Quiz: Important Concepts About Project Cost Management

10 Questions | Total Attempts: 619

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Quiz: Important Concepts About Project Cost Management

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.