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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 process of cost management?
Estimate costs; Determine Budget; Control Costs
EAC-AC
In integration management as part of the Develop Project Management Plan process
EV-AC

2. Describe a varable cost and a fixed cost chargeable to the project.
Calculating estimates using historical information
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time 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
Finding a less costly way of doing essentially the same work.

3. What are key outputs of the Estimate Costs process?
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
-10 percent to +25 percent from actual
Finding a less costly way of doing essentially the same work.

4. What is the formula for cost perfrmance index?
In integration management as part of the Develop Project Management Plan process
BAC-EAC
EV/AC
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

5. What is the range for a definitive estimate?
Calculating estimates using historical information
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
+/- 10 percent from actual
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

6. In which process is the cost management plan created?
Activity cost estimates; Updates to the project management plan and project documents
+/- 10 percent from actual
In integration management as part of the Develop Project Management Plan process
+/- 50 percent from actual

7. 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
EAC-AC
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
EV/PV

8. What is the formula for TCPI?
(BAC-EV)/(BAC-AC)
BAC-EAC
Work performance measurements; budget forecasts; change requests; updatse 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

9. What is earned value measurement?
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
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.
+/- 10 percent from actual

10. What is the formula for variance at completion?
Calculating estimates using historical information
Work performance measurements; budget forecasts; change requests; updatse 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
BAC-EAC

11. What are key outputs of the Control Costs process?
+/- 50 percent from actual
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
In integration management as part of the Develop Project Management Plan process

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

13. 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
Activity cost estimates; Updates to the project management plan and project documents
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents

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

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

16. What is the formula for cost variance?
Creating estimates based on the details of the projects which are then rolled up into project estimates
(BAC-EV)/(BAC-AC)
EV-AC
Calculating estimates using historical information

17. What is the formula for schedule performance index?
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
BAC-EAC

18. What are the formulas for estimate at completion?
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)
+/- 50 percent from actual
+/- 10 percent from actual
Cost baseline; funding requirements

19. Describe a direct cost and and indirect cost chargeable to the project
Calculating estimates using historical information
A cost directly attributable to the project; overhead costs
+/- 50 percent from actual
The cost budget adds management reserve to the cost baseline

20. What is the difference between a cost budget and a cost baseline?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Activity cost estimates; Updates to the project management plan and project documents
+/- 50 percent from actual
The cost budget adds management reserve to the cost baseline

21. What is the range for a rough order of magnitude estimate?
Finding a less costly way of doing essentially the same work.
+/- 50 percent from actual
Cost baseline; funding requirements
Analogous estimationg; bottom-up estimating; parametric estimating; three-point estimates; one time estimates

22. What are key outputs of the Determine Budget process?
In integration management as part of the Develop Project Management Plan process
EV/AC
EV-PV
Cost baseline; funding requirements

23. What does life cycle costing mean?
Considering the furture cost of operating and maintaining the project or deliverable over its life when planning and managing the project
Activity cost estimates; Updates to the project management plan and project documents
Cost baseline; funding requirements
AC + Bottom-up ETC - BAC/CPI - AC + (BAC-EV) - AC + (BAC - EV) / (CPI x SPI)

24. What is parametric estimating?
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
Work performance measurements; budget forecasts; change requests; updatse to the project management plan and project documents
Calculating estimates using historical information

25. Name inputs to the Estimate Costs process.
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.
Scope baseline; Project schedule; Human resource plan; Enterprise environmental factors; Organizational process assests; Risk register
BAC-EAC

26. What is the formula for schedule variance?
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 from actual
Creating estimates based on the details of the projects which are then rolled up into project estimates
EV-PV