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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?
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
A cost directly attributable to the project; overhead costs
EV-AC
EAC-AC

2. 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
In integration management as part of the Develop Project Management Plan process

3. What is the formula for schedule performance index?
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
+/- 10 percent from actual
EV/PV

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

5. What is the formula for cost perfrmance index?
The cost budget adds management reserve to the cost baseline
Activity cost estimates; Updates to the project management plan and project documents
BAC-EAC
EV/AC

6. What are the formulas for estimate at completion?
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
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

7. What is the range for a rough order of magnitude estimate?
Activity cost estimates; Updates to the project management plan and project documents
The cost budget adds management reserve to the cost baseline
EAC-AC
+/- 50 percent from actual

8. Describe a direct cost and and indirect cost chargeable to the project
A cost directly attributable to the project; overhead costs
Finding a less costly way of doing essentially the same work.
In integration management as part of the Develop Project Management Plan process
The cost budget adds management reserve to the cost baseline

9. What is the formula for schedule variance?
+/- 50 percent from actual
Estimate costs; Determine Budget; Control Costs
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
EV-PV

10. What is the formula for cost variance?
EV-AC
EV-PV
Work performance measurements; budget forecasts; change requests; updatse 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.

11. What are key outputs of the Determine Budget process?
Cost baseline; funding requirements
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Calculating estimates using historical information
EAC-AC

12. What is the range for a budget estimate?
Estimate costs; Determine Budget; Control Costs
Finding a less costly way of doing essentially the same work.
-10 percent to +25 percent from actual
EAC-AC

13. What is the range for a definitive estimate?
EV/PV
(BAC-EV)/(BAC-AC)
+/- 10 percent from actual
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

14. What is the formula for TCPI?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
(BAC-EV)/(BAC-AC)
Calculating estimates using historical information
BAC-EAC

15. What is the formula for variance at completion?
Calculating estimates using historical information
BAC-EAC
EV/AC
A cost directly attributable to the project; overhead costs

16. What is parametric estimating?
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
Calculating estimates using historical information
-10 percent to +25 percent from actual
EV/PV

17. What does life cycle costing mean?
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
EV/AC
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project

18. What is the formula for estimate to complete?
Calculating estimates using historical information
The cost budget adds management reserve to the cost baseline
EAC-AC
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

19. What is the process of cost management?
+/- 50 percent from actual
Estimate costs; Determine Budget; Control Costs
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

20. What are key outputs of the Estimate Costs process?
Calculating estimates using historical information
Cost baseline; funding requirements
Activity cost estimates; Updates to the project management plan and project documents
A cost directly attributable to the project; overhead costs

21. In which process is the cost management plan created?
BAC-EAC
(BAC-EV)/(BAC-AC)
In integration management as part of the Develop Project Management Plan process
Activity cost estimates; Updates to the project management plan and project documents

22. Name inputs to the Estimate Costs process.
EAC-AC
-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)

23. What is value analysis?
Finding a less costly way of doing essentially the same work.
The cost budget adds management reserve to the cost baseline
Cost baseline; funding requirements
EV/AC

24. Describe a varable cost and a fixed cost chargeable to the project.
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
Calculating estimates using historical information
-10 percent to +25 percent from actual

25. What is earned value measurement?
Cost baseline; funding requirements
BAC-EAC
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.

26. What is the difference between a cost budget and a cost baseline?
BAC-EAC
The cost budget adds management reserve to the cost baseline
In integration management as part of the Develop Project Management Plan process
Finding a less costly way of doing essentially the same work.