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Exam 7: Project Cost Management

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Question 1

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Contingency reserves are also known as unknown unknowns.

A) True
B) False

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Question 2

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Analogous estimates are the most accurate technique to estimate costs.

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B) False

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

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

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

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

Variances are calculated by subtracting the actual cost from _____.

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

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 _____.

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

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

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

Describe three tools used in developing a good cost estimate.

The first step in project cost management is:

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?

_____ are revenues minus expenditures.

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

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.

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