Master Project Cost Management
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Questions and Answers

What is the purpose of cost budgeting in project cost management?

  • To create a document that describes how the organization will manage cost variances on the project
  • To monitor cost performance and control changes to the project budget
  • To estimate the costs of the resources needed for the project
  • To allocate overall project cost estimate to individual work items and establish a cost baseline (correct)

    • Which of the following is a cost estimation tool and technique that uses mathematical models to estimate project costs?

  • Parametric modeling (correct)
  • Expert judgment
  • Bottom-up estimating
  • Top-down estimates

    • What is the purpose of cost control in project cost management?

  • To monitor cost performance and control changes to the project budget (correct)
  • To allocate overall project cost estimate to individual work items and establish a cost baseline
  • To estimate the costs of the resources needed for the project
  • To create a document that describes how the organization will manage cost variances on the project

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