Exam 7: Project Cost Management

 What term is used for analogous estimates?

 The formulas for variances and indexes start with EV, the earned value.

 What type of estimate is a cost estimation tool that involves estimating individual work items or activities and summing them to get a project total?

 Accountants define _____ as a resource sacrificed or foregone to to achieve a specific objective.

 Which is an output of the process of controlling costs?

 Which statement best defines cost variance?

 Which is true of the schedule performance index (SPI)?

 Which is true of earned value?

 Intangible costs can be easily measured in monetary terms.

 A(n) _____ estimate is done very early in a project or even before a project is officially started.

 ________ are a means of measuring software size based on what the software does for end users.

 A negative schedule variance means that it took less time than planned to perform the work.

 A(n) _____ is a time-phased budget that project managers use to measure and monitor cost performance.

 What is a rough order of magnitude estimate also referred to as?

 Good Earth, a company manufacturing packaged food products, sets up its stores in Baltonia. However, a year later, the company closes the store down due to high operating costs. In such a scenario, the money spent in paying for the rent of the store in Baltonia would be an example of which costs?

 Spreadsheets are a common tool for cost estimating, cost budgeting, and cost control.

 Which process results in a cost baseline as a main output?

 Which type of estimate should be used if the cost estimate for a project is used a basis for contract awards and performance reporting?