Best Free PMP Practice Exam for CAPM/PMP All in One Exam Guide Review

Complete coverage of all current objectives for the CAPM and PMP exams—more than 1,000 practice test questions and in-depth explanations in total!

Thoroughly revised for the current PMI Project Management Body of Knowledge (PMBOK), Best Free PMP Practice Exam for CAPM/PMP All in One Exam Guide – the sample PMP certification questions and answers offer complete coverage of all the material included on the Certified Associate in Project Management and Project Management Professional exams. You’ll find learning objectives at the beginning of each chapter, exam tips, practice exam questions, and in-depth explanations. Written by a leading project management consultant and trainer, CAPM/PMP Project Management Certification All-in-One Exam Guide, Third Edition will help you pass the exams with ease and will also serve as an essential on-the-job reference.

Covers all exam topics, including:

Project integration management
Managing the project scope
Managing project time, costs, and quality
Managing project human resources
Managing project communications
Managing project risks
Project procurement management
Managing project stakeholders
Project management processes

Electronic content includes:

750 CAPM and PMP practice exam questions—test yourself by exam domain or take a complete exam
Bonus process review quiz
One hour of video training from the author
New! Process ITTO Quick Review Guide
New! CAPM/PMP Exam Cheat Sheets
PDF eBook

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48 Best Free PMP Practice Exam for CAPM/PMP All in One Exam Guide Chapter 6
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About Author

Joseph Phillips, PMP, CompTIA Project+, CompTIA CTT+, a leading project management consultant and educator, has been a PMP and a CompTIA Certified Technical trainer for more than 12 years. He is the director of education for Project Seminars, Inc., and the bestselling author of several books, including PMP Project Management Professional Study Guide, Fourth Edition and CompTIA CTT+ Certified Technical Trainer All-in-One Exam Guide. (Source: amazon.com)

40 Best Free PMP Practice Exam for CAPM/PMP All in One Exam Guide Chapter 7

Measure how much you understand actual cost (AC), analogous estimating, bottom-up estimatin, budget estimate, commercial database, contingency reserve, cost aggregation, cost baseline, and the like with 40 best free PMP practice exam for CAPM/PMP All in One Exam Guide chapter 7. As a successful free pmp certification practice exams based on Joseph Phillip’s All-in-One CAPM/PMP Exam Guide, this test will aid you in discovery of all around chapter 7. And for your more effective practice, the questions are friendly designed. You just need click on the best answer to each quiz and hit submit to have your results instantly checked and scored. Hope you score the max in this test and best lead up to the PMP exam!

40 Best Free PMP Practice Exam for CAPM/PMP All in One Exam Guide Chapter 7

a contingency allowance to account for overruns in costs. contingency allowances are used at the project manager's discretion and with management's approval to counteract cost overruns for scheduled activities and risk events

single source
learning curve
contingency reserve
cost baseline

costs are parallel to each WBS work package. the costs of each work package are aggregated to their corresponding control accounts. each control account then is aggregated to the sum of the project costs

cost aggregation
cost budgeting
cost management plan
cost baseline

these forecasting formulas predict the likely completed costs of the project based on current scenarios within the project

actual cost (AC)
estimate to complete (ETC)
variance at completion (VAC)
estimate at completion (EAC)

an approach that assumes the cost per unit decreases the more units workers complete, because workers learn as they complete the required work

sunk costs
learning curve
variance
single source

the final variance, which is discovered only at the project's completion. the formula is VAR = BAC - AC

project variance
budget estimate
variance
cost baseline

a market condition where the market is so tight the actions of one vendor affect the actions of all the others

variance
sole source
oligopoly
sunk costs

this is a statistical approach to predicting what future values may be, based on historical values. creates quantitative predictions based on variables within one value to predict variables in another. this form of estimating relies solely on pure statistical math to reveal relationships between variables and to predict future values

direct costs
reserve analysis
regression analysis
commercial database

monies that have already been invested in a project

sunk costs
fixed costs
direct costs
variable costs

the monies spent to attain the expected level of quality within a project. examples include training, testing, and safety precautions

cost aggregation
cost baseline
cost budgeting
cost of poor quality

an org's approach to managing cash flow against the project deliverables based on a schedule, milestone accomplishments, or data constraints

budget estimate
analogous estimating
cost aggregation
funding limit reconciliation

dictates how cost variances will be amnaged

cost baseline
cost management plan
cost aggregation
cost budgeting

the actual amount of monies the project has spent to date

direct costs
sunk costs
fixed costs
actual cost (AC)

an event that will likely happen within the project, but when it will happen and to what degree is unknown. these events, such as delays, are usually risk-related

cost baseline
oligopoly
known unknown
cost budgeting

the total cost of the opportunity that is refused to realize an opposing opportunity

indirect costs
direct costs
opportunity cost
sunk costs

a cost-estimating approach that uses a database, typically software-driven, to create the cost estimate for a project

