Cost (CAPM)

Which project assets are considered appropriate outputs for the estimate costs process?

- Basis of estimates - Project documents updates - Cost estimates

Which project assets are considered appropriate inputs for the determine budget process?

- Business documents - Project documents - Enterprise environmental factors - Project management plan - Organizational process assets - Agreements

Which project assets are considered appropriate outputs for the control costs process?

- Costs forecasts - Project documents updates - Project management plan updates - Change requests - Work performance information

Which of these are considered appropriate tools and techniques for the control costs process?

- Data analysis - Expert judgement - Project management information system - To-complete performance index

Which project assets are considered appropriate inputs for the estimate costs process?

- Enterprise environmental factors - Organizational process assets - Project management plan - Project documents

Which project assets are considered appropriate inputs for the plan cost management process?

- Enterprise environmental factors - Project management plan - Project charter - Organizational process assets

Which of these are considered appropriate tools and techniques for the cost management process?

- Expert judgement - Meetings - Data analysis

Which of these are considered appropriate tools and techniques for the determining budget process?

- Historical information review - Financing - Cost aggregation - Funding limit reconciliation - Data analysis - Expert judgement

Which of these are considered appropriate tools and or techniques for the estimate costs process?

- Parametric estimating - Expert judgement - Three point estimating - Decision making - Botton-up estimating - Analogous estimating - Project management information system - Data analysis

Which project assets are considered appropriate outputs for the determine budget process?

- Project funding requirements - Cost baseline - Project documents updates

Which project assets are considered appropriate inputs for the control costs process?

- Work performance data - Organizational process assets - Project documents - Project funding requirements - Project management plan

Your sponsor specifies that there is no additional money in the budget for your project and asks you to complete the project at the original budget at completion (BAC). To achieve that goal, you and your team must complete the remaining work at the to-complete performance index (TCPI)

1.50 (BAC-EV)/(BAC-AC)

Using the data below, assuming that all future work will be performed at the budgeted rate, the estimate at completion is: BAC - 200 PV - 100 AC - 120 EV - 80

240. EAC=AC+(BAC-EV)

Schedule Variance (SV)

A measure of schedule performance expressed as the difference between the earned value and the planned value.

Earned Value Management (EVM)

A methodology that combines scope, schedule, and resource measurements to assess project performance and progress against the project baseline. Best technique for controlling costs.

What is the best definition of the variance at completion (VAC)?

A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion

When using earned value management, the performance measurement baseline is compared to what result to determine if a change, correction action, or preventative action is necessary?

Actual results

Project cost control includes all of the following EXCEPT

Allocating the overall estimates to individual work packages to establish a cost baseline

Which of the following most accurately describes the quantitative assessments of the probable costs required to complete project work, as well as contingency amounts to account for identified risks and management reserve to cover unplanned work?

Cost estimates

Which project assets are considered appropriate outputs for the plan cost management process?

Cost management plan

Contingency Reserve

Costs of the response solutions for known project risks

Cost Management Plan

Describes how the project costs will be managed and controlled.

Which of the following represents processes concerned with establishing and controlling the cost baseline?

Determine budget and control costs

In earned value management, the cost variance is equal to:

EV minus AC

Determining the approximate monetary resources required to complete project activities is the purpose of what Project Cost Management process?

Eliminate costs

Which of the following tasks are involved in project cost management?

Estimating, budgeting, and financing

Which of the following should be considered when tailoring processes for Project Cost Management?

Estimating, budgeting, and governance

Which of the following best defines the cost management plan?

How costs will be planned, structured, and controlled

Project Budget definition

Includes all the funds authorized to execute the project

The cost management plan has all of the following characteristics EXCEPT

It is based on project cost estimates and is separate from the project management plan

The cost performance baseline has all of the following characteristics EXCEPT

It shows the actual cost expenditures throughout the project life cycle

Which of the following are estimated for resources that are applied to the cost estimate?

Labor, materials, and equipment

Project Cost Management includes all of the following processes EXCEPT:

Level resources

Which of the following is a tool and technique of the Plan Cost Management process?

Meetings

Project Cost Management processes:

Plan Cost Management Estimate Costs Determine Budget Control Costs

Which of the following inputs is referenced in the Plan Cost Management process?

Project charter

Which of the following is an output in the Determine Budget process?

Project funding requirements

Earned Schedule (ES)

Replaces the schedule variance measures used in traditional EVM with ES at actual time

Which of the following is a tool or budget for the Determine Budget process?

Reserve analysis

Which of the following is an input to the Determine Budget process?

Resource management plan

What is an input to the Estimate Costs process?

Scope baseline, Risk register

Earned Value Analysis (EVA)

Shows the health of the project by integrating scope, schedule, and cost

Definition of Budget

Spreads costs over time, allocating funds to the resources needed to have the project meet its schedule

Bottom-up Estimating

Takes detailed estimates at the work package level to determine the most accurate estimate possible

Analogous cost estimating uses which of the following costs?

The actual cost of previous, similar projects

What is the definition of estimate at completion (EAC)?

The actual costs incurred for work completed, plus an estimate to complete (ETC) the remaining work.

Cost baseline definition

The approved version of the time-phased project budget that includes contingency reserves but excludes management reserves

Cost Baseline

The approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results.

Planned Value (PV)

The authorized budget assigned to scheduled work.

Actual Cost (AC)

The budget spent until a specific date for the work performed until that date

Estimate at Completion (EAC)

The expected total cost of completing all work expressed. Actual cost (AC) + estimate to complete (ETC)

Earned Value (EV)

The measure of work performed until a specific date, expressed in monetary value

Budget at Completion (BAC)

The total budget allocated to the project

What is a project's status if the variance at completion (VAC) is positive?

Under budget

Three Point Estimating

Used to account for uncertainty in the cost estimate

Parametric Estimating involves:

Using a statistical relationship between historical data and other variables to calculate a cost estimate for project work

What input in the Control Costs process contains data on project status such as which costs have been authorized, incurred, invoiced, and paid?

Work performance data

Time or money allocated in the schedule or cost baseline known risks with active responses strategies is:

Contingency Reserve

Which of the following outputs is generated as a result of conducting the Plan Cost Management process?

Cost Management plan

What describes the approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a a basis for comparison to actual results?

Cost baseline

What is an output of the Estimate Costs process?

Basis of estimates