Costs Flashcards
Which of the following should be considered when tailoring processes for project cost management?
A. Estimating, governance, and continuous improvement
B. Budgeting, knowledge management, and risk mitigation
C. Estimating, budgeting, and governance
D. Budgeting, continuous improvement, and knowledge management.
Estimating, budgeting, and governance
Time or money allocated in the schedule or cost baseline for known risk with active response strategies is:
A. Contingency reserve
B. Risk allocation reserve
C. Top-down reserve
D. Management reserve
Contingency reserve
Project Cost Management includes all of the following processes EXCEPT:
A. Determine budget
B. Level resources
C. Control costs
D. Plan cost management
Level resources
Which of the following tasks are involved in project cost management?
A. Financing, Budgeting, and allocating
B. Financing, Allocating, and spending
C. Estimating, budgeting, and financing
D. Estimating, financing, and spending.
Estimating, budgeting, and financing
Determining the appropriate monetary resources required to complete project activities is the purpose of what project cost management process?
A. Control cost
B. Plan Cost Management
C. Estimate cost
D. Determine budget
Estimate cost
What describes the approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results?
A. Resource baseline
B. Cost baseline
C. Budget baseline
D. Schedule baseline
Cost baseline
Which of the following best defines the cost management plan?
A. The best way to manage the project budget constraints
B. What tools will be used to control the project budget
C. How costs will be planned, structured, and controlled
D. The cost of resource types and deliverables
How costs will be planned, structured, and controlled
The cost management plan has all of the following characteristics EXCEPT:
A. It may specify variance thresholds for monitoring cost performance to indicate an agreed-upon amount of variation allowed before some action needs to be taken
B. It describes how the project costs will be planned, structured, and controlled
C. It is based on project cost estimates and is separate from the project management plan
D. It may specify the level of precision, which is the degree to which activity cost estimates will be rounded up or down
It is based on project cost estimates and is separate from the project management plan
Which of the following is a tool and technique of the Plan Cost Management process?
A. Meetings
B. Virtual teams
C. Data gathering
D. Interpersonal and team skills
Meetings
Which of the following inputs is referenced in the plan cost management process?
A. Agreements
B. Project charter
C. Business documents
D. Project documents
Project charter
Which of the following outputs is generated as a result of conducting the Plan Cost Management process?
A. Cost Management Plan
B. Change requests
C. Deliverables
D. Organizational Process Assets updates
Cost Management Plan
Which of the following most accurately describes the quantitative assessments of the probable cause required to complete project work, as well as contingency amounts to account for identified risk and management reserve to cover unplanned work?
A. Duration estimates
B. Parametric estimates
C. Cost estimates
D. Budget estimates
Cost estimates
Which of the following are estimated for resources that are applied to the cost estimate?
A. Technology, materials, and exchange rates
B. Materials, exchange rates, and time shortages
C. Labor, time shortages, and equipment
D. Labor, materials, and equipment
Labor, materials, and equipment
What is an input to the Estimate Costs process?
A. Risk register
B. Data analysis
C. Project charter
D. Assumption Log
Risk register
What is an output of the Estimate Costs process?
A. Expert judgement
B. Scope baseline
C. Basis of estimates
D. Cost of quality
Basis of estimates
What is an input to the Estimate Costs process?
A. Project charter
B. Resource calendars
C. Agreements
D. Scope baseline
Scope baseline
Parametric estimating involves:
A. Using a statistical relationship between relevant historical data and other variables to calculate a cost estimate for project work
B. Using the actual cost of a previous similar project to estimate the cost of the current project
C. Calculating individual cost estimates for each work package and integrating them to obtain the total cost of the project
D. Defining cost and duration parameters of the project lifecycle.
Using a statistical relationship between relevant historical data and other variables to calculate a cost estimate for project work
Analogous cost estimating uses which of the following costs?
A. The budget cost of all project components
B. The forecasted cost of individual work packages
C. The actual cost of previous, similar projects
D. The total cost of all estimated resource types
The actual cost of previous, similar projects
Which of the following is an output in the Determine Budget process?
A. Change requests
B. Cost forecasts
C. Project funding requirements
D. Financing
Project funding requirements
Which of the following is an input to the Determine Budget process?
A. Quality management plan
B. Stakeholder engagement plan
C. Risk management plan
D. Resource management plan
Resource management plan
Which of the following represents process concerned with establishing and controlling the cost baseline?
A. Determine Budget and Control Costs
B. Plan Resource Management, Cost Estimating, and Cost Control
C. Plan Resource Management and Control Costs
D. Estimate Costs, Develop Budget, and Adhere to Baseline
Determine Budget and Control Costs
or
Estimate Costs, Develop Budget, and Adhere to Baseline
The cost performance baseline has all of the following characteristics EXCEPT:
A. It is the approved version of the time phase project budget, excluding any management reserves, and is used as the basis for comparison with actual results.
B. It shows the actual cost expenditures throughout the project lifecycle
C. It is developed as a summation of the approved budgets for the different schedule activities
D. It is typically displayed in the form of an S-curve.
It shows the actual cost expenditures throughout the project lifecycle
How is the cost baseline developed?
A. By totaling the resource cost, technology cost and management costs
B. As a result of the management reserves minus the total budget
C. As a summation of the approved budgets for the different schedule activities
D. By creating an all-encompassing list of actual cost expenditures
As a summation of the approved budgets for the different schedule activities
Which of the following is a tool or technique for the determined budget process?
A. Alternative analysis
B. Trend analysis
C. Variance analysis
D. Reserve analysis
Reserve analysis
