Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

5 Questions

4 Views

Project Cost Management Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which of the following best defines cost overrun?

The percentage or dollar amount by which actual costs are equal to estimates

The additional percentage or dollar amount by which actual costs exceed estimates (correct)

The percentage or dollar amount by which actual costs meet estimates

The percentage or dollar amount by which actual costs fall short of estimates

What did a 2011 Harvard Business Review study find about IT project cost overruns?

An average cost overrun of 5 percent

An average cost overrun of 50 percent

An average cost overrun of 10 percent

An average cost overrun of 27 percent (correct)

What did the Harvard Business Review study discover about IT project cost overruns?

A large number of predictable overages

A large number of underestimations

A large number of small overages

A large number of gigantic overages or 'black swans' (correct)

What is the track record of IT projects in meeting budget goals?

<p>Poor</p> Signup and view all the answers

What is a 'black swan' in the context of IT project cost overruns?

<p>A high-impact event that is rare and unpredictable, but not improbable in retrospect</p> Signup and view all the answers

Study Notes

Cost Overrun

Cost overrun refers to a situation where the actual cost of a project exceeds its planned or budgeted cost.

IT Project Cost Overruns

A 2011 Harvard Business Review study found that 1 in 6 IT projects experience a cost overrun of 200% or more on average.
The study discovered that IT projects have a poor track record in meeting budget goals, with median cost overruns of 27% and schedule overruns of 29%.

Black Swan

In the context of IT project cost overruns, a 'black swan' refers to a rare and unpredictable event that has a significant impact on the project's cost and timeline.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge about project cost management with this quiz based on Chapter 7 of the book "Information Technology Project Management, Ninth Edition." Explore key concepts and techniques used in managing project costs.