Question 1

The main outputs of the _____ process are activity cost estimates, basis of estimates, and project document updates.

Accepted Answer

The answer of  The main outputs of the _____ process...

Question 2

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 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 3

What type of estimate is a cost estimation tool used to allocate money into an organization's budget?

Accepted Answer

A)  budgetary 
B)  definitive 
C)  rough order of magnitude 
D)  ballpark 
A)  budgetary 
B)  definitive 
C)  rough order of magnitude 
D)  ballpark

Question 4

What is the purpose of a cost performance index (CPI)?

Accepted Answer

A)  indicate that a project is under budget if CPI is less than one 
B)  estimate the projected cost of completing the project 
C)  indicate that the planned and actual costs are equal if CPI is more than one 
D)  estimate the ratio of earned value to planned value 
A)  indicate that a project is under budget if CPI is less than one 
B)  estimate the projected cost of completing the project 
C)  indicate that the planned and actual costs are equal if CPI is more than one 
D)  estimate the ratio of earned value to planned value

Question 5

Project managers must conduct cash flow analysis to determine _____.

Accepted Answer

The answer of  Project managers must conduct cash flow analysis...

Question 6

Which type of estimate uses 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 7

Determining the budget involves allocating the project cost estimate to individual work items over time.

Accepted Answer

A) True 
 B)False

Question 8

Which costs are difficult to measure in monetary terms?

Accepted Answer

A)  Intangible costs 
B)  Direct costs 
C)  Tangible costs 
D)  Fixed costs 
A)  Intangible costs 
B)  Direct costs 
C)  Tangible costs 
D)  Fixed costs

Question 9

The _____ is the measure of work performed expressed in terms of the budget authorized for that work.

Accepted Answer

earned val

Question 10

What is another term used for budget?

Accepted Answer

A)  earned value 
B)  actual cost 
C)  indirect cost 
D)  planned value 
A)  earned value 
B)  actual cost 
C)  indirect cost 
D)  planned value

Question 11

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

Accepted Answer

Earned value managem

Question 12

The primary output of the planning cost management process is a change request.

Accepted Answer

A) True 
 B)False

Question 13

_____ 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 14

_____ costing helps to see a big-picture view of the cost of a project throughout its life cycle.

Accepted Answer

The answer of  _____ costing helps to see a big-picture...

Question 15

Which process helps develop an accurate projection of a project's financial expenses and benefits?

Accepted Answer

A)  critical path analysis 
B)  fast tracking 
C)  life cycle costing 
D)  crashing 
A)  critical path analysis 
B)  fast tracking 
C)  life cycle costing 
D)  crashing

Question 16

In a bottom-up estimate, the size of the individual work items is one of the factors that drives the accuracy of the estimates.

Accepted Answer

A) True 
 B)False

Question 17

IT project managers must be able to present and discuss project information both in financial and technical terms.

Accepted Answer

A) True 
 B)False

Question 18

Which statement is true of a order of magnitude estimate?

Accepted Answer

A)  It is used to allocate money into an organization's budget. 
B)  It provides an estimate of what a project will cost. 
C)  Its timeframe is always less than a year prior to project completion. 
D)  It is a type of estimate that is done in the final stages of a project. 
A)  It is used to allocate money into an organization's budget. 
B)  It provides an estimate of what a project will cost. 
C)  Its timeframe is always less than a year prior to project completion. 
D)  It is a type of estimate that is done in the final stages of a project.

Question 19

If cost variance is a positive number, it means that performing the work costs more than planned.

Accepted Answer

A) True 
 B)False

Question 20

Definitive estimates are made one year or less prior to project completion.

Accepted Answer

A) True 
 B)False

The main outputs of the _____ process are activity cost estimates, basis of estimates, and project document updates.

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 would be an example of an indirect cost?

What type of estimate is a cost estimation tool used to allocate money into an organization's budget?

What is the purpose of a cost performance index (CPI)?

Project managers must conduct cash flow analysis to determine _____.

Which type of estimate uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project?

Determining the budget involves allocating the project cost estimate to individual work items over time.

Which costs are difficult to measure in monetary terms?

The _____ is the measure of work performed expressed in terms of the budget authorized for that work.

What is another term used for budget?

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

The primary output of the planning cost management process is a change request.

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

_____ costing helps to see a big-picture view of the cost of a project throughout its life cycle.

Which process helps develop an accurate projection of a project's financial expenses and benefits?

In a bottom-up estimate, the size of the individual work items is one of the factors that drives the accuracy of the estimates.

IT project managers must be able to present and discuss project information both in financial and technical terms.

Which statement is true of a order of magnitude estimate?

If cost variance is a positive number, it means that performing the work costs more than planned.

Definitive estimates are made one year or less prior to project completion.

Introduction to Project Management

The Project Management Information Technology Context

The Project Management Process Groups

Project Integration Management

Project Scope Management

Project Schedule Management

Project Quality Management

Project Resource Management

Project Communications Management

Project Risk Management

Project Procurement Management

Project Stakeholder Management

Filters

Exam 7: Project Cost Management

The main outputs of the _____ process are activity cost estimates, basis of estimates, and project document updates.

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 would be an example of an indirect cost?

What type of estimate is a cost estimation tool used to allocate money into an organization's budget?

What is the purpose of a cost performance index (CPI)?

Project managers must conduct cash flow analysis to determine _____.

Which type of estimate uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project?

Determining the budget involves allocating the project cost estimate to individual work items over time.

Which costs are difficult to measure in monetary terms?

The _____ is the measure of work performed expressed in terms of the budget authorized for that work.

What is another term used for budget?

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

The primary output of the planning cost management process is a change request.

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

_____ costing helps to see a big-picture view of the cost of a project throughout its life cycle.

Which process helps develop an accurate projection of a project's financial expenses and benefits?

In a bottom-up estimate, the size of the individual work items is one of the factors that drives the accuracy of the estimates.

IT project managers must be able to present and discuss project information both in financial and technical terms.

Which statement is true of a order of magnitude estimate?

If cost variance is a positive number, it means that performing the work costs more than planned.

Definitive estimates are made one year or less prior to project completion.

Introduction to Project Management

The Project Management Information Technology Context

The Project Management Process Groups

Project Integration Management

Project Scope Management

Project Schedule Management

Project Quality Management

Project Resource Management

Project Communications Management

Project Risk Management

Project Procurement Management

Project Stakeholder Management

Filters