Exam 7: Project Cost Management

The ratio of actual work completed to the percentage of work planned to have been completed at any given time during the life of the project or activity is known as the _____.

Variances are calculated by subtracting the actual cost from _____.

_____ are revenues minus expenditures.

A(n) _____ estimate is done very early in a project or even before a project is officially started.

A schedule performance index of one means that the project is on schedule.

Definitive estimates are made one year or less prior to project completion.

_____ costing considers the total cost of ownership, or development plus support costs, for a project.

_____ helps develop an accurate projection of a project's financial expenses and benefits.

Analogous estimates are the most accurate technique to estimate costs.

Contingency reserves are also known as unknown unknowns.

The first step in project cost management is:

Determining the budget involves allocating the project cost estimate to individual work items over time.

What are the three basic types of cost estimating? Describe each type.

Describe three tools used in developing a good cost estimate.

Project costs, like project schedules, grow out of the basic documents that initiate a project, like the _____.

Which of the following reserves allows for future situations that are unpredictable?

The main goal of the _____ process is to produce a cost baseline for measuring project performance and project funding requirements.

A cost management plan is a subsidiary of the _____ plan.

Which of the following types of estimate use the actual cost of a previous, similar project as the basis for estimating the cost of the current project?

Which of the following is an output of the process of controlling costs?