32 Questions
What does Project Cost Management encompass?
Cost estimating
Which of the following is a key process involved in cost management?
Cost budgeting
What will students do at the end of this module?
Complete an earned value analysis assignment
What are the learning outcomes of this module related to?
Cost and quality management
What concept and calculation will students apply in analyzing the progress of a project?
Earned Value Analysis (EVA)
What is one of the reasons for project cost overruns mentioned in the module?
Inadequate project scheduling
What is the primary objective of project quality management?
To identify and mandate quality standards relevant to the project
Which technique is used to determine the monthly or annual costs and benefits for a project?
Cash flow analysis
What does the cost variance measure in project management?
The difference between the budgeted and actual cost of work performed
Which technique takes into consideration project scope, time, and cost, and compares actual performance to a project baseline?
Earned value analysis
What does the schedule variance measure in project management?
The difference between the work performed and the work scheduled
What is the primary purpose of life cycle costing in project management?
To consider the total cost of the project including both development costs, support costs, and disposal costs
What does the cost performance index indicate in project management?
The ratio of the work performed to actual costs incurred
Which technique uses the actual costs of a similar project as the basis for estimating current project costs?
Analogous estimates or top-down estimates
What is the focus of quality assurance in project management?
Periodically evaluating overall project performance to ensure it satisfies expectations
What do direct costs refer to in project management?
Costs directly related to the project such as salaries of project staff, consultants, material
Which of the following is NOT one of the key processes involved in cost management as described in the module?
Risk management
What concept do students learn to apply in analyzing the progress of a project as mentioned in the module?
Earned Value Analysis (EVA)
What is the primary focus of quality assurance in project management according to the module?
Verifying that project activities comply with the project management plan
Which technique uses historical data from similar projects to estimate the current project costs?
Analogous estimating
What is one of the reasons for project cost overruns mentioned in the module?
Scope changes
What does the term 'direct costs' refer to in project management based on the module content?
Costs that can be directly attributed to a specific project
What is the primary purpose of using a resource responsibility matrix in project management?
To assign available individuals and resources to appropriate tasks
In project cost management, what does the term 'bottom-up estimating' refer to?
Summing up the costs estimated for individual work items to get the total project costs
What is the focus of earned value analysis in project management?
To compare actual performance with scheduled work
What does the term 'cost variance' measure in project management?
The difference between budgeted and actual cost of work performed
Which technique uses the actual costs of a similar project as the basis for estimating current project costs?
Analogous estimates or top-down estimates
What is the primary purpose of life cycle costing in project management?
To consider the total cost of the project including development, support, and disposal costs
What does quality planning involve in project quality management?
Identifying and mandating quality standards relevant to the project
What are direct costs in project management?
'Directly related to the project such as salaries of project staff and consultants
What does schedule variance measure in project management?
The difference between the work performed and the work scheduled
What concept and calculation do students apply in analyzing the progress of a project?
Earned value analysis technique
Test your knowledge on project cost and quality management with this quiz focused on the core functions of project management. Explore cost estimating, budgeting, resource planning, and cost control processes.
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