Project Cost Management Principles Quiz With Questions And Answers!
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Take this project cost management principles quiz today in order to test your knowledge and find out how well you know these basic concepts and theories. This test is designed in a manner so as to offer a wide range of questions with respect to the subject at hand as a whole. It will not only test your knowledge, but also the ability to retain and recall that knowledge during a test or an examination. Don't forget to share this quiz with your friends, now go ahead and ace it!
- 1.____________ is known as the the total cost of ownership, or development plus support costs, for a project.
- A.
Learning Curve Theory
- B.
Life Cycle Costsing
- C.
Parametric Modeling
- D.
Rate of Performance
- 2.What are the costs that can be directly related to producing the products and services of the project known as?
- A.
Cost Budgeting
- B.
Budget at Completion
- C.
Direct Costs
- D.
Earned Value
- 3.What is the term for a time-phased budget that project managers use to measure and monitor cost performance?
- A.
Cost Baseline
- B.
Cost Budgeting
- C.
Cost Estimating
- D.
Cost Variance
- 4.Costs that are not directly related to the products or services of the project, but are indirectly related to the project's performance are known as___________.
- A.
Intangible Costs
- B.
Sunk Cost
- C.
Tangible Costs
- D.
Indirect Costs
- 5._____________________ is a document that describes how cost variances will be managed on the project.
- A.
Analogous Estimate
- B.
Cost Management Plan
- C.
Earned Value Managment
- D.
Estimate at Completion
- 6.What are the processes required to ensure that the project is completed within the approved budget known as?
- A.
Management Reserves
- B.
Project Cost Management
- C.
Rate of Performance
- D.
Planned Value
- 7.Money that has been spent in the past is known as ___________.
- A.
Actual Cost
- B.
Direct Cost
- C.
Sunk Cost
- D.
Indirect Cost
- 8.What is the name given to an estimate of the value of the physical work actually completed?
- A.
Earned Value
- B.
Earned Value Management
- C.
Direct Costs
- D.
Actual Cost
- 9.What is the term for the ratio between revenues and profits?
- A.
Profit Margin
- B.
Planned Value
- C.
Profits
- D.
Actual Costs
- 10.What is the cost estimating technique based on estimating individual work items and summing them to get a project total called?
- A.
Analogous Estimates
- B.
Bottom-Up Estimates
- C.
Definitive Estimate
- D.
Parametric Estimate
- 11._________________ are the dollars included in a cost estimate to mitigate cost risk by allowing for future situations that are difficult to predict.
- A.
Management Reserves
- B.
Reserves
- C.
Project Cost Management
- D.
Cash Flow Analysis
- 12.What is the cost estimate that provides an accurate estimate of project costs called?
- A.
Baseline
- B.
Direct Costs
- C.
Definitive Estimate
- D.
Contigency Reserves
- 13.What is the earned value minus the actual cost known as?
- A.
Cost Control
- B.
Actual Cost
- C.
Cost Variance
- D.
Earned Value
- 14.The original project plan plus approved changes is called ______________.
- A.
Cost Management Plan
- B.
Cost Baseline
- C.
Baseline
- D.
Cost Control
- 15.What is the term for the original total budget for a project?
- A.
Estimate at Completion
- B.
Budget at Completion
- C.
Cost Performatnce Index
- D.
Schedule Performance Index
- 16.A cost estimate used to allocate money into an organization's budget is known as _________________.
- A.
Cost Budgeting
- B.
Budgetary Estimate
- C.
Cost Management Plan
- D.
Definitive Estimate
- 17.What is the portion of approved total cost estimate planned to be spent on an activity during a given period called?
- A.
Actual Cost
- B.
Rough Order of Magnitude
- C.
Planned Value
- D.
Life Cycle Costing
- 18.What is the additional percentage or dollar amount by which actual cost exceed estimates known as?
- A.
Overrun
- B.
Additional Cost
- C.
Cost Overhead
- D.
Baseline Cost
- 19.What is the theory that states that when many item are produced repetitively, the unit cost of those items normally decreases in a regular pattern as more units are produced?
- A.
Rough Order of Magnitude
- B.
Learning Curve Theory
- C.
Life Cycle Costing
- D.
Planned Value
- 20.What is the earned value minus the planned value?
- A.
Schedule Variance
- B.
Schedule Performance Index
- C.
Project Cost Managment
- D.
Management Reserves
- 21.What is the term for dollars included in a cost estimate to allow for future situations that may be partially planned for (sometimes called 'known unknowns') and are included in the project cost baseline?
- A.
Contingency Reserves
- B.
Cost Budgeting
- C.
Definitive Estimate
- D.
Estimate at Completion
- 22.A cost-estimating technique that uses project characteristics (parameters) in a mathematical model to estimate project costs is known as ____________________.
- A.
Learning Curve Theory
- B.
Life Cycle Costing
- C.
Parametric Modeling
- D.
Planned Value
- 23.What are the costs or benefits that can be easily measured in dollars called?
- A.
Tangible Costs
- B.
Schedule Variance
- C.
Management Reserves
- D.
Indirect Costs
- 24._____________________ is an estimate of what it will cost to complete the project based on performance to date.
- A.
Definitive Estimate
- B.
Cost Estimating
- C.
Analogous Estimate
- D.
Estimate at Completion
- 25.What is the total of direct and indirect costs incurred in accomplishing work on an activity during a given period known as?
- A.
Earned value (EV)
- B.
Actual Cost (AC)
- C.
Schedule Variance (SV)
- D.
Budget at Completion (BAC)
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