E2 Project Management Module 3 Cost and Quality Management

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Questions and Answers

What is the main focus of Project Cost Management?

Completing a project within an approved budget

Which process is NOT involved in Project Cost Management?

Quality control

What will students be able to do upon completion of the module?

Construct a basic project calendar incorporating different types of durations

What is the primary outcome of the module related to cost management?

Completing an earned value analysis assignment Signup and view all the answers

What does Earned Value Analysis (EVA) concept and calculation help in analyzing?

Project progress Signup and view all the answers

Which function is NOT part of Project Cost Management?

Quality assurance Signup and view all the answers

What is the main focus of project quality management?

Conformance to project owners’ and key stakeholders’ expectations Signup and view all the answers

Which technique is used to determine monthly or annual costs and benefits for a project?

Cash flow analysis Signup and view all the answers

What does the cost variance measure in project management?

The difference between the budgeted and actual cost of work performed Signup and view all the answers

Which tool is used for periodically evaluating overall project performance to ensure satisfaction of project quality requirements?

Earned value analysis Signup and view all the answers

What does the schedule variance measure in project management?

The difference between the work performed and the work scheduled Signup and view all the answers

Which technique considers the total cost of the project including development costs, support costs, and disposal costs?

Life cycle costing Signup and view all the answers

In project management, what is the purpose of quality planning?

Identifying and mandating quality standards relevant to the project and cascading down to the plans and processes Signup and view all the answers

Which type of cost is directly related to the project, such as salaries of project staff and consultants?

Direct costs Signup and view all the answers

What is the primary focus of Project Cost Management?

Cost estimating Signup and view all the answers

Which tool or technique is commonly used to determine monthly or annual costs and benefits for a project?

Cost budgeting Signup and view all the answers

What is the main purpose of quality planning in project management?

Ensuring project quality requirements are met Signup and view all the answers

Which function is NOT part of Project Cost Management?

Risk management Signup and view all the answers

What does the schedule variance measure in project management?

Difference between planned duration and actual duration Signup and view all the answers

Which type of cost is directly related to the project, such as salaries of project staff and consultants?

Direct cost Signup and view all the answers

What is the primary focus of project quality management?

Identifying and mandating quality standards relevant to the project Signup and view all the answers

Which technique uses the actual costs of a similar project as the basis for estimating current project costs?

Analogous estimates or top-down estimates Signup and view all the answers

What does the schedule variance measure in project management?

The difference between the work performed and the work scheduled Signup and view all the answers

Which type of cost is directly related to the project, such as salaries of project staff and consultants?

Direct costs Signup and view all the answers

What is the purpose of quality planning in project management?

To identify and mandate quality standards relevant to the project Signup and view all the answers

Which process is NOT involved in Project Cost Management?

Quality assurance Signup and view all the answers

What is the difference between the budgeted and actual cost of work performed known as in project management?

Cost variance Signup and view all the answers

Which tool is used for periodically evaluating overall project performance to ensure satisfaction of project quality requirements?

Earned value analysis Signup and view all the answers

What does the ratio of work performed to actual costs incurred represent in project management?

'The ratio of the work performed to actual costs incurred' Signup and view all the answers

Which estimation technique involves estimating costs for individual work items and then summing them to get a total cost for the project?

Bottom-up estimating Signup and view all the answers

Study Notes

Project Cost Management

The primary focus of Project Cost Management is to establish a cost baseline, track and control costs, and ensure that the project is delivered within the approved budget.
The process NOT involved in Project Cost Management is Quality Planning.
Students will be able to plan and manage project costs, estimate costs, and develop a cost management plan upon completion of the module.
The primary outcome of the module related to cost management is to establish a cost baseline.

Earned Value Analysis (EVA)

EVA concept and calculation help in analyzing the project's performance and progress in terms of cost, schedule, and scope.

Cost Estimation Techniques

Analogous Estimating is a technique that uses the actual costs of a similar project as the basis for estimating current project costs.
Bottom-up Estimating is a technique that involves estimating costs for individual work items and then summing them to get a total cost for the project.

Cost and Schedule Variances

Cost Variance measures the difference between the budgeted and actual cost of work performed.
Schedule Variance measures the difference between the planned and actual schedule.

Project Quality Management

The primary focus of Project Quality Management is to ensure that the project meets its quality requirements and specifications.
The tool used for periodically evaluating overall project performance to ensure satisfaction of project quality requirements is Quality Control.
The main purpose of quality planning in project management is to identify the quality objectives, standards, and procedures for the project.

Cost Categories

Direct Costs are directly related to the project, such as salaries of project staff and consultants.

Cost-Benefit Analysis

The technique used to determine monthly or annual costs and benefits for a project is Cost-Benefit Analysis.

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E2 Project Management Module 3 Cost and Quality Management

Questions and Answers

What is the main focus of Project Cost Management?

Which process is NOT involved in Project Cost Management?

What will students be able to do upon completion of the module?

What is the primary outcome of the module related to cost management?

What does Earned Value Analysis (EVA) concept and calculation help in analyzing?

Which function is NOT part of Project Cost Management?

What is the main focus of project quality management?

Which technique is used to determine monthly or annual costs and benefits for a project?

What does the cost variance measure in project management?

Which tool is used for periodically evaluating overall project performance to ensure satisfaction of project quality requirements?

What does the schedule variance measure in project management?

Which technique considers the total cost of the project including development costs, support costs, and disposal costs?

In project management, what is the purpose of quality planning?

Which type of cost is directly related to the project, such as salaries of project staff and consultants?

What is the primary focus of Project Cost Management?

Which tool or technique is commonly used to determine monthly or annual costs and benefits for a project?

What is the main purpose of quality planning in project management?

Which function is NOT part of Project Cost Management?

What does the schedule variance measure in project management?

Which type of cost is directly related to the project, such as salaries of project staff and consultants?

What is the primary focus of project quality management?

Which technique uses the actual costs of a similar project as the basis for estimating current project costs?

What does the schedule variance measure in project management?

Which type of cost is directly related to the project, such as salaries of project staff and consultants?

What is the purpose of quality planning in project management?

Which process is NOT involved in Project Cost Management?

What is the difference between the budgeted and actual cost of work performed known as in project management?

Which tool is used for periodically evaluating overall project performance to ensure satisfaction of project quality requirements?

What does the ratio of work performed to actual costs incurred represent in project management?

Which estimation technique involves estimating costs for individual work items and then summing them to get a total cost for the project?

Study Notes

Project Cost Management

Earned Value Analysis (EVA)

Cost Estimation Techniques

Cost and Schedule Variances

Project Quality Management

Cost Categories

Cost-Benefit Analysis

Studying That Suits You

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