Project Cost Management

What is the total of direct and indirect costs incurred in accomplishing work on an activity during a given period known as?

• Earned value (EV)

• Actual Cost (AC)

• Budget at Completion (BAC)

• Schedule Variance (SV)

What is the cost estimate that provides an accurate estimate of project costs called?

• Contingency Reserves

• Baseline

• Direct Costs

• Definitive Estimate

Costs that are not directly related to the products or services of the project, but are indirectly related to the project's performance are known as___________.

• Intangible Costs

• Sunk Cost

• Tangible Costs

• Indirect Costs

What are the processes required to ensure that the project is completed within the approved budget known as?

• Management Reserves

• Project Cost Management

• Rate of Performance

• Planned Value

Which type of project cost estimate is the most accurate?

• Preliminary
• Order of magnitude
• Conceptual
• Definitive

The Project Cost Management Process comprises the following activities:
a. Determine Budget
b. Plan Cost Management
c. Estimate Costs
d. Control Costs
What is the correct sequence?

• a-b-c-d
• c-a-b-d
• b-c-a-d
• a-c-b-d

What is Project Cost Management?

• planning, estimating, budgeting

• financing, managing, controlling

• planning, estimating, budgeting, financing, managing and controlling

• planning, , managing, controlling

What are the benefits of project cost management?

• decreased expenses, progress tracking

• increased efficiency, progress tracking

• decreased expenses, increased efficiency

• decreased expenses, increased efficiency and progress tracking

What are the indirect costs of the project?

• salaries and remuneration of project team members and contractors

• the cost of renting offices, utilities and office equipment

• worker salaries and administrator salaries

• materials during construction

What are the main goals of project cost management?

• focusing on the project delivery based on the value criteria established at the start of the project

• monitoring, documenting all transactions, payments, and project-related changes

• making efforts to reduce business costs overall

• focusing on the project delivery, documenting all transactions and reduce overall business costs