Question 1

Earned value management involves calculating three values for each activity or summary?activity from a project's WBS. Describe each of these three values with examples.

Accepted Answer

(1) The planned value (PV), also called

Question 2

_____ costing considers the total cost of ownership, or development plus support costs, for a project.

Accepted Answer

The answer of _____ costing considers the total cost of...

Question 3

_____ is a method for determining the estimated annual costs and benefits for a project.

Accepted Answer

A) Critical path analysis 
B) Cash flow analysis 
C) Present value analysis 
D) Requirements analysis 
A) Critical path analysis 
B) Cash flow analysis 
C) Present value analysis 
D) Requirements analysis

Question 4

_____ are revenues minus expenditures.

Accepted Answer

The answer of _____ are revenues minus expenditures....

Question 5

In addition to providing input for budgetary estimates, the process of _____ provides a cost baseline.

Accepted Answer

The answer of In addition to providing input for budgetary...

Question 6

Which of the following involves developing an approximation of the costs of resources needed to complete a project?

Accepted Answer

A) Determining the budget 
B) Finalising the cost baseline 
C) Controlling costs 
D) Estimating costs 
A) Determining the budget 
B) Finalising the cost baseline 
C) Controlling costs 
D) Estimating costs

Question 7

Which of the following types of estimate use the actual cost of a previous, similar project as the basis for estimating the cost of the current project?

Accepted Answer

A) Definitive estimates 
B) Parametric estimates 
C) Bottom-up estimates 
D) Analogous estimates 
A) Definitive estimates 
B) Parametric estimates 
C) Bottom-up estimates 
D) Analogous estimates

Question 8

A cost management plan is a subsidiary of the _____ plan.

Accepted Answer

The answer of A cost management plan is a subsidiary...

Question 9

Analogous estimates are also known as _____ estimates.

Accepted Answer

A) bottom-up 
B) top-down 
C) parametric 
D) budgetary 
A) bottom-up 
B) top-down 
C) parametric 
D) budgetary

Question 10

Project managers must conduct cash flow analysis to determine net present value.

Accepted Answer

A) True 
 B)False

Question 11

Soles is a footwear company which has recently set up its store in Ambrosia. To manufacture its products, Soles incurs a range of different costs. Which of the following would be an example of an indirect cost?

Accepted Answer

A) Cost of machines to produce shoes 
B) Salary paid to factory workers 
C) Electricity used to run its factories 
D) Cost of leather used to manufacture shoes 
A) Cost of machines to produce shoes 
B) Salary paid to factory workers 
C) Electricity used to run its factories 
D) Cost of leather used to manufacture shoes

Question 12

Overrun is the additional percentage amount by which estimates exceed actual costs.

Accepted Answer

A) True 
 B)False

Question 13

_____ is a project performance measurement technique that integrates scope, time, and cost data.

Accepted Answer

Earned val

Question 14

One of the main outputs of the _____ process is a cost baseline.

Accepted Answer

A) cost controlling 
B) cost estimating 
C) cost budgeting 
D) cost planning 
A) cost controlling 
B) cost estimating 
C) cost budgeting 
D) cost planning

Question 15

The main output of the planning cost management process is a(n) _____.

Accepted Answer

cost manag

Question 16

List and briefly describe the four project cost management processes.

Accepted Answer

The four processes for project cost mana

Question 17

Work performance information and cost forecasts are main outputs of the _____ process.

Accepted Answer

A) cost budgeting 
B) cost estimating 
C) cost control 
D) cost pricing 
A) cost budgeting 
B) cost estimating 
C) cost control 
D) cost pricing

Question 18

Which of the following is true of tangible costs?

Accepted Answer

A) They cannot be calculated in monetary terms. 
B) They can be easily measured. 
C) They are difficult to quantify. 
D) Their examples include goodwill and prestige. 
A) They cannot be calculated in monetary terms. 
B) They can be easily measured. 
C) They are difficult to quantify. 
D) Their examples include goodwill and prestige.

Question 19

Parametric models are reliable when the models are flexible in terms of the project's size.

Accepted Answer

A) True 
 B)False

Question 20

One of the reasons why project cost estimates are inaccurate is because human beings are biased toward underestimation.

Accepted Answer

A) True 
 B)False

Earned value management involves calculating three values for each activity or summary?activity from a project's WBS. Describe each of these three values with examples.

_____ costing considers the total cost of ownership, or development plus support costs, for a project.

_____ is a method for determining the estimated annual costs and benefits for a project.

_____ are revenues minus expenditures.

In addition to providing input for budgetary estimates, the process of _____ provides a cost baseline.

Which of the following involves developing an approximation of the costs of resources needed to complete a project?

Which of the following types of estimate use the actual cost of a previous, similar project as the basis for estimating the cost of the current project?

A cost management plan is a subsidiary of the _____ plan.

Analogous estimates are also known as _____ estimates.

Project managers must conduct cash flow analysis to determine net present value.

Soles is a footwear company which has recently set up its store in Ambrosia. To manufacture its products, Soles incurs a range of different costs. Which of the following would be an example of an indirect cost?

Overrun is the additional percentage amount by which estimates exceed actual costs.

_____ is a project performance measurement technique that integrates scope, time, and cost data.

One of the main outputs of the _____ process is a cost baseline.

The main output of the planning cost management process is a(n) _____.

List and briefly describe the four project cost management processes.

Work performance information and cost forecasts are main outputs of the _____ process.

Which of the following is true of tangible costs?

Parametric models are reliable when the models are flexible in terms of the project's size.

One of the reasons why project cost estimates are inaccurate is because human beings are biased toward underestimation.

Introduction to Project Management

The Project Management and Information Technology Context

The Project Management Process Groups: A Case Study

Project Integration Management

Project Scope Management

Project Time Management

Project Quality Management

Project Human Resource Management

Project Communications Management

Project Risk Management

Project Procurement Management

Project Stakeholder Management

Filters

Exam 7: Project Cost Management

Earned value management involves calculating three values for each activity or summary?activity from a project's WBS. Describe each of these three values with examples.

_____ costing considers the total cost of ownership, or development plus support costs, for a project.

_____ is a method for determining the estimated annual costs and benefits for a project.

_____ are revenues minus expenditures.

In addition to providing input for budgetary estimates, the process of _____ provides a cost baseline.

Which of the following involves developing an approximation of the costs of resources needed to complete a project?

Which of the following types of estimate use the actual cost of a previous, similar project as the basis for estimating the cost of the current project?

A cost management plan is a subsidiary of the _____ plan.

Analogous estimates are also known as _____ estimates.

Project managers must conduct cash flow analysis to determine net present value.

Soles is a footwear company which has recently set up its store in Ambrosia. To manufacture its products, Soles incurs a range of different costs. Which of the following would be an example of an indirect cost?

Overrun is the additional percentage amount by which estimates exceed actual costs.

_____ is a project performance measurement technique that integrates scope, time, and cost data.

One of the main outputs of the _____ process is a cost baseline.

The main output of the planning cost management process is a(n) _____.

List and briefly describe the four project cost management processes.

Work performance information and cost forecasts are main outputs of the _____ process.

Which of the following is true of tangible costs?

Parametric models are reliable when the models are flexible in terms of the project's size.

One of the reasons why project cost estimates are inaccurate is because human beings are biased toward underestimation.

Introduction to Project Management

The Project Management and Information Technology Context

The Project Management Process Groups: A Case Study

Project Integration Management

Project Scope Management

Project Time Management

Project Quality Management

Project Human Resource Management

Project Communications Management

Project Risk Management

Project Procurement Management

Project Stakeholder Management

Filters