L2: COST CONTROL SYSTEMS

Question 1

What are the purpose of Cost Control System?

Answer 1

1. Budget Adherence
2. Performance Measurement
3. Risk Management
4. Decision-Making

Question 2

What are the key components of Cost Control Systems?

Answer 2

1. Cost Estimation
2. Budgeting
3. Cost Tracking
4. Variance Analysis
5. Forecasting
6. Change Control Process

Question 3

What are the processes involved in Cost Control System?

Answer 3

1. Establishing a Cost Baseline
2. Monitoring and Tracking Costs
3. Conducting Variance Analysis
4. Implementing Corrective Actions
5. Reporting and Communication
6. Reviewing and Updating Estimates

Question 4

What are the tools and techniques for Cost Control?

Answer 4

1. Project Management Software
2. Earned Value Management (EVM)
3. Cost Reporting Templates
4. Spreadsheet Software

Question 5

What are the challenges in Cost Control System?

Answer 5

1. Inaccurate Estimates
2. Scope Creep
3. Complexity of Projects

Question 6

What are the best practices for Effective Cost Control System?

Answer 6

1. Develop a Detailed Cost Baseline
2. Regular Monitoring and Reporting
3. Use Variance Analysis Effectively

Question 7

What are the roles of budgeting in Cost Control System?

Answer 7

1. Setting Financial Limits
2. Resource Allocation
3. Performance Measurement
4. Decision Making

Question 8

What are the roles of Forecasting Cost Control System?

Answer 8

1. Trend Analysis
2. Proactive Management

Question 9

What are the integration of Budgets and Forecasts?

Answer 9

1. Continuous Monitoring
2. Variance Analysis

Question 10

What are the tools for Cost Management?

Answer 10

1. Software Applications
2. Excel-based Tools and Templates

Question 11

Involves the following:
Comprehensive Project Management
Real-Time Data
Reporting and Analytics

Answer 11

Software Applications

Question 12

Involves the following:
Customizability
Accessibility
Basic Calculations and Analysis

Answer 12

Excel-based Tools and Templates