Here is a perform of sample inquiries which would help you to understand the sample of inquiries on Project price Management being asked in PMP Certification Exams.

You are watching: Work performance information and cost forecasts are main outputs of the _____ process.

(1) Which kind of project cost estimate is the many accurate?

Preliminary

Definitive

Order of magnitude

Conceptual

Answer−B

Hint− Definitive approximates are in range -5% come 10% in accuracy. Page 201, PMBOK 5

(2) i m sorry of the following form of contract is many preferable come the contractor act the task work?

Cost plus solved fee

Fixed price

Fixed price plus motivation free

B and also C

Answer− A

Hint− cost plus fixed fee consists the actual cost

(3) ) To assist in spending plan control, that is argued that an calculation be developed at the _____ ____ ______ level the the WBS

Highest

Lowest

Major work effort

Third

Answer− B

Hint− work-related package is the lowest unit of work-related to calculation cost and also duration.

(4) cost Variance (CV) is i beg your pardon of the complying with equations?

CV = EV − PV

CV = EV − AC

CV = EV / AC

A and also C

Answer−B

Hint− expense variance, page 218, PMBOK 5

(5) Determining budget plan can be ideal described by which of the following?

The process of occurring the future trends in addition to the assessment of probabilities, uncertainties, and also inflation that might occur throughout the project

The procedure of accumulating prices of individual activities to develop a expense baseline.

The process of establishing budgets, standards, and also a monitoring system by which the investment expense of the project deserve to be measured and also managed

The process of gathering, accumulating, analyzing, reporting, and managing the expenses on an on-going basis

Answer−B

Hint− web page 193, PMBOK 5

(6) which of the following is a straight project cost?

Lighting and also heating because that the corporate office

Workers Compensation insurance

Piping because that an irrigation project

A and also B

Answer− C

Hint− price of resources offered in a project. See page 202, PMBOK 5

(7) regulate Costs deserve to be ideal described through which of the following?

The procedure of arising the future trends in addition to the evaluate of probabilities, uncertainties, and inflation that might occur throughout the project

The process of assembling and also predicting costs of a project over the life cycle

The procedure of assembling and also predicting expenses of a project over the life cycle

The process of monitoring the status of the project to update job costs and also managing alters to the expense baseline.

Answer − D

Hint − manage Costs, page 193, PMBOK 5

(8) The PV = $250, the AC = $350, and also the EV = $200. Calculate the price Variance.

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−$150

$150

−$50

$50

Answer − A

Hint − CV=EV−AC

(9) among the species of cost estimation is stormy Order of Magnitude. This calculation −

is performed when thorough information is available

is performed after the limit is plainly defined

is a close to perfect estimate

Usually made prior to the project is designed, and also must thus rely ~ above the price data of similar projects constructed in the past.

Answer − D

Hint − page 201, PMBOK 5

(10) The amount of every budgets developed for the job-related to be performed is well-known as −

Planned Value

Aggregated plan Value

Budget in ~ Completion

Estimate in ~ Completion

Answer − C

Hint − refer Table 7-1, page 224, PMBOK 5

(11) The processes involving planning, estimating, budgeting, financing, funding, managing, and controlling prices so that the project have the right to be completed in ~ the approved budget fall under

Project cost Management

Project management Process

Project border Management

Project Integration Management

Answer − A

Hint − Read an initial para, page 193, PMBOK 5

(12) The process that creates the policies, procedures and also documentation for planning, managing, expending, and controlling project prices is well-known as

Control Costs

Estimate Costs

Plan cost Management

Determine Budget

Answer − C

Hint − page 193, PMBOK 5

(13) The process of monitoring the status of the task to update the task costs and managing transforms to the cost baseline is dubbed

Determine Budget

Control Costs

Estimate Costs

Plan cost Management

Answer − B

Hint − page 193, PMBOK 5

(14) The Project expense Management process comprises the adhering to activities−

a. Recognize Budget

b. Arrangement Cost Management

c. Estimate Costs

d. Control Costs

What is the correct sequence?

a−b−c−d

c−a−b−d

b−c−a−d

a−c−b−d

Answer − C

Hint − See figure 7−1, page 194, PMBOK 5

(15) The procedure of arising an approximation of the monetary resources needed to complete project activities is recognized as

Estimate Costs

Determine Budget

Both A & B

None that the above

Answer − A

Hint − web page 193, PMBOK 5

(16) Which one of the following is no an input supplied in the process of estimate Costs?

Scope Baseline

Human resource Management plan

Cost management Plan

Project funding Requirements

Answer − D

Hint − See number 7−1, page 194, PMBOK 5

(17) The tools and also techniques provided in the procedure of Determine budget includes all but

Cost Aggregation

Cost the Quality

Expert Judgement

Historical Relationships

Answer − B

Hint − See number 7−1, web page 194, PMBOK 5

(18) i m sorry of the complying with output of recognize Budget procedure is not used as an intake in the regulate Costs Process?