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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 are key outputs of the Control Costs process?
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
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Calculating estimates using historical information

2. Describe a direct cost and and indirect cost chargeable to the project
Estimate costs; Determine Budget; Control Costs
A cost directly attributable to the project; overhead costs
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

3. What is the process of cost management?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
BAC-EAC
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.
Estimate costs; Determine Budget; Control Costs

4. In which process is the cost management plan created?
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.
In integration management as part of the Develop Project Management Plan process
Cost baseline; funding requirements

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

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

7. What is the difference between a cost budget and a cost baseline?
Estimate costs; Determine Budget; Control Costs
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
The cost budget adds management reserve to the cost baseline

8. What is the formula for variance at completion?
Activity cost estimates; Updates to the project management plan and project documents
The cost budget adds management reserve to the cost baseline
A cost directly attributable to the project; overhead costs
BAC-EAC

9. What is the formula for cost perfrmance index?
EV/AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Cost baseline; funding requirements
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

10. What is earned value measurement?
Cost baseline; funding requirements
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.
In integration management as part of the Develop Project Management Plan process

11. What are key outputs of the Estimate Costs process?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
EV/AC
EV-PV
Activity cost estimates; Updates to the project management plan and project documents

12. Name inputs to the Estimate Costs 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.
Cost baseline; funding requirements
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

13. What is the formula for TCPI?
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.
Finding a less costly way of doing essentially the same work.
-10 percent to +25 percent from actual
(BAC-EV)/(BAC-AC)

14. What is the range for a definitive estimate?
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
+/- 10 percent from actual
Calculating estimates using historical information

15. What is analogous estimating?
+/- 10 percent from actual
EV/PV
(BAC-EV)/(BAC-AC)
Creating estimates based on the details of the projects which are then rolled up into project estimates

16. What is the formula for estimate to complete?
Activity cost estimates; Updates to the project management plan and project documents
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
EAC-AC
A cost directly attributable to the project; overhead costs

17. What is parametric estimating?
Cost baseline; funding requirements
Calculating estimates using historical information
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

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

19. What are key outputs of the Determine Budget process?
EAC-AC
BAC-EAC
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
Cost baseline; funding requirements

20. What is value analysis?
+/- 10 percent from actual
Cost baseline; funding requirements
Finding a less costly way of doing essentially the same work.
EV-PV

21. What is the formula for cost variance?
EAC-AC
EV-AC
BAC-EAC
-10 percent to +25 percent from actual

22. What does life cycle costing mean?
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
A cost directly attributable to the project; overhead costs

23. What is the range for a rough order of magnitude estimate?
BAC-EAC
The cost budget adds management reserve to the cost baseline
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
+/- 50 percent from actual

24. What is the formula for schedule variance?
EV/AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates
EV-PV

25. What is the formula for schedule performance index?
Cost baseline; funding requirements
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
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.

26. Describe a varable cost and a fixed cost chargeable to the project.
BAC-EAC
Calculating estimates using historical information
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