reserve analysis
commercial database
budget estimate
project variance

a system that examines any changes associated with scope changes, the cost of materials, and the cost of any other resources, and the associated impact on the overall project cost

cost change control system
cost management plan
cost baseline
contingency reserve

the difference between the earned value and the planned value. the formulas is SV = EV - PV

schedule variance (SV)
earned value (EV)
variance
project variance

an estimate approach that starts from zero, accounts for each component of the WBS and arrives at a sum for the project. most time consuming and most reliable

bottom-up estimating
budget estimate
parametric estimating
analogous estimating

costs are attributed directly to the project work and cannot be shared among projects (for example, airfare, hotels, etc)

direct costs
sunk costs
indirect costs
fixed costs

earned value is the physical work completed to date and the authorized budget for that work. it is the percentage of the BAC that represents the actual work completed in the project

planned value (PV)
earned value (EV)
actual cost (AC)
learning curve

the cost aggregation achieved by assigning specific dollar amounts for each of the scheduled activities, or more likely, for each work packages in the WBS. cost budgeting applies the cost estimates over time.

sole source
cost aggregation
cost budgeting
cost baseline

measures the project based on its schedule performance. the formula is SPI = EV/PV

cost performance index (CPI)
schedule performance index (SPI)
to-complete performance index (TCPI)
schedule variance (SV)

many vendors, but prefer specific vendor

direct costs
sunk costs
sole source
single source

this estimate is somewhat broad and is used early in the planning processes and also in to-down estimates. the range of variance for the estimate can be from -10% to +25%

budget estimate
definitive estimate
single source
sole source

a formula to forecast the likelihood of a project to achieve its goal based on what's happening in the project right now. there are two different flavors for the TCPI. meet BAC use this TCPI = (BAC-EV) / (BAC-AC). if you want to meet EAC use this TCPI = (BAC-EV) / (EAC-AC)

to-complete performance index (TCPI)
cost performance index (CPI)
schedule performance index (SPI)
estimate to complete (ETC)

a time-lapse exposure of when the project monies are to be spent in relation to cumulative values of the work completed in the project

sole source
cost aggregation
cost budgeting
cost baseline

an approach that relies on historical information to predict the cost of the current project. top down estimating and is the least reliable of cost estimating approaches

analogous estimating
budget estimate
bottom-up estimating
parametric estimating

costs that remain constant throughout the life of the project (the cost of a piece of rented equipment for the product)

sunk costs
indirect costs
direct costs
fixed costs

this estimate type is one of the most accurate. its used late in the planning processes and is associated with bottom-up estimating. you need the WBS in order to create the definitive estimate. the range of variance for the estimate can be from -5% to +10%

definitive estimate
single source
parametric estimating
budget estimate

cost reserves are for unknown unknowns within a project. the management reserve is not part of the project cost baseline, but is included as part of the project budget

fixed costs
indirect costs
regression analysis
reserve analysis

a forecasting formula that predicts how much of a variance the project will likely have based on current conditions within the project. the formula is VAC = BAC - EAC

variance at completion (VAC)
estimate to complete (ETC)
estimate at completion (EAC)
actual cost (AC)

planned value is the work scheduled and the budget authorized to accomplish that work. it is the percentage of the BAC that reflects where the project should be at this point in time

earned value (EV)
planned value (PV)
schedule variance (SV)
actual cost (AC)

costs that are representative of more than one project

direct costs
variable costs
indirect costs
fixed costs

measures the project based on its financial performance. the formula is CPI = EV/AC

to-complete performance index (TCPI)
cost performance index (CPI)
cost baseline
schedule performance index (SPI)

only one vendor can provide what you need

sole source
sunk costs
oligopoly
single source

this rough estimate is used during the initiating processes and in top-down estimates. the range of variance for the estimate can be from -25% to +75%

cost of poor quality
rough order of magnitude
budget estimate
project variance

a EVM formula that predicts how much funding the project will require to be completed. three variations of this formula are based on conditions the project may be experiencing

variance at completion (VAC)
estimate at completion (EAC)
actual cost (AC)
estimate to complete (ETC)

the difference between what was expected and what was experienced

oligopoly
project variance
variance
variable costs

costs that changed based on the conditions applied in the project (the number of meetings)

fixed costs
direct costs
variable costs
indirect costs

an approach using a parametric model to extrapolate what costs will be needed for a project (for example, cost per hour and cost per unit). it can include variables and points based on conditions

analogous estimating
parametric estimating
bottom-up estimating
budget estimate

Best Free PMP Practice Exam for CAPM/PMP All in One Exam Guide Review

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40 Best Free PMP Practice Exam for CAPM/PMP All in One Exam Guide Chapter 7

40 Best Free PMP Practice Exam for CAPM/PMP All in One Exam Guide Chapter 7

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