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Home » PMP Practice Exam » 185 PMP Mock Exam on Project Cost Management from Chapter 7 of PMBOK 5th Edition

185 PMP Mock Exam on Project Cost Management from Chapter 7 of PMBOK 5th Edition

04/30/2015 Brenda Wilson 0 Comment

185 PMP Mock Exam on Project Cost Management from Chapter 7 of PMBOK 5th Edition

When taking an examination that you need to prepare well your knowledge for your exam, thus firstly you should learn the concept and information included in your material. Indeed, there are 200 questions in your real exam that you need to score 106 out of 200 questions during 4 hours. Here we introduce your exam preparation 185 PMP Mock Exam on Project Cost Management that you can cover the key of this area. Moreover, these 185 quiz questions below which taken from chapter 7 of PMBOK 5ht Edition, a new revision for your examination. To ensure that you will overcome your real test, we will provide this study tool to help you practice easier with those knowledge area and obtain the PMP certification at this time. Especially, it is the best way to learn the concepts that it is useful for your examination and the type of questions which is similar questions included your real. Take 185 multiple choice questions below to discover all background of project cost management and get best result at this time by practicing free PMP mock exam everyday at our site. For sure that you will be surprised with your practical exam prep each. Let’s start right now!

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185 PMP Mock Exam on Project Cost Management from Chapter 7 of PMBOK 5th Edition -Page 1

a manual, bottom-up summation by the project manager and project team
Process Descriptions
Crashing of a project results in
Cost Performance Index
• If the cumulative CPI falls below the baseline plan, all future work of the project will need to immediately be performed in the range of the TCPI (BAC) to stay within the authorized BAC.• Whether this level of performance is achievable is a judgment call based on a number of considerations, including risks, schedule, and technical performance.• Once management acknowledges that the BAC is no longer attainable, the project manager will prepare a new estimate at completion (EAC) for the work, and once approved, the project will work to the new EAC value.• This level of performance is displayed as the TCPI (EAC)
The project schedule, as part of the project management plan, includes planned start and finish dates for the project's activities, milestones, work packages, planning packages, and control accounts. This information can be used to aggregate costs to the calendar periods in which the costs are planned to be incurred.
SV best used in conjunction with
EAC forecast for ETC work performed at the budgeted rate
Project Cost Management
The calculated CV, SV, CPI, and SPI values for WBS components, in particular the work packages and control accounts, are documented and communicated to stakeholders.
EAC forecast for ETC work considering both SPI and CPI factors: Equation
Variances monitored as part of Control Costs
Depending on the assumed distribution of values within the range of the three estimates the expected cost, cE,can be calculated using a formula.Two commonly used formulas are triangular and beta distributions. The formulas are:
The ability to influence cost is greatest at the early stages of the project, making early scope definition critical • Should consider the stakeholder requirements for capturing costs. Different stakeholders will measure project costs in different ways and at different times. • Is primarily concerned with the cost of the resources needed to complete project activities. • Should also consider the effect of project decisions on the subsequent recurring cost of using, maintaining, and supporting the product, service, or result of the project. For example, limiting the number of design reviews can reduce the cost of the project but could do so by increasing the customer's operating costs.• The cost management planning effort occurs early in project planning and sets the framework for each of the cost management processes so that performance of the processes will be efficient and coordinated.
Variance Analysis
Project Management Plan Updates
Tools &Techniques (5) of Determine Budget
Work Breakdown Structure
Indicates less work was completed than was planned.
Cost management plan
Factors can be influence:• Financial controls procedures (e.g., time reporting, required expenditure and disbursement reviews, accounting codes, and standard contract provisions);• Historical information and lessons learned knowledge bases;• Financial databases;• Existing formal and informal cost estimating and budgeting-related policies, procedures, and guidelines.
Scope Statement
• Planned value• Earned value• Actual cost
Describe what products, services, and results are available in the market, from whom, and under what terms and conditions. Regional and/or global supply and demand conditions greatly influence resource costs
Work performance data includes information about project progress, such as which deliverables have started, their progress and which deliverables have finished. Information also includes costs that have been authorized and incurred, and estimates for completing project work.
- Defines how project costs will be managed andcontrolled. - It includes the method used and the level of accuracy required to estimate activity cost.
The project WBS provides the relationships among all the project deliverables and their various components.
Process: Control Costs
EAC = AC + BAC - EV
To-complete performance index (TCPI)
Schedule Variance
Organizational Process Assets
Cost Baseline
Units of Measure
Project Cost Management Processes (4)
Indicates a cost under run of performance to date.
Output (1) of Plan Cost Management
As used in EVM compares actual project performance to planned or expected performance. Cost and schedule variances are the most frequently analyzed
Either a calculated EAC value or a bottom-up EAC value is documented and communicated to stakeholders.
Schedule Performance Index

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