E2 Project Management Module 3: Cost and Quality Management

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What does Project Cost Management encompass?

Resource allocation

Cost estimating (correct)

Quality assurance

Time management

Which of the following is a key process involved in cost management?

Cost budgeting (correct)

Quality control

Risk assessment

Human resource management

What will students do at the end of this module?

Complete an earned value analysis assignment (correct)

Complete a quality analysis assignment

Complete a risk assessment assignment

Complete a time management assignment

What are the learning outcomes of this module related to?

Cost and quality management Signup and view all the answers

What concept and calculation will students apply in analyzing the progress of a project?

Earned Value Analysis (EVA) Signup and view all the answers

What is one of the reasons for project cost overruns mentioned in the module?

Inadequate project scheduling Signup and view all the answers

What is the primary objective of project quality management?

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

Which technique is used to determine the 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 technique takes into consideration project scope, time, and cost, and compares actual performance to a project baseline?

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

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 Signup and view all the answers

What does the cost performance index indicate in project management?

The ratio of the work performed to actual costs incurred 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 is the focus of quality assurance in project management?

Periodically evaluating overall project performance to ensure it satisfies expectations Signup and view all the answers

What do direct costs refer to in project management?

Costs directly related to the project such as salaries of project staff, consultants, material Signup and view all the answers

Which of the following is NOT one of the key processes involved in cost management as described in the module?

Risk management Signup and view all the answers

What concept do students learn to apply in analyzing the progress of a project as mentioned in the module?

Earned Value Analysis (EVA) Signup and view all the answers

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 Signup and view all the answers

Which technique uses historical data from similar projects to estimate the current project costs?

Analogous estimating Signup and view all the answers

What is one of the reasons for project cost overruns mentioned in the module?

Scope changes Signup and view all the answers

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 Signup and view all the answers

What is the primary purpose of using a resource responsibility matrix in project management?

To assign available individuals and resources to appropriate tasks Signup and view all the answers

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 Signup and view all the answers

What is the focus of earned value analysis in project management?

To compare actual performance with scheduled work Signup and view all the answers

What does the term 'cost variance' measure in project management?

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

What does quality planning involve in project quality management?

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

What are direct costs in project management?

'Directly related to the project such as salaries of project staff and consultants Signup and view all the answers

What does schedule variance measure in project management?

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

What concept and calculation do students apply in analyzing the progress of a project?

Earned value analysis technique Signup and view all the answers

E2 Project Management Module 3: Cost and Quality Management

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Questions and Answers

What does Project Cost Management encompass?

Which of the following is a key process involved in cost management?

What will students do at the end of this module?

What are the learning outcomes of this module related to?

What concept and calculation will students apply in analyzing the progress of a project?

What is one of the reasons for project cost overruns mentioned in the module?

What is the primary objective of project quality management?

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

What does the cost variance measure in project management?

Which technique takes into consideration project scope, time, and cost, and compares actual performance to a project baseline?

What does the schedule variance measure in project management?

What is the primary purpose of life cycle costing in project management?

What does the cost performance index indicate in project management?

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

What is the focus of quality assurance in project management?

What do direct costs refer to in project management?

Which of the following is NOT one of the key processes involved in cost management as described in the module?

What concept do students learn to apply in analyzing the progress of a project as mentioned in the module?

What is the primary focus of quality assurance in project management according to the module?

Which technique uses historical data from similar projects to estimate the current project costs?

What is one of the reasons for project cost overruns mentioned in the module?

What does the term 'direct costs' refer to in project management based on the module content?

What is the primary purpose of using a resource responsibility matrix in project management?

In project cost management, what does the term 'bottom-up estimating' refer to?

What is the focus of earned value analysis in project management?

What does the term 'cost variance' measure in project management?

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

What is the primary purpose of life cycle costing in project management?

What does quality planning involve in project quality management?

What are direct costs in project management?

What does schedule variance measure in project management?

What concept and calculation do students apply in analyzing the progress of a project?

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