Project Management Quiz

What percentage of cost overruns was reported for unsuccessful IT projects in 1994?

• 33%

• 180%

• 43%

• 50%

What is the primary goal of project cost management?

• To enhance team performance

• To ensure adherence to an approved budget

• To increase project scope

• To improve stakeholder engagement

Which of the following is NOT a process in project cost management?

• Planning cost management

• Determining the budget

• Estimating costs

• Controlling quality

What does life cycle costing help project managers understand?

• Immediate project costs

• Employee satisfaction

• Total cost of ownership

• Short-term financial gains

What is a rough order of magnitude (ROM) estimate?

• A precise cost estimate

• An early projection of project costs

• A detailed budget allocation

• A final project cost assessment

Which estimating technique relies on the cost of similar past projects?

• Parametric estimating

• Bottom-up estimating

• Three-point estimating

• Analogous estimating

What is the purpose of a Responsibility Assignment Matrix (RAM)?

• To evaluate project performance

• To manage project risks

• To assign tasks to team members

• To track project costs

What does the term 'sunk costs' refer to?

• Past expenditures that cannot be recovered

• Future expenses

• Projected revenues

• Current project budgets

What is the main focus of earned value management (EVM)?

• Quality assurance

• Scope definition

• Cost control

• Time management

Which of the following is a key output of quality control?

• Acceptance decisions

• Stakeholder engagement report

• Project scope statement

• Risk management plan