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10 Cards in this Set
- Front
- Back
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-- is a resource sacrificed or foregone to achieve a specific objective or something given up an exchange
money liability trade cost |
Cost
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What is the main goal of project cost management
to complete a project for as little cost as possible to complete a project within an approved budget to provide truthful and accurate cost information on projects to ensure that in organizations money is used wisely |
To complete a project within an approved budget
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Which of the following is not a key output of project cost management
a cost estimate a cost management plan up dates to the cost management plan a cost baseline |
A cost management plan
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If a company loses five dollars for every $100 in revenue for a certain product, what is the profit margin for that product?
-5% 5% -5 dollars five dollars |
-5%
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-- your reserves allow for future situations that are unpredictable
contingency financial management baseline |
Management
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You are preparing a cost estimate for a building based on its location, purpose, number of square feet, and other characteristics. What cost estimating techniques are you using?
Parametric analogous bottom-up top-down |
Parametric
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-- involves allocating the project cost estimate to individual work items over time
reserve analysis lifecycle costing project cost budgeting earned value analysis |
Project cost budgeting
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-- is a project performance measurement technique that integrates scope -- time, and cost data
reserve analysis lifecycle costs and project cost budgeting earned value analysis |
Earned value analysis
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If the actual value for a WBS item is $1500 and it earned value was $2000 what is its cost and variance, and is it under or over budget.
The cost radiance is minus $500, which is over budget the cost for... minus $500, which is under budget the cost variances $500, which is over budget the cost. Since $500, which is under budget |
The cost variance $500, which is under budget
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If your project is halfway completed and it schedule performance Index is 110% and its cost performance indexes 95%, how is it progressing?
It is at of schedule and under budget it is ahead of schedule and over budget it is behind schedule and under budget minutes behind schedule and over budget |
It is ahead of schedule and over budget
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