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MGMT 6056 > M3 > Flashcards

M3 Flashcards

1
Q

Inputs for Plan Cost Management

A

Project Charter
Project management plan
enterprise environmental factors
organizational process assets

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2
Q

Tools and Techniques for Plan Cost Management

A

Expert Judgment
Data analysis
Meetings

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3
Q

Outputs for Plan Cost Management

A

Cost management plan

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4
Q

establishes policies, procedures, and documentation for the project cost management

A

Plan Cost Management

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5
Q

a management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement

A

Control Account

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6
Q

Cost Management can include:

A

data collection
cost estimation
budgeting
cost accounting and cost control

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7
Q

Common sources of costs:

A

labour
materials
subcontractors
equipment and facilities
travel and expenses

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8
Q

types of cost

A

direct
indirect
recurring
non recurring
fixed
variable
normal
expedited

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9
Q

the overall plan or guidance for the cost management knowledge area

A

Cost Management Plan

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10
Q

Cost management plan can establish what?

A

units of measure
level of precision
level of accuracy
organizational procedure links
control thresholds
rules of performance measurements
reporting formats
process descriptions
additional details

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11
Q

degree to which activity cost estimates will be rounded up or down

A

level of precision

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12
Q

the acceptable range used in determining realistic cost estimates

A

level of accuracy

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13
Q

how wbs will be linked to control accounts

A

organizational procedure links

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14
Q

what agreed upon thresholds indicates action needs to be taken

A

control threshold

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15
Q

level in the WBS in which measurement of control accounts will be performed, measurements techniques used (weighted milestones, fixed-formula, percent complete), specify EVM equations for calculating EACs

A

rules of performance measurement

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16
Q

format and frequency for the various cost reports

A

reporting formats

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17
Q

cost management processes are documented

A

process descriptions

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18
Q

strategic funding choices, dealing with currency exchange rates, procedure for project cost recording

A

additional details

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19
Q

create a reasonable budget baseline for the project

A

cost estimation processes

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20
Q

creation of a budget based estimates

A

budgeting

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21
Q

serves as the chief mechanisms for identifying and maintaining control over project costs

A

cost accounting and cost control

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22
Q

Accounts in the WBS where we are capturing ongoing expenditures in our project

A

Control Accounts

23
Q

EVM

A

Earned Value Management

24
Q

EAC

A

estimate at completion

25
Q

Costs that are clearly assigned to the project

A

direct costs

26
Q

costs that cannot be attributed solely to a single project

A

Indirect costs

27
Q

2 major categories of Indirect costs

A

Overhead cost
selling and general administration

28
Q

ex: utilities, taxes, insurance, property and repairs, depreciation, health and retirement benefits

A

overhead cost

29
Q

ex: advertising, shipping, salaries, sale and secretarial support

A

selling and general administration

30
Q

costs that continue to operate over the project’s life cycle

A

recurring costs

31
Q

recurring costs examples

A

labour, material, logistics, sales costs

32
Q

Costs that can be associated with charges applied once at the beginning or end of the project

A

non recurring costs

33
Q

nonrecurring cost examples

A

one-time training
marketing research costs

34
Q

Costs that do not vary with usage

A

Fixed costs

35
Q

costs that accelerate or increase through usage

A

Variable costs

36
Q

Refers to those incurred in the routine process of working to complete the project according to the original, planned schedule

A

Normal costs

37
Q

unplanned costs incurred when steps are taken to speed up the project’s completion

A

Expedited costs

38
Q

examples of expedited costs

A

overtime
hiring additional staff
hiring subcontractors
higher transportation costs

39
Q

the cost that you have incurred that may or may not have value

A

sunk cost

40
Q

Cost Classification - Direct Labour

A

direct
recurring
variable
normal

41
Q

Cost Classification - building lease

A

indirect
recurring
fixed
normal

42
Q

Cost Classification - expedite

A

direct
non-recurring
variable
expedited

43
Q

Cost Classification - material

A

direct
recurring
variable
normal

44
Q

cost allocated to the production of a product or service

A

Overhead factor

45
Q

consideration for hours labour is not working

A

Personal time factor

46
Q

total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service

A

unit cost

47
Q

the production level at which the total costs are covered by the revenue generated

A

breakeven point

48
Q

the level which your production costs meet the purchase costs

A

breakeven point

49
Q

measure of how spread out numbers are

A

Standard deviation

50
Q

the process of developing an approximation of the cost of resources needed to complete the project work

A

estimate costs

51
Q

a method of estimating a component of work
the detailed cost is summarized or rolled up to higher levels

A

Bottom-up estimating

52
Q

the cost of the activity, based on realistic effort assessment for the required work and any predicted expenses

A

most likely

53
Q

PERT

A

Project Evaluation Review Technique

MGMT 6056 (5 decks)

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