Quiz: Important Concepts About Project Cost Management

10 Questions | By Marchesl | Updated: Mar 21, 2022 | Attempts: 720

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Quiz: Important Concepts About Project Cost Management - Quiz

This quiz is on basic project cost management principles! Coming up with a budget in any project is one of the most important things to check during the planning and execution stages. By going through this quiz, you will be guaranteed a chance to learn some basics about cost management, its importance, and some terms used in relation to it. Do give it a shot!

Questions and Answers

1.

Project [Blank] Management includes processes involved in planning, estimating, budgeting, and controlling costs so that the project can be completed within the approved budget.
2.

Which of the following is NOT an input to Plan Cost Management?
- A.
  
  Project Management Plan
- B.
  
  Expert Judgement
- C.
  
  Project Charter
- D.
  
  EPP's
- E.
  
  OPA's
3.

Estimate Costs is defined as the process of developing an approximation of the monetary resources needed to complete project activities. It is a prediction based on info known at given point in time. True or false?
- A.
  
  True
- B.
  
  False
4.

Select the following items which are Lifecycle Costs.
- A.
  
  Acquisition Costs
- B.
  
  Personel Costs
- C.
  
  Equipment Costs
- D.
  
  Ownership Costs
5.

Determine [Blank] is the process of aggregating the estimated cost of individual activities or work packages to establish an authorized cost baseline.
6.

An output of Control Costs is the PM Plan. True or false?
- A.
  
  True
- B.
  
  False
7.

In [Blank] Variance, negative is over budget, positive is under budget.