When you are preparing a project, it is important to have a laid out plan of what you plan to accomplish with the project and how you aim to do so. When it comes to project cost management, it is important to ensure that keep tabs on what is being done and if does not go out of your cost budget. Test out what you know about the topic below.
Historical information from a recently completed project
An SME's opinion
Recollections of team members that have worked on similar projects
Vendors' whitepapers
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Fixed costs
Parametric costs
Variable costs
Indirect costs
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Cost estimates and project schedule
Cost estimates and supporting detail
EAC and BAC
A parametric model to arrive at the costs submitted
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$240,000
$270,000
$30,000
-$30,000
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Top-down estimating
Top-down budgeting
Bottom-up estimating
Parametric estimating
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Life-cycle costs
Scope creep
Project spin-off
Operations
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Not enough information to know
8 months
72 months
5 years
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100
89
0.89
0.79
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Production increases as workers become more efficient with the installation procedure.
Efficiency increases as workers become more familiar with the installation procedure.
Costs decrease as workers complete more of the installation procedure.
Time decreases as workers complete more of the installation procedure in the final phases of a project.
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Parametric modeling
WBS
Project scope
Requirements document
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$750 per ton
Historical information from a similar project
Estimates built bottom-up based on the WBS
Estimates based on top-down budgeting
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10 percent
$75,000
$25,000
Not enough information to know
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Regression analysis
Bottom-up estimating
Less accurate
More accurate
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The cost management plan controls how change management affects the BAC.
The cost management plan controls how cost variances will be managed.
The cost management plan controls how the project manager may update the cost estimates.
The cost management plan controls how the BAC may be adjusted.
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$100,000
$79,000
$25,000
Zero
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Fixed costs
Parametric costs
Variable costs
Indirect costs
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$29,000
$290,000
$96,666
$9,666
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Zero
$1,000
$1,800
$2,000
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$65,000
$39,000
$26,000
$64,999
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Planned value
Present value
Sunk costs
Capital expenditure
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$5,000
$17,000
$22,000
Zero, as project ADS is worth more than Project KJH
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You haven't completed one hotel room yet, so you don't know how long the work will actually take.
You have not factored in all of the effort applied to the work.
You have not considered the law of diminishing returns.
You have not considered the learning curve.
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People doing the work create the estimates.
It creates a more accurate estimate.
It's more expensive to do than other methods.
It's less expensive to do than other methods.
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Time constraint
Schedule constraint
Value engineering
Learning curve
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Quiz Review Timeline (Updated): Mar 22, 2023 +
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