SKILL BENCHMARK

Project Cost Management Competency (Intermediate Level)

  • 15m
  • 15 questions
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The Project Cost Management Competency (Intermediate Level) benchmark measures your ability to recognize key terms and concepts related to Project Cost Management concepts. You will be evaluated on estimating costs, earned value management, three-point estimating, budget forecasting, and agile approach to cost estimates. A learner who scores high on this benchmark demonstrates that they have the skills related to Project Cost Management terminology and concepts.

Topics covered

  • calculate the schedule variance and schedule performance index, given the earned value and planned value
  • calculate the to-complete performance index (TCPI) for a project given earned value management (EVM) figures
  • define the traditional approach to monitoring cost performance
  • describe the agile tools and techniques for estimating costs
  • describe the process of three-point estimating
  • describe the traditional tools and techniques for estimating costs
  • determine project performance, given a set of raw data points
  • determine the estimate at completion, using the formulas for scenarios 1 and 2
  • distinguish between the tools and techniques you can use to estimate project costs
  • identify the traditional approach to budget forecasting
  • match earned value management values with their formulas
  • recognize how the choice of EAC formula depends on the project situation
  • recognize the tools and techniques you can use to determine your project budget
  • recognize the traditional approach to refining cost estimates
  • utilize work performance data to determine project performance