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.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)
- 2.The original project plan plus approved changes is called ______________.
- A.
Cost Management Plan
- B.
Cost Baseline
- C.
Baseline
- D.
Cost Control
- 3.__________________ is 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.
Parametric Modeling
- C.
Rate of Performance (RP)
- D.
Schedule Variance (SV)
- 4.__________________ is 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)
- 5.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
- 6.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
- 7.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
- 8.What is the earned value minus the actual cost known as?
- A.
Cost Control
- B.
Actual Cost
- C.
Cost Variance
- D.
Earned Value
- 9.What is the term for the ratio between revenues and profits?
- A.
Profit Margin
- B.
Planned Value
- C.
Profits
- D.
Actual Costs
- 10.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
- 11.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
- 12.Money that has been spent in the past is known as ___________.
- A.
Actual Cost
- B.
Direct Cost
- C.
Sunk Cost
- D.
Indirect Cost
- 13._________________ 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
- 14._____________________ 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
- 15._____________________ 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
- 16.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
- 17.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
- 18.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
- 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 term for the 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
- 21.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
- 22.What is the method for determining the estimated annual costs and benefits for a project known as?
- A.
Budgetary Estimate
- B.
Cost Control
- C.
Cash Flow Analysis
- D.
Cost Budget
- 23.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
- 24.What is a project performance measurement technique that integrates scope, time, and cost data called?
- A.
Earned Value
- B.
Cost Variance
- C.
Earned Value Management
- D.
Cost Baseline
- 25.What is allocating the overall cost estimate to individual work items to establish a baseline for measuring performance called?
- A.
Contigency Reserves
- B.
Cost Baseline
- C.
Cost Budgeting
- D.
Cost Control
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