ITPM - Cost Management Exam Questions
And Answers 100% Verified 2024/2025
BAC
Budget at completion
- No formula—it's the project budget
- How much money you'll spend on the project
PV
Planned value
- BAC * Planned % complete
- What your schedule says you should have spent (planned)
EV
Earned value
- BAC * Actual % complete
- How much of the project's value you've really earned
AV
Actual cost
- What you've actually spent on the project
- How much you've actually spent so far
SPI
Schedule performance index
- EV / PV
- Whether you're behind or ahead of schedule (>1 ahead)
SV
Schedule variance
- EV-PV
- How much behind or ahead of schedule you are (money)
CPI
Cost performance index
- EV-AC
- Whether you're within your budget or not (>1 within)
CV
Cost variance
- EV-AC
- How much above or below your budget you are
EAC
Estimate at completion
- BAC/CPI
- What your project will actually cost when it's complete.
, ETC
Estimate to complete
- EAC-AC
- How much more money you'll probably spend on your project.
VAC
Variance at Completion
- BAC-EAC
- Predicts what your variance will be when the project is done. (number could be negative)
1. You are creating your cost baseline. What process are you in?
A. Determine Budget
B. Control Costs
C. Estimate Costs
D. Cost Baselining
Determine Budget
2. You're working on a project that has an EV of $7,362 and a PV of $8,232. What's your SV?
A. -$870
B. $870
C. 0.89
D. Not enough information to tell
-$870
3. You are managing a project for a company that has previously done three projects that were similar
to
it. You consult with the cost baselines, lessons learned, and project managers from those projects,
and
use that information to come up with your cost estimate. What technique are you using?
A. Parametric estimating
B. Net present value
C. Rough order of magnitude estimation
D. Analogous estimating
Analogous estimating
4. You are working on a project with a PV of $56,733 and an SPI of 1.2. What's the earned value of
your
project?
A. $68,079.60
B. $47,277.50
C. $68,733
D. .72
$68,079.60
7. You are working on a project with an SPI of .72 and a CPI of 1.1. Which of the following BEST
describes your project?
A. Your project is ahead of schedule and under budget.
B. Your project is behind schedule and over budget.
C. Your project is behind schedule and under budget.
D. Your project is ahead of schedule and over budget.
Your project is behind schedule and under budget.
And Answers 100% Verified 2024/2025
BAC
Budget at completion
- No formula—it's the project budget
- How much money you'll spend on the project
PV
Planned value
- BAC * Planned % complete
- What your schedule says you should have spent (planned)
EV
Earned value
- BAC * Actual % complete
- How much of the project's value you've really earned
AV
Actual cost
- What you've actually spent on the project
- How much you've actually spent so far
SPI
Schedule performance index
- EV / PV
- Whether you're behind or ahead of schedule (>1 ahead)
SV
Schedule variance
- EV-PV
- How much behind or ahead of schedule you are (money)
CPI
Cost performance index
- EV-AC
- Whether you're within your budget or not (>1 within)
CV
Cost variance
- EV-AC
- How much above or below your budget you are
EAC
Estimate at completion
- BAC/CPI
- What your project will actually cost when it's complete.
, ETC
Estimate to complete
- EAC-AC
- How much more money you'll probably spend on your project.
VAC
Variance at Completion
- BAC-EAC
- Predicts what your variance will be when the project is done. (number could be negative)
1. You are creating your cost baseline. What process are you in?
A. Determine Budget
B. Control Costs
C. Estimate Costs
D. Cost Baselining
Determine Budget
2. You're working on a project that has an EV of $7,362 and a PV of $8,232. What's your SV?
A. -$870
B. $870
C. 0.89
D. Not enough information to tell
-$870
3. You are managing a project for a company that has previously done three projects that were similar
to
it. You consult with the cost baselines, lessons learned, and project managers from those projects,
and
use that information to come up with your cost estimate. What technique are you using?
A. Parametric estimating
B. Net present value
C. Rough order of magnitude estimation
D. Analogous estimating
Analogous estimating
4. You are working on a project with a PV of $56,733 and an SPI of 1.2. What's the earned value of
your
project?
A. $68,079.60
B. $47,277.50
C. $68,733
D. .72
$68,079.60
7. You are working on a project with an SPI of .72 and a CPI of 1.1. Which of the following BEST
describes your project?
A. Your project is ahead of schedule and under budget.
B. Your project is behind schedule and over budget.
C. Your project is behind schedule and under budget.
D. Your project is ahead of schedule and over budget.
Your project is behind schedule and under budget.
