Introductory Cost Engineering Quiz
Quiz
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Professional Development
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Professional Development
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Practice Problem
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Hard
Laurie Bowman
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of cost in project control and accounting?
The amount measured in money, cash expended or liability incurred, in consideration of goods and/or services received.
The value of an activity or asset determined by the cost of the resources expended to complete the activity or produce the asset.
The investment of resources in strategic assets including time, monetary, human, and physical resources.
The value of the resources used to support an activity or asset, such as facilities, office supplies, and communication costs.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the categories of resources used to determine the value of an activity or asset?
Material, labor, and 'other'
Money, time, and physical resources
Facilities, office supplies, and communication costs
Taxes, maintenance, and security costs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of resources in the context of cost management?
Any investment in strategic assets
Any real or potential investment in time
Any investment in human and physical assets
Any investment in monetary assets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of lifecycle in the context of cost management?
The stages or phases of project progress
The stages or phases of asset existence
The complete history of a product
The length of time over which an investment is analyzed
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the distinction between product life cycle and project life cycle?
Product life cycle includes the last two phases of project life cycle
Product life cycle does not include the last two phases of project life cycle
Product life cycle is longer than project life cycle
Product life cycle is shorter than project life cycle
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of process in the context of cost management?
A sequence of procedures that consume resources to convert inputs into outputs
A sequence of procedures that consume time and energy to convert inputs into outputs
A sequence of procedures that consume money and machines to convert