Exam 7: Determining Costs, Budget and Earned Value

The ____ for the entire project or each work package provides a baseline against which actual cost and work performance can be compared at any time during the project.

At the beginning of the project, it may not be possible to estimate the costs for all activities with a level of confidence regarding their accuracy.This is especially true for

The two-step process for budgeting is

When the CPI goes below 1.0 or gradually gets smaller, corrective action should not be taken, the project is performing well.

The cost performance analysis should include identifying those work packages that have a negative cost variance or a cost performance index of less than ____.

The worst scenario from the contractor's point of view is to have the customer make only one payment at the end of the project.

Committed costs are also known as discharged or postponed costs.

___ is the difference between the cumulative earned value of the work performed and the cumulative actual cost.

The total budgeted cost for the project is

Determining the earned value involves collecting data on the percent complete for each work package and then converting this percentage to a dollar amount by multiplying the ____ of the work package by the percent complete.

Which of the following is not a way to reduce the costs of activities:

The contractor might try to negotiate payment terms that require the customer to do one or more of the following except

Once the project starts, it is necessary to keep track of actual cost and committed cost so that they can be compared to the ____.

Another indicator of cost performance is cost variance (CV).If the cumulative earned value is greater than the cumulative actual costs, then

The key to managing a cash flow is to

The ____ is the amount that was budgeted to accomplish the work that was schedule to be performed up to that point in time.

____ involves the following: Analyzing cost performance to determine which work packages may require corrective action; Deciding what specific corrective action should be taken; and Revising the project plan, including time and cost estimates, to incorporate the planned corrective action.

For a project, the TBC = $200,000, the CEV = $100,000, the CAC = $120,000.Which of the following statements is true?

What is the cost variance for a project that has a TBC = $50,000, a CEV = $25,000, a CAC = $20,000, and CBC = $22,000.

A cost performance index greater than 1.0 means