E2 Project Management Module 3 Cost and Quality Management
30 Questions
6 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main focus of Project Cost Management?

  • Improving team communication
  • Maximizing project scope
  • Completing a project within an approved budget (correct)
  • Ensuring high quality project deliverables

    • Which process is NOT involved in Project Cost Management?

  • Cost estimating
  • Resource planning
  • Quality control (correct)
  • Cost budgeting

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

  • Discuss the attributes of various cost estimation tools and techniques
  • Explain the three most common organisation structures in project management
  • Construct a basic project calendar incorporating different types of durations (correct)
  • Perform a SWOT analysis for project evaluation

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

    <p>Completing an earned value analysis assignment</p> Signup and view all the answers

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

    <p>Project progress</p> Signup and view all the answers

    Which function is NOT part of Project Cost Management?

    <p>Quality assurance</p> Signup and view all the answers

    What is the main focus of project quality management?

    <p>Conformance to project owners’ and key stakeholders’ expectations</p> Signup and view all the answers

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

    <p>Cash flow analysis</p> Signup and view all the answers

    What does the cost variance measure in project management?

    <p>The difference between the budgeted and actual cost of work performed</p> Signup and view all the answers

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

    <p>Earned value analysis</p> Signup and view all the answers

    What does the schedule variance measure in project management?

    <p>The difference between the work performed and the work scheduled</p> Signup and view all the answers

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

    <p>Life cycle costing</p> Signup and view all the answers

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

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

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

    <p>Direct costs</p> Signup and view all the answers

    What is the primary focus of Project Cost Management?

    <p>Cost estimating</p> Signup and view all the answers

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

    <p>Cost budgeting</p> Signup and view all the answers

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

    <p>Ensuring project quality requirements are met</p> Signup and view all the answers

    Which function is NOT part of Project Cost Management?

    <p>Risk management</p> Signup and view all the answers

    What does the schedule variance measure in project management?

    <p>Difference between planned duration and actual duration</p> Signup and view all the answers

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

    <p>Direct cost</p> Signup and view all the answers

    What is the primary focus of project quality management?

    <p>Identifying and mandating quality standards relevant to the project</p> Signup and view all the answers

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

    <p>Analogous estimates or top-down estimates</p> Signup and view all the answers

    What does the schedule variance measure in project management?

    <p>The difference between the work performed and the work scheduled</p> Signup and view all the answers

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

    <p>Direct costs</p> Signup and view all the answers

    What is the purpose of quality planning in project management?

    <p>To identify and mandate quality standards relevant to the project</p> Signup and view all the answers

    Which process is NOT involved in Project Cost Management?

    <p>Quality assurance</p> Signup and view all the answers

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

    <p>Cost variance</p> Signup and view all the answers

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

    <p>Earned value analysis</p> Signup and view all the answers

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

    <p>'The ratio of the work performed to actual costs incurred'</p> 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?

    <p>Bottom-up estimating</p> 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.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your understanding of project management functions such as cost and quality management. Explore key processes like resource planning, cost estimating, budgeting, and control.

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser