Exam 7: Determining Costs, Budget and Earned Value

If the project has a negative cost variance, then

The cumulative budgeted cost is

The project cost estimate is allocated to

The ____ is a measure of the cost efficiency with which the project is being performed.

It is important to manage the cash flow on a project.

When evaluating work packages that have a negative cost variance, you should focus on taking corrective actions to reduce the costs of:

The positive cost variance means

When the budgets for all the work packages are summed,

Costs related to ____ are for outsourced work when the project teams or contractors do not have the expertise or resources to do certain project tasks.

____ is the value of the work actually performed, and is a key parameter that must be determined throughout the project.

A third method for determining the forecasted cost at completion is to re-estimate the costs for all the remaining work to be performed and then add this re-estimate to the cumulative actual cost.If the amount of cumulated actual costs is less than difference between the total budgeted cost and the re-estimate, then

Calculate the forecasted cost at completion if the cumulative actual cost is $10,000 and the re-estimate of remaining work to be performed is $5,000.

The earned value is

There are two approaches to establishing the total budgeted cost for each work package:

The cumulative earned value for each work package is calculated by multiplying each percent complete by the ____ for the work package.

Earned value, the value of ____, is a key parameter that must be determined throughout the project.

Travel costs in the project costs estimate are for

The forecasted cost at completion is

The key to effective cost control is waiting to address negative cost variances and cost inefficiencies after they are identified.

The ____ is the amount that is budgeted to accomplish the work that was scheduled to be performed up to a certain point in time