Quiz: Basic Project Cost Management Principles!
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(65).jpg "Quiz: Basic Project Cost Management Principles!")
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- 1.
- A.
Learning Curve Theory
- B.
Life Cycle Costsing
- C.
Parametric Modeling
- D.
Rate of Performance
- 2.Costs that can be directly related to producing the products and services of the project.
- A.
Cost Budgeting
- B.
Budget at Completion
- C.
Direct Costs
- D.
Earned Value
- 3.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 performing the project.
- A.
Intangible Costs
- B.
Sunk Cost
- C.
Tangible Costs
- D.
Indirect Costs
- 5.A document that describeshow cost variances will be managed on the project.
- A.
Analogous Estimate
- B.
Cost Management Plan
- C.
Earned Value Managment
- D.
Estimate at Completion
- 6.The processes required to ensure that the project is completed within the approved budget.
- A.
Management Reserves
- B.
Project Cost Management
- C.
Rate of Performance
- D.
Planned Value
- 7.
- A.
Actual Cost
- B.
Direct Cost
- C.
Sunk Cost
- D.
Indirect Cost
- 8.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.The ratio between revenues and profits.
- A.
Profit Margin
- B.
Planned Value
- C.
Profits
- D.
Actual Costs
- 10.A cost estimating technique based on estimating individual work items and summing them to get a project total.
- A.
Analogous Estimates
- B.
Bottom-Up Estimates
- C.
Definitive Estimate
- D.
Parametric Estimate
- 11.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.A cost estimate that provides an accurate estimate of project costs.
- A.
Baseline
- B.
Direct Costs
- C.
Definitive Estimate
- D.
Contigency Reserves
- 13.The earned value minus the actual cost.
- A.
Cost Control
- B.
Actual Cost
- C.
Cost Variance
- D.
Earned Value
- 14.The original project plan plus approved changes.
- A.
Cost Management Plan
- B.
Cost Baseline
- C.
Baseline
- D.
Cost Control
- 15.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.
- A.
Cost Budgeting
- B.
Budgetary Estimate
- C.
Cost Management Plan
- D.
Definitive Estimate
- 17.The portion of approved total cost estimate planned to be spent on an activity during a given period.
- A.
Actual Cost
- B.
Rough Order of Magnitude
- C.
Planned Value
- D.
Life Cycle Costing
- 18.The additional percentage or dollar amount by which actual cost exceed estimates.
- 19.A 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.The earned value minus the planned value.
- A.
Schedule Variance
- B.
Schedule Performance Index
- C.
Project Cost Managment
- D.
Management Reserves
- 21.Dollars included in a cost estimate to allow for future situations that may be partially planned fo (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.
- A.
Learning Curve Theory
- B.
Life Cycle Costing
- C.
Parametric Modeling
- D.
Planned Value
- 23.Costs or benefits that can be easily measured in dollars.
- A.
Tangible Costs
- B.
Schedule Variance
- C.
Management Reserves
- D.
Indirect Costs
- 24.An estimate of what it will cost to complete the project based on performance to date.
- A.
Definative Estimate
- B.
Cost Estimating
- C.
Analogous Estimate
- D.
Estimate at Completion
- 25.The total of direct and indirect costs incurred in accomplishing work on an activity during a given period.
- A.
Earned value (EV)
- B.
Actual Cost (AC)
- C.
Schedule Variance (SV)
- D.
Budget at Completion (BAC)
- 26.Controlling changes to the project budget.
- A.
Cost Baseline
- B.
Cost Control
- C.
Cost Estimating
- D.
Cost Management Plan
- 27.The ratio of earned value to planned value; can be used to estimate the projected time to complete a project.
- A.
Indirect Costs
- B.
Life Cycle Costing
- C.
Schedule Variance (SV)
- D.
Schedule Performance Index (SPI)
- 28.A cost estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project, also called top-down estimates.
- A.
Estimate at Completion
- B.
Definitive Estimate
- C.
Cost Estimating
- D.
Analogous Estimate
- 29.The processes required to ensure that the project is completed within the apporved budget.
- A.
Project Cost Management
- B.
Parametric Modeling
- C.
Rate of Performance
- D.
Schedule Performance Index
- 30.A method for determining the estimated annual costs and benefits for a project.
- A.
Budgetary Estimate
- B.
Cost Control
- C.
Cash Flow Analysis
- D.
Cost Budget
- 31.Costs or benefits that are difficult to measure in monetary terms.
- A.
Indirect Costs
- B.
Intangible Costs
- C.
Actual Costs
- D.
Sunk Costs
- 32.Allocating the overall cost estimate to individual work items to establish a baseline for measuring performance.
- A.
Contigency Reserves
- B.
Cost Baseline
- C.
Cost Budgeting
- D.
Cost Control
- 33.Dollars included in a cost estimate to allow for future situations that are unpredictable (sometimes called unknown unknowns).
- A.
Managment Reserves
- B.
Parametric Modeling
- C.
Reserves
- D.
Rough Order of Magnitude
- 34.The ratio of actual work completed to the percentage of workplanned to have been completed at any given time during the life of the project or activity.
- A.
Learning Curve Theory
- B.
Parametric Modeling
- C.
Rate of Performance (RP)
- D.
Schedule Variance (SV)
- 35.A project performance measurement technique that integratees scope, time, and cost data.
- A.
Earned Value
- B.
Cost Variance
- C.
Earned Value Management
- D.
Cost Baseline
- 36.The ratio of earned value to actual cost; can be used to estimate the projected cost to complete the project.
- A.
Budget at Completion
- B.
Cost Performance Index
- C.
Cost Variance
- D.
Cost Estimating
- 37.Revenues minus expenses.
- A.
Profit Margin
- B.
Profit
- C.
Reserves
- D.
Indirect Costs
- 38.The ratio of actual work completed to the percentage of work planned to have been completed at any given time during the life of the project or activity.
- A.
Learning Curve Theory
- B.
Rate of Performance
- C.
Management Reserves
- D.
Rough Order of Magnitude
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