chapter-7 edited
1. 1. includes the processes required to ensure that a project team completes a project within an approved budget.
d. Project cost management
2. Which of the following involves developing an approximation of the costs of resources needed to complete a project?
d. Estimating costs
3. involves allocating the overall cost estimate to individual work items to establish a baseline for measuring performance.
a. Determining the budget
4. One of the main outputs of the process is a cost baseline.
c. cost budgeting
5. The process of controlling costs primarily involves:
b. managing changes to the project budget.
6. Work performance information and cost forecasts are main outputs of the process.
c. cost control
7. Profits may be defined as:
d. revenues minus expenditures.
8. helps develop an accurate projection of a project’s financial expenses and benefits.
c. Life cycle costing
9. is a method for determining the estimated annual costs and benefits for a project.
b. Cash flow analysis
10. Which of the following is true of tangible costs?
b. They can be easily measure
11. are those costs that are difficult to measure in monetary terms.
a. Intangible costs
12. Newtech Inc. hires John for the position of a software programmer to work on their new project. Salary paid to John by Newtech Inc. would be an example of costs.
a. direct
13. Indirect costs are:
d. not directly related to the products or services of a project.
Soles is a footwear company which has recently set up its store in Ambrosia. To manufacture its products, Soles incurs a range of different costs. Which of the following would be an example of an indirect cost?
c. Electric ity used to run its factories
Good Earth, a company manufacturing packaged food products, sets up its stores in Baltonia. However, a year later, the company closes the store down due to high operating costs. In such a scenario, the money spent in paying for the rent of the store in Baltonia would be an example of costs.
c. sunk
16. Which of the following is true of contingency reserves?
a. They allow for future situations that can be partially planned for.
17. Which of the following reserves allows for future situations that are unpredictable?
b. Management reserves
18. The first step in project cost management is:
b. to plan how costs will be manage
19. Which of the following is true of a rough order of magnitude estimate?
b. It provides an estimate of what a project will cost.
20. A rough order of magnitude estimate can be referred to as a estimate.
d. ballpark
21. A cost estimation tool which is used to allocate money into an organization’s budget is known as a estimate.
a. budgetary
22. A estimate is used for making many purchasing decisions for which accurate estimates are required and for estimating final project costs.
b. definitive
23. Which of the following types of estimate use the actual cost of a previous, similar project as the basis for estimating the cost of the current project?
d. Analogous estimates
24. Analogous estimates are also known as estimates.
b. top-down
25. Which of the following is true of analogous estimates?
c. They are most reliable when previous projects are similar in fact with current projects.
26. 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.
c. bottom -up
27. Which of the following is true of bottom-up estimates?
d. They are time-intensive and expensive to develop.
28. uses project characteristics in a mathematical model to estimate project costs.
b. Parametric estimating
29. Which of the following is most likely to be a reason for inaccuracies in information technology cost estimates?
b. People lack estimating experience.
30. 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.
b. definitive
31. The main goal of the process is to produce a cost baseline for measuring project performance and project funding requirements.
a. cost budgeting
32. Which of the following is an output of the process of controlling costs?
a. Cost forecasts
33. Which of the following is an input of the process of controlling costs?
b. Work performance data
34. The budget is one of the three values of earned value management and is also known as .
d. planned value
35. Which of the following is true of earned value?
c. It is an estimate of the value of the physical work actually complete
36. Variances are calculated by subtracting the actual cost from .
a. earned value
37. Cost variance is:
b. the earned value minus the actual cost.
38. Schedule variance is:
a. the earned value minus the planned value.
40. Which of the following is true of the schedule performance index (SPI)?
a. It can be used to estimate the projected time to complete the project.
39. The cost performance index (CPI)
b. can be used to estimate the projected
cost of completing the project
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