Exam 7: Project Cost Management

It is helpful to analyze the total dollar value as well as the percentage of the total amount for each major ______________________________ category.

____________________ are revenues minus expenditures.

A ____ is a time-phased budget that project managers use to measure and monitor cost performance.

____________________ states that when many items are produced repetitively,the unit cost of those items decreases in a regular pattern as more units are produced.

____________________ has many cost management features to help you enter budgeted costs,set a baseline,enter actuals,calculate variances,and run various cost reports.

Tom DeMarco,a well-known author on software development,suggests ____ reasons for the inaccuracies of many information technology project cost estimates and some ways to overcome them.

A ____ is used for making many purchasing decisions for which accurate estimates are required and for estimating final project costs.

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

Estimates are usually done at various stages of a project and should become more accurate as time progresses.

____________________ cost is money that has been spent in the past.

Many projects that are started never finish because of cost management problems.

In addition to providing input for budgetary estimates,cost budgeting provides a(n)____________________.

The cost management plan is part of the overall project management plan.

____________________ uses project characteristics in a mathematical model to estimate project costs.

____,with assistance from financial experts in their organizations,should create estimates of the costs and benefits of the project for its entire life cycle.

A(n)____________________ is the original project plan plus approved changes.

It's important for the team to ____________________ assumptions they made when developing the cost baseline and have several experts review it.

____________________ costs are often much higher for contractors.

____ involve estimating individual work items or activities and summing them to get a project total.

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