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Question 1

It includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.

Answer 1

Project Cost Management

Question 2

The process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled.

Answer 2

Plan Cost Management

Question 3

The process of developing an approximation of the monetary resources needed to complete project work.

Answer 3

Estimate Costs

Question 4

The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

Answer 4

Determine Budget

Question 5

The process of monitoring the status of the project to update the project costs and manage changes to the cost baseline.

Answer 5

Control Costs

Question 6

The key benefit of this process is that it provides guidance and direction on how the project costs will be managed throughout the project

Answer 6

Plan Cost Management

Question 7

It is a component of the project management plan and describes how the project costs will
be planned, structured, and controlled.

Answer 7

Cost Management Plan

Question 8

The key benefit of this process is that it determines the monetary resources required for the project.

Answer 8

Estimate Costs

Question 9

cE = (cO + cM + cP) / 3

Answer 9

Three-Point Estimate (Triangular distribution)

Question 10

cE = (cO + 4cM + cP) / 6

Answer 10

Three-Point Estimate (Beta/PERT distribution)

Question 11

Include 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

Answer 11

Cost Estimates

Question 12

The amount and type of additional details supporting the cost estimate

Answer 12

Basis of Estimates

Question 13

Cost estimates are aggregated by work packages in accordance with the WBS

Answer 13

Cost Aggregation

Question 14

The work package cost estimates, along with any contingency reserves estimated for the work packages, are aggregated into:

Answer 14

control accounts

Question 15

The summation of the control accounts make up the:

Answer 15

cost baseline

Question 16

Management reserves are added to the cost baseline to produce the:

Answer 16

project budget

Question 17

The key benefit of this process is that the cost baseline is maintained throughout the project. This process is performed throughout the project.

Answer 17

Control Costs

Question 18

It compares the performance measurement baseline to the actual schedule and cost performance. It integrates the scope baseline with the cost baseline and schedule baseline to form the performance measurement baseline

Answer 18

Earned value analysis

Question 19

The value of the work planned to be completed to a point in time, usually the data date, or project completion.

Answer 19

Planned value

Question 20

The planned value of all the work completed (earned) to a point in time, usually the data date, without reference to actual costs.

Answer 20

Earned value

Question 21

Cost of all the work completed to a point in time, usually the data date.

Answer 21

Actual cost

Question 22

The difference between the work completed to a point in time, usually the data date, and the work planned to be completed to the same point in time.

Answer 22

Schedule variance

Question 23

The difference between the value of work completed to a point in time, usually the data date, and the actual costs to the same point in time.

Answer 23

Cost variance

Question 24

The estimated difference in cost at the completion of the project.

Answer 24

Variance at Completion

Question 25

1.0 means that the project is exactly on schedule, that the work actually done so far is exactly the same as the work planned to be done so far. Other values show the percentage of how much costs are over or under the budgeted amount for work planned.

Answer 25

Schedule performance index SPI

Question 26

1.0 means the project is exactly on budget, that the work actually done so far is exactly the same as the cost so far. Other values show the percentage of how much costs are over or under the budgeted amount for work accomplished.

Answer 26

Cost performance index CPI

Question 27

The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.

Answer 27

Estimate At Completion EAC

Question 28

Assuming work is proceeding on plan, the cost of completing the remaining authorized work

Answer 28

Estimate to Complete

Question 29

A measure of the cost performance that must be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the budget available.

Answer 29

To Complete Performance Index TCPI

Question 30

EV – PV

Answer 30

Schedule variance

Question 31

EV – AC

Answer 31

Cost variance

Question 32

BAC – EAC

Answer 32

Variance at Completion

Question 33

EV/AC

Answer 33

Cost performance index CPI

Question 34

EV/PV

Answer 34

Schedule performance index SPI

Question 35

AC + (BAC – EV)

Answer 35

EAC forecast for ETC work performed at the budgeted rate

Question 36

BAC / CPI

Answer 36

EAC forecast for ETC work performed at the present CPI

Question 37

AC + [(BAC – EV) / (CPI × SPI)].

Answer 37

EAC forecast for ETC work considering both SPI and CPI factors

Question 38

(BAC – EV)/(BAC – AC)

Answer 38

To-Complete Performance Index: The efficiency that must be maintained in order to complete on plan.

Question 39

(BAC – EV)/(EAC – AC)

Answer 39

TCPI The efficiency that must be maintained in order to complete the current EAC.

Question 40

Schedule variance

Answer 40

EV – PV

Question 41

Cost variance

Answer 41

EV – AC

Question 42

Variance at Completion

Answer 42

BAC – EAC

Question 43

Schedule performance index SPI

Answer 43

EV/PV

Question 44

Cost performance index CPI

Answer 44

EV/AC

Question 45

EAC forecast for ETC work performed at the budgeted rate

If future work will be accomplished at the planned rate

Answer 45

AC + (BAC – EV)

Question 46

EAC forecast for ETC work performed at the present CPI

If the CPI is expected to be the same for the remainder of the project

Answer 46

BAC / CPI

Question 47

EAC forecast for ETC work considering both SPI and CPI factors
If both the CPI and SPI influence the remaining work

Answer 47

AC + (BAC – EV) / (CPI × SPI)].

Question 48

To-Complete Performance Index

The efficiency that must be maintained in order to complete on plan.

Answer 48

TCPI = (BAC – EV)/(BAC – AC)

Question 49

To-Complete Performance Index

The efficiency that must be maintained in order to complete the current EAC.

Answer 49

TCPI = (BAC – EV)/(EAC – AC)