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CDFM - Module 2 Exam 2024 | CDFM Module 2 Actual Exam 2024 Questions and Correct Answers Rated A+
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CDFM - Module 2 Exam 2024 | CDFM Module2 Actual Exam 2024 Questions and Correct
Answers Rated A+
What law identifies the Chairman of the Joint Chiefs of Staff as the
senior ranking member of the Armed Forces? -ANSWER-The
Goldwater-Nichols DoD Reorganization Act of 1986.
What is the title of the senior OSD official who is the principal advisor
and assistant to the SECDEF for budget and fiscal matters? -
ANSWER-Undersecretary of Defense (Comptroller)/Chief Financial
Officer
What is the title of the final document of the planning phase? -
ANSWER-Defense Planning Guidance (DPG)
What is the name of the automated database that summarizes all
forces, resources, and equipment associated with programs approved
by the Secretary of Defense? -ANSWER-Future Years Defense
Program (FYPD)
Following a review of a Component's budget submission and a
potential budget hearing in the fall timeframe, the reviewing USD(C)
budget analyst prepares a draft document that is submitted to the
DEPSECDEF or SECDEF for a decision. Once signed by one of the
senior officials, what is the document called? -ANSWER-Resource
Management Decision
Advance Procurement is an exception to what funding policy? -
ANSWER-Full Funding
,Assume an agency has issued an Economy Act order to another
Federal agency for specific services, the cited appropriation has gone
into an expired status, and the servicing agency has neither provided
the ordered services nor has entered into an authorized contract with
another entity to provide the ordered services. What must now be
done with those obligated funds? -ANSWER-De-obligate (p. 2.1.67)
What is the term used for shifting funds between appropriations? -
ANSWER-Transfer action
A working capital fund has an officer (O-4) properly assigned to the
organization and the officer is doing the work that would normally be
performed by a GS-13. For managerial cost accounting purposes, is
the "cost" of that officer's pay and benefits "charged" at the military O-
4 rate or the civilian GS-13 rate? -ANSWER-Civilian GS-13 rate (and
the proper MILPER account is reimbursed for the amount)
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? -
ANSWER-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? -
ANSWER-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? -
ANSWER-Then-year dollars or Current year dollars
,What cost structure does MIL-STD-881C represent? -ANSWER-Work
Breakdown Structure (WBS)
What concept is based on the axiom that the best time to reduce cost
is early in the process? -ANSWER-Cost As an Independent Variable
(CAIV)
Which cost estimating method is known as a statistical method or top-
down method? -ANSWER-Parametric Approach
Which cost estimating method extensive knowledge of the product or
process? -ANSWER-Engineering Approach
What is the theory that as the quantity or output doubles, the man-
hours required to produce the quantity decreases at a fixed rate? -
ANSWER-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? -ANSWER-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 reimbursement contract? -ANSWER-
Cost Variance
Cost Savings, Cost Avoidance, and Productivity Improvements are
examples of what type cost benefits? -ANSWER-Quantifiable Benefits
, In regards to measures of central tendency, what is a mean? A mode?
A median? -ANSWER-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? -ANSWER-Correlation measures the
degree of relationship between two or more variables
For a perfect correlation to exist, what would be the coefficient? -
ANSWER-1.0
What is a radical redesign of key business processes that involves
examination of the fundamental process itself? -ANSWER-Business
Process Reengineering (also called Business Process Innovation)
What is the suggested maximum number of participants on a
reengineering team? -ANSWER-Fewer than 10
What is the process of measuring and comparing one's performance
against "best-in-class" organizations and then adapting the best
practices of those organizations to improve one's own performance? -
ANSWER-Benchmarking
What law or regulation has its goal the improvement of Federal
program effectiveness and public accountability by promoting a focus
on results, service quality, and customer satisfaction? -ANSWER-
Government Performance and Results Act (GPRA)
In Federal agencies, how often must strategic plans required under
the GPRA Modernization Act of 2010 be updated? -ANSWER-Every 4
years
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