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39 Helpful Free PMP Practice Exams on Cost Management

05/01/2015 Brenda Wilson 0 Comment

39 Helpful Free PMP Practice Exams on Cost Management

Hey guys! if you are considering applying for the PMP certification that you need to know these information. For a real Pmp exam, you have to score 106 out of 200 questions during 4 hours, these 200 questions included a lot of areas such as domain I (initiating the project 13%); Domain II (planning the project 24%); Domain III (executing the project 30%); Domain IV (monitoring and controlling the project 25%); Domain V (closing the project 8%) and knowledge area namely communication, cost, human resource, integration, procurement, quality, risk, scope, shakeholder and time. So, we recommend you practice 39 Helpful Free PMP Practice Exams on Cost Management below, which are designed for your exam preparation to help you take the concepts included in your materials. Indeed, this free PMP practice exam by knowledge area is dedicated to your knowledge improvement, critical thinking development and familiarity with the exam format. Here hard questions with misleading information require your reasoned thinking utilization for resolution. Moreover, the friendly format help refresh your practice. Just tick the best response to each multiple choice question, and hit submit at the bottom of the page to have your results automatically checked and scored. Let’s enjoys to obtain PMP certification right now!

Follow the links below to practice more:
185 PMP Mock Exam on Project Cost Management from Chapter 7 of PMBOK 5th Edition
49 Free Project Cost Management Questions from Rita’s Course in a Book for Passing the PMP Exam
10 Free Project Cost Management Questions from Rita’s Course in a Book for Passing the PMP Exam

39 Helpful Free PMP Practice Exams on Cost Management

ETC
Management reserves
These are funds used for known risks, which are specifically idenitified risks.
This is the portion of the budget that the project manager will have control over. It is a time-phased budget that will be used to measure and monitor cost performance on the project. It is shown as an S curve. The difference between maximum funding and the end of the cost baseline is Management Reserve in the S curve.
This is an integrated baseline which covers the aspects of cost, scope and schedule. It is generally an aggregation of the cost baseline, schedule baseline and scope baseline
These are directly attributable to the work on the project. examples are team travel, team wages, recognition, and costs of material used on the project.
The cost of work added to the project to accomodate quality efforts.
This is any cost-related risk
These do not change as production changes. Examples include the cost of set-up, rent, utilities, etc.
Generally any software used for estimating.
Parametric estimating
Definitive estimate
Reserve analysis
Cost Variance (EV - AC) - Negative is over budget; Postive is under budget.
Budget at Completion
CPI
Cost budget
Schedule Variance (EV - PV) - Negative is behind schedule; Positive is ahead of schedule.
This is developed in the Plan Cost Management process and documents the methods you'll use to estimate costs as well as the level of accuracy required for estimates.
This technique involves creating detailed estimates for each part of an activity or work package. To do this well it requires an accurate WBS. The estimates are then rolled up into control accounts and finally into an overall project estimate.
Planned value
This type of estimate is usually made during project planning and is in the range of -10 to +25 percent from actual.
Life cycle costing
Earned Value
Three-point estimating
This is an agreed amount of variation allowed.
Analogous estimating
SPI
This type of estimate is usually made during project initiating. A typical range for ROM estimates in -25 to +75 percent from actual, but this range can vary depending on how much is known about the project when creating the estimates.
These are overhead items or costs incurred for the benefit of more than one project. examples include taxes, fringe benefits, and janitorial services.
TCPI
Inputs to estimating costs
These change with the amount of production or the amount of work. Examples include cost of materials, supplies, and wages.
AC
Value analysis / Value engineering
Return on investment (ROI)
Discounted cash flow
VAC
Estimate at Completion

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PMP Practical Exam Prep

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