Project Cost Management Flashcards
1
Q
The importance of project cost management
A
IT projects have a poor track record for meeting budget goals
2
Q
What’s the cost overrun?
A
The additional percentage dollar amount by which actual cost exceed estimates
3
Q
What is cost?
A
Resource sacrificed or forgone to achieve a specific objective or something given up in exchange.
4
Q
How is the cost measured?
A
Usually measured in monetary value
5
Q
What is project cost management?
A
Processes required to ensure that the project is competed within an approved budget
