CAPM (Certified Associate in Project Management) Practice Exam

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Prepare for the CAPM (Certified Associate in Project Management) exam with our informative quiz. Test your knowledge through multiple-choice questions and detailed explanations to boost your confidence and readiness for the certification.

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What does actual cost refer to?

Budgeted amount
Estimate at completion
Money spent in completing work
Budget at completion

The correct answer is: Money spent in completing work

Actual cost refers to the money that has been spent in completing work. This includes all costs incurred during the project up to the current date. The actual cost helps in comparing the planned budget with the real costs incurred in executing the project tasks. This information is crucial for project managers to monitor and control project expenses effectively and ensure the project stays within budget. In comparison: A. Budgeted amount: This refers to the planned amount of money allocated for a specific activity or work package in the project. B. Estimate at completion: This refers to the predicted total cost of the project once it is completed. D. Budget at completion: This refers to the total planned budget for the project as a whole.