PMP Certification Training - Plan Cost Management

The video tutorial covers the planned cost management process, detailing how project costs are estimated, budgeted, managed, monitored, and controlled. It highlights the importance of the cost management plan, which includes units of measure, levels of accuracy, and variance thresholds. The tutorial discusses inputs such as expertise from cost estimators and planning meetings, tools and techniques like expert judgment and analytical techniques, and outputs including the cost management plan. It emphasizes referencing the project charter and management plan, and the role of organizational process assets and enterprise environmental factors.

What is the primary focus of the cost management plan in project management?

• To schedule project tasks

• To manage project risks

• To estimate and control project costs

• To define the project scope

Who are typically involved in developing the cost management plan?

• Only the project manager

• All project team members

• Project manager, sponsor, and selected stakeholders

• Only the finance staff

Which of the following is NOT a tool or technique used in planned cost management?

• Project charter

• Analytical techniques

• Expert judgment

• Meetings

What role do organizational process assets play in cost management?

• They establish the project budget

• They provide historical data and lessons learned

• They define the project scope

• They determine the project schedule

How can the cost management plan define the method of cost reporting?

• By setting the project scope

• By determining the currency used

• By establishing the level of detail in cost reporting

• By defining the project timeline