-EV)/(BAC-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.

24. What is the formula for schedule performance index?
Activity cost estimates; Updates to the project management plan and project documents
EV/PV
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV/AC

25. What is the difference between a cost budget and a cost baseline?
The cost budget adds management reserve to the cost baseline
A cost directly attributable to the project; overhead costs
+/- 50 percent from actual
Finding a less costly way of doing essentially the same work.

26. What does life cycle costing mean?
Activity cost estimates; Updates to the project management plan and project documents
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EAC-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register