Cost Management Process

1. Cost management in project management solely focuses on minimizing costs.

• True

• False

1. A key aspect of cost management is ensuring that the project does not exceed the allocated budget.

• True

• False

1. An example of cost management is adjusting project specifications to stay within the initial budget when actual costs are higher than planned.

• True

• False

1. The relationship between cost, time, and quality suggests that improving one aspect will not affect the others.

• True

• False

1. Cost management is irrelevant when deciding on the quality of a product or service.

• True

• False

1. In organizing a charity event, cost estimation involves calculating the total expenses for venue rental, entertainment, catering, and marketing.

• True

• False

1. The purpose of cost planning is to exceed the project's budget as much as possible.

• True

• False

1. Budgeting in cost management is the process of setting a cost baseline for comparing actual expenses.

• True

• False

1. It's possible to increase the amount raised for charity by implementing cost-saving measures during the cost control step.

• True

• False

1. According to the overview of cost management processes, the budget for each category must always be lower than the initial cost estimation.

• True

• False