Exam 7: Project Cost Management

Using simplified percentage complete amounts for a one-year project with weekly reporting and an average task or work packet size of one week,you can expect about a(n)____ percent error rate.

Databases are a common tool for cost estimating,cost budgeting,and cost control.

Using good _________________________ can change the false perception that costs grow and failures are to be expected.

Parametric models are least reliable when historical information was used to create the model.

A definitive estimate should be the least accurate of the three types of estimates.

The ____ is the ratio of earned value to actual cost and can be used to estimate the projected cost of completing the project.

A ____ is done very early in a project or even before a project is officially started.

List and describe the three values calculated for an activity in earned value management.Give examples of each.

The people who develop software cost estimates often have a great deal of experience with cost estimation.

Many organizations now collect and control an entire suite of projects or investments as one set of interrelated activities in one place,called a(n)____________________.

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

Information technology project managers need to be able to present and discuss project information in ____________________ terms as well as in technical terms.

If cost variance is a positive number,it means that performing the work cost more than planned.

If a project manager gets sick for two weeks or an important supplier goes out of business,management reserve could be set aside to cover the resulting costs.

When deciding what projects to invest in or continue,you should include sunk costs.

____ is a method for determining the estimated annual costs and benefits for a project and the resulting annual cash flow.

If the cost estimate will be the basis for contract awards and performance reporting,it should be a ____ and as accurate as possible.

____ should be forgotten.

In practice,many people find that using a combination or hybrid approach involving analogous,bottom up,and/or parametric modeling provides the best ____________________.

The ____ is an estimate of the value of the physical work actually completed.