Exam 7: Determining Costs, Budget and Earned Value

Allocating total project costs for the various elements to the appropriate work packages in the work breakdown structure will establish a ____ for each work package.

Contingency costs in the project costs estimate, also referred to as ____, are to cover unexpected situations that may come up during the project, such as items that may have been overlooked when the initial project scope was defined, activities that may have to be redone because they may not work the first time (redesigns), or a high probability or high impact risk that may occur.

Managing cash flow involves making sure that sufficient payments are received from the customer in time so that