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Exam 7: Project Cost Management

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Question 21

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If the cost estimate for a project is a basis for contract awards and performance reporting, it should be a(n) _____ estimate and as accurate as possible.

A) budgetary
B) definitive  
C) rough order of magnitude
D) analogous

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Question 22

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

A) Critical path analysis
B) Fast tracking  
C) Life cycle costing
D) Crashing

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Question 23

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

The budget is one of the three values of earned value management and is also known as _____.

Intangible costs can be easily measured in monetary terms.

A _____ estimate is used for making many purchasing decisions for which accurate estimates are required and for estimating final project costs.

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

Which of the following is true of contingency reserves?

The main outputs of the _____ process are a cost performance baseline, project funding requirements, and project document updates.

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 _____.

In a bottom-up estimate, the size of the individual work items is one of the factors that drives the accuracy of the estimates.

The project management plan and project funding requirements are inputs of the process of controlling costs.

The additional percentage or dollar amount by which actual costs exceed estimates is known as a(n) _____.

_____ costing helps to see a big-picture view of the cost of a project throughout its life cycle.

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

Project cost estimates are allocated to work items which are based on the activities in the _____ for the project.

The primary output of the planning cost management process is a change request.

A cost estimation tool which involves estimating individual work items or activities and summing them to get a project total is known as a(n) _____ estimate.

Project managers must conduct cash flow analysis to determine _____.

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