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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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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. Describe a direct cost and and indirect cost chargeable to the project
Cost baseline; funding requirements
A cost directly attributable to the project; overhead costs
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

2. What is the formula for cost perfrmance index?
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.
Cost baseline; funding requirements
EV/AC

3. What is parametric estimating?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV-AC
Calculating estimates using historical information

4. What is analogous estimating?
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
Finding a less costly way of doing essentially the same work.
EV/PV

5. What are the main approaches to cost or schedule estimating?
EAC-AC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Estimate costs; Determine Budget; Control Costs
Activity cost estimates; Updates to the project management plan and project documents

6. In which process is the cost management plan created?
A cost directly attributable to the project; overhead costs
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
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

7. What are key outputs of the Determine Budget process?
+/- 50 percent from actual
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Cost baseline; funding requirements
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

8. What is the formula for schedule variance?
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
EV-PV
In integration management as part of the Develop Project Management Plan process

9. What is the formula for schedule performance index?
-10 percent to +25 percent from actual
(BAC-EV)/(BAC-AC)
Activity cost estimates; Updates to the project management plan and project documents
EV/PV

10. What is the difference between a cost budget and a cost baseline?
In integration management as part of the Develop Project Management Plan process
A cost directly attributable to the project; overhead costs
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

11. What is the formula for variance at completion?
EV/AC
-10 percent to +25 percent from actual
BAC-EAC
Activity cost estimates; Updates to the project management plan and project documents

12. What is the formula for cost variance?
EV-AC
In integration management as part of the Develop Project Management Plan process
EAC-AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

13. Describe a varable cost and a fixed cost chargeable to the project.
BAC-EAC
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
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Estimate costs; Determine Budget; Control Costs

14. What is the formula for TCPI?
+/- 50 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
(BAC-EV)/(BAC-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

15. What is the range for a rough order of magnitude estimate?
-10 percent to +25 percent from actual
+/- 50 percent from actual
(BAC-EV)/(BAC-AC)
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register

16. What does life cycle costing mean?
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
The cost budget adds management reserve to the cost baseline
(BAC-EV)/(BAC-AC)
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

17. What are key outputs of the Control Costs process?
EV-AC
Cost baseline; funding requirements
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
+/- 50 percent from actual

18. What are the formulas for estimate at completion?
In integration management as part of the Develop Project Management Plan process
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
EV/PV
EV-AC

19. What are key outputs of the Estimate Costs process?
+/- 10 percent from actual
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
+/- 50 percent from actual

20. What is value analysis?
Finding a less costly way of doing essentially the same work.
EV-AC
+/- 50 percent from actual
Cost baseline; funding requirements

21. What is the range for a definitive estimate?
+/- 10 percent from actual
BAC-EAC
A cost directly attributable to the project; overhead costs
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

22. What is the formula for estimate to complete?
EAC-AC
EV/AC
BAC-EAC
Activity cost estimates; Updates to the project management plan and project documents

23. What is the range for a budget estimate?
+/- 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
Creating estimates based on the details of the projects which are then rolled up into project estimates
-10 percent to +25 percent from actual

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

25. What is earned value measurement?
EAC-AC
Activity cost estimates; Updates to the project management plan and project documents
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

26. Name inputs to the Estimate Costs process.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
In integration management as part of the Develop Project Management Plan process
A cost directly attributable to the project; overhead costs
Creating estimates based on the details of the projects which are then rolled up into project estimates