Project Cost Management Quiz

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Questions and Answers

What is cost management?

Cost management focuses on minimizing the duration of a project.
Cost management involves ensuring that the project is completed within an approved budget. (correct)
Cost management involves only measuring the monetary costs of a project.
Cost management refers to maximizing the financial gains of a project.

How are costs usually measured?

Costs are usually measured in time units like hours.
Costs are usually measured in monetary units like dollars. (correct)
Costs are usually measured in abstract units like points.
Costs are usually measured in physical units like kilograms.

What is the process of planning cost management?

Analyzing the historical costs of similar projects.
Estimating the final cost of the project.
Determining the policies, procedures, and documentation that will be used for planning, executing, and controlling project cost. (correct)
Setting the financial goals for the project.

What does earned value management assist in?

Cost control (A) Signup and view all the answers

How does project cost management relate to resources?

Project cost management involves managing the resources sacrificed or foregone to achieve a specific objective. (B) Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers