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Questions and Answers
What is the purpose of cost budgeting in project cost management?
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?
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?
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
