E2 Project Management Module 3: Cost and Quality Management
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Questions and Answers

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?

    <p>Cost and quality management</p> Signup and view all the answers

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

    <p>Earned Value Analysis (EVA)</p> Signup and view all the answers

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

    <p>Inadequate project scheduling</p> Signup and view all the answers

    What is the primary objective of project quality management?

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

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

    <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

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

    <p>To consider the total cost of the project including both development costs, support costs, and disposal costs</p> Signup and view all the answers

    What does the cost performance index indicate in project management?

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

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

    What do direct costs refer to in project management?

    <p>Costs directly related to the project such as salaries of project staff, consultants, material</p> 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?

    <p>Risk management</p> 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?

    <p>Earned Value Analysis (EVA)</p> Signup and view all the answers

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

    <p>Verifying that project activities comply with the project management plan</p> Signup and view all the answers

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

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

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

    <p>Scope changes</p> Signup and view all the answers

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

    <p>Costs that can be directly attributed to a specific project</p> Signup and view all the answers

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

    <p>To assign available individuals and resources to appropriate tasks</p> Signup and view all the answers

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

    <p>Summing up the costs estimated for individual work items to get the total project costs</p> Signup and view all the answers

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

    <p>To compare actual performance with scheduled work</p> Signup and view all the answers

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

    <p>The difference between budgeted and actual cost of work performed</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 is the primary purpose of life cycle costing in project management?

    <p>To consider the total cost of the project including development, support, and disposal costs</p> Signup and view all the answers

    What does quality planning involve in project quality management?

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

    What are direct costs in project management?

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

    What does schedule variance measure in project management?

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

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

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

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