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Questions and Answers
Which of the following best defines cost overrun in project management?
According to a 2011 Harvard Business Review study, what was the average cost overrun for IT projects?
What is a 'black swan' event in the context of project management?
What is the main finding of the 2011 Harvard Business Review study mentioned in the text?
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Why are 'black swan' events significant in project cost management?
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Study Notes
Cost Overrun in Project Management
- Cost overrun refers to the excess of actual costs over the estimated budget of a project.
IT Project Cost Overrun
- The average cost overrun for IT projects is 27% according to a 2011 Harvard Business Review study.
Black Swan Events in Project Management
- A 'black swan' event is an unpredictable and rare occurrence that has a significant impact on a project.
- Black swan events are significant in project cost management because they can cause massive cost overruns and disrupt project plans.
Findings of the 2011 Harvard Business Review Study
- The main finding of the 2011 Harvard Business Review study is that 1 in 6 IT projects experiences a cost overrun of 200% or more on average.
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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.
