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PMP Chapter 7

QuestionAnswer
Which input for 7.1 Plan Cost Management best describes analogous estimating or using previous similar project plans to predict costs for a current project? Organizational process assests
(BLANK) starts from zero and accounts for each component of the WBS. When summed it will be the project estimated cost. It can be the most reliable, but time consuming method to predict a costs. Bottom-up Estimating
(BLANK) defines how changes to the cost baseline are managed. Cost change control system
Earned Value is a dollar amount computed by multiplying the (BLANK) by the budget at completion. Percent of Work Complete
Bottom-Up Estimating is done by whom? The Project Team
(BLANK) is the term to describe the total cost in dollars of project(s) declined when realizing/accepting other projects. Opportunity Cost
The four types of cost are: Direct, Indirect, Variable & Fixed
(BLANK) are costs shared across multiple projects (ie, software license). Indirect
Costs that remain constant throughout the life of a project are known as (BLANK). Fixed
The formula for the Cost Performance Index is: CPI = Earned Value / Actual Cost
(BLANK) is used late in the planning process, is associated with bottom-up estimating, is one of the most accurate, requires the WBS and variance is typically from -5 to +10 percent. Definitive Estimate
What are the three types of market conditions for purchasing materials? Sole Source, Single Source and Oligopoly
What is the market condition that occurs when there are many vendors that can provide materials, but your organization prefers one? Single Source
This is a market condition in which the market is so saturated that the actions of one vendor effects the entire collection. Oligopoly
(BLANK) uses a mathematical model based on known parameters to predict the cost of a project. Parametric Estimating
True or False - An example of a resource cost rates used to predict project costs, could be a commercial database replete with materials and their costs? True - Printed or electronic rates sheets that provide material costs could assist in effectively estimating costs.
The formula for Estimate to Complete (atypical variances) is: ETC = Budget at Completion - Earned Value
The formula for Variance at Completion is: VAC = Budget at Completion - Actual Costs
Variance reports are also known as (BLANK) Exception Reports
Money spent to train project staff on the proper installation of a new to market material would be an example of (BLANK) Cost of Quality
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