8 Questions
What is cost management?
Cost management involves ensuring that the project is completed within an approved budget.
How are costs usually measured?
Costs are usually measured in monetary units like dollars.
What is the process of planning cost management?
Determining the policies, procedures, and documentation that will be used for planning, executing, and controlling project cost.
What does earned value management assist in?
Cost control
How does project cost management relate to resources?
Project cost management involves managing the resources sacrificed or foregone to achieve a specific objective.
What are the learning objectives of project cost management?
The learning objectives of project cost management include understanding the importance of project cost management, explaining basic project cost management principles, concepts, and terms, describing the process of planning cost management, discussing different types of cost estimates and methods for preparing them, understanding the processes of determining a budget and preparing a cost estimate for an information technology (IT) project, understanding the benefits of earned value management and project portfolio management to assist in cost control, and describing how project management software can assist in project cost management.
What is cost and project cost management?
Cost is a resource sacrificed or foregone to achieve a specific objective or something given up in exchange. Costs are usually measured in monetary units like dollars. Project cost management includes the processes required to ensure that the project is completed within an approved budget.
What are the project cost management processes?
The project cost management processes include planning cost management, which involves determining the policies, procedures, and documentation that will be used for planning, executing, and controlling project cost.
Test your knowledge of project cost management with this quiz. Explore the key principles, concepts, and terms related to planning cost management in the context of information technology project management. This quiz is designed to help you understand the importance of project cost management and enhance your learning in this area.
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