Quiz: Important Concepts About Project Cost Management
10 Questions
| Total Attempts: 659
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.
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