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CDFM Module 2 Budget and Cost Analysis Competency Area 2 Cost and Economic Analysis questions with answers.
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CDFM Module 2 Budget and Cost Analysis Competency Area 2 Cost and Economic Analysis questions with answers.

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  • September 22, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • cdfm module 2 budget and cost analysis competency

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  • CDFM - Certified Defense Financial Manager
  • CDFM - Certified Defense Financial Manager

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CDFM Module 2 Budget and Cost
Analysis Competency Area 2 Cost and
Economic Analysis questions with
answers.
The Defense Acquisition System is the management process that guides DoD acquisition programs and is
basically the process by which programmatic risk is managed. What are the three programmatic risks
that must be successfully manage? ANS -Cost, Schedule, and Performance risks



What are the appropriations that may be used to fund an acquisition program? ANS -RDT&E,
Procurement, O&M, MILCON, and MILPERS



What is the acquisition approach that delivers capability to the warfighter in a set of increments spread
over time ---with a known desired end-state capability-rather than in a single effort, because technology
is not yet available to provide that end-state capability? ANS -Evolutionary acquisition



What is the term used to describe dollars shown in the life-cycle cost estimate wherein the effects of
inflation are not considered? ANS -Base year dollars or Constant year dollars



What is the term used to describe dollars used for programming and budgeting purposes wherein the
effects of inflation are considered? ANS -Then-year dollars or Current year dollars



What cost structure does MIL-STD-881C represent? ANS -Work Breakdown Structure (WBS)



What concept is based on the axiom that the best time to reduce cost is early in the process? ANS -Cost
As an Independent Variable (CAIV)



Which cost estimating method is based on direct comparison with historical information of one similar
system? ANS -Analogy Method

,Which cost estimating method is known as a statistical method or top-down method? ANS -Parametric
Approach



Which cost estimating method requires extensive knowledge of the product or process? ANS -
Engineering Approach



What are the methods/steps in conducting the Delphi technique? ANS -Query expert opinion

Seek supporting rationale or information from each expert

Summarize results

Gather second opinion

Continue iteration until consensus or near-consensus is reached



What is the theory that as the quantity of output doubles, the man-hours required to produce the
quantity decreases at a fixed rate? ANS -Learning Curve Theory



What is the name of the integrated management tool intended to relate contractor actual performance
on a contract to the contractor's planned cost and schedule, that measures the work progress in
objective terms, and that states the value of the work completed in dollars? ANS -Earned Value
Management System (EVMS)



What is the EVM-related term when there is a difference between budgeted cost of work performed
(BCWP) and actual cost of work performed (ACWP) on a cost reimbursable contract? ANS -Cost Variance



What is a systematic approach to the problem of choosing the best method of allocating scarce
resources to achieve a given objective? ANS -Economic Analysis



Cost Savings, Cost Avoidance, and Productivity Improvements are examples of what type of cost
benefits? ANS -Quantifiable Benefits



In regards to measures of central tendency, what is a mean? A mode? A median? ANS -Mean is the
arithmetic average

Mode is the most frequent score in a distribution of scores

, Median is the middle of arrayed values



What does correlation measure? ANS -Correlation measures the degree of relationship between two or
more variables



For a perfect correlation to exist, what would be the coefficient? ANS -1.0



When evaluating a proposed investment or project with costs and benefits occurring not only in the
current year but also future years, it is necessary to "bring back to today's dollars" all those costs and
benefits. What is this process determining? ANS -Net Present Value of the proposed investment or
project.



2.2.7 management system process that guides all DoD acquisition programs. ANS -Defense Acquisition
System



2.2.7 DoD Acquisition Life Cycle ANS -



2..2.7 Provides the policies and principles that govern the Defense acquisition system. ANS -DoD
Directive 5000.01, Defense Acquisition System



2.2.7 Ultimate goal of the Defense Acquisition System? ANS -Managing risk....therefore, cost is treated
as an independent variable (CAIV) throughout the acquisition process and an Analysis of Alternatives
(AoA) is performed very early in the acquisition process and is then updated as necessary at each
following major milestone decision point).



2.2.8 A DoD support system by which gaps in the military war fighting capabilities are assessed and
potential solutions to resolve those gaps (both non-materiel and materiel). ANS -JOINT CAPABILITIES
INTEGRATION AND DEVELOPMENT SYSTEM (JCIDS)



2.2.8 An analysis process with representatives from multiple DoD communities set forth in an Initial
Capabilities Document (ICD) the broad, time-phased, operational goals, and a description of the required
capabilities to address a specific gap? ANS -JCIDS

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