Project Management Week 9 - Paul Powers

Poll

Question Time:
What is project cost management?

Is it...

• The process of monitoring the cost of a project.

• The process of assessing the cost of a project.

• The process of controlling the cost of a project.

• All three.

Open Ended

Why is cost management important in project management?

Open Ended

What two categories of costs exist?

Multiple Select

Question Time:
Which type of cost does this describe?

It occurs several times during a project's lifecycle.

• Recurring Cost

• Non-recurring Cost

• Operating Expenditure

• Capital Expenditure

• All of them

Multiple Choice

Question Time:
What is project cost management?

Is it...

• The process of monitoring the cost of a project.

• The process of assessing the cost of a project.

• The process of controlling the cost of a project.

• All three.

Multiple Choice

Question Time:
Which of the following are the typical contents of a cost management plan?

• The different types of costs.

• The tools used to manage the costs.

• The data required to track costs.

• Information about stakeholders impacted.

• All of these.

Multiple Choice

Question Time:
What is the correct cost management process?

• 1. Cost Management plan set-up
  2. Cost Estimation and Budgeting
  3. Cost Control
  4. Cost Reporting

• 1. Cost Management plan set-up
  2. Cost Execution and Budgeting
  3. Cost Control Reporting
  4. Cost Managing

• 1. Cost plan set-up
  2. Cost Budget Estimation
  3. Cost Controller Aquisition
  4. Cost Reporting

Open Ended

Reflection:
What is a Cost Breakdown Structure?

Multiple Choice

What is a CBS?

• Cost Blow Down Stream

• Cost Break Down Structure

• Case Budget Drop Store

• Career Building Drama Show

Open Ended

Why is budgeting important?

Open Ended

Question Time:

What kind of Project Budgeting Categories exist?

Open Ended

Provide a project budgeting category.

Open Ended

Reflection Point:

If a project goes over budget, what steps can you take to fix this?

Multiple Choice

Question Time:
In the context of project cost control, what does EAC stand for?

• Estimate at Completion

• Earned Annual Cost

• Estimated Annual Cost

• Earned Value Calculation

Multiple Choice

Question Time:

Which cost control method focuses on analyzing the actual expenses incurred on a project compared to the budgeted costs?

• Quality Assurance

• Risk Management

• Cost-Benefit Analysis (CBA)

• Earned Value Analysis (EVA)

Multiple Choice

Question Time:

In earned value analysis, what is the term used to represent the planned value of work that should have been completed at a specific point in the project timeline?

• Cost Variance (CV)

• Planned Value (PV)

• Earned Value (EV)

• Actual Cost (AC)

Multiple Choice

Question Time:

What is the primary purpose of the change control process in project management?

• To eliminate all risks associated with project changes.

• To systematically review, evaluate, and manage proposed changes.

• To approve all changes immediately to expedite project progress.

• To resist all proposed changes to maintain project stability.

Multiple Choice

Question Time:

What is the typical sequence of steps in the change control process in project management?

• Communication, Monitoring, Identification, Implementation

• Documentation, Evaluation, Approval, Monitoring

• Evaluation, Approval, Implementation, Communication

• Identification, Implementation, Monitoring, Documentation

Multiple Choice

Question Time:

Which of the following is a common time management technique in project management that involves prioritizing tasks based on their urgency and importance?

• Task Sequencing

• Time Blocking

• Eisenhower Matrix

• Resource Leveling

Multiple Choice

Question Time:

In project management, which time management technique involves creating a graphical representation of project activities, their dependencies, and their durations to visualize the project schedule?

• Gantt Chart

• Critical Path Analysis

• PERT (Program Evaluation and Review Technique)

• Time-Boxing

Multiple Choice

Question Time:

In project management, what is the term for the process of scheduling and allocating specific timeframes for project tasks and activities?

• Time Planning

• Time Estimation

• Risk Assessment

• Resource Allocation

Open Ended

Question Time:

What's the difference between quality control and quality assurance?

Multiple Choice

Question Time:

Which of the following is NOT one of the 7 Quality Control (QC) Tools commonly used in quality management?

• A) Pareto Chart

• B) Fishbone Diagram (Ishikawa Diagram)

• C) Control Chart (Shewhart Chart)

• D) Histogram