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10 Cards in this Set
- Front
- Back
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-- is a resource sacrifice 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 his little cost as possible to complete a project within an approved budget to provide truthful and accurate cost information on projects |
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 updates 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 project, what is the profit margin for the product?
-5% 5% -5 dollars five dollars |
-5%
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-- 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 technique are you using?
Parametric analogous bottom-up top-down |
Parametric
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-- involves locating 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 costing project cost budgeting earned value analysis |
Earned value analysis
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If the actual cost for a WBS item is $1500 and it's earned value was $2000, what is its cost variance, and is it under or over budget?
The cost variances is minus $500, which is over budget the cost rants is minus $500, which is under budget the cost variances is $500, which is over budget the cost variances $500, which is under budget |
The cost variances $500, which is under budget
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If a project is halfway completed and it schedule performance Index is 110% and its cost performance indexes 95%, how is it progressing?
It is ahead of schedule and under budget it is said of schedule and over budget it is behind schedule and under budget it is behind schedule and over budget |
It is ahead of schedule and over budget
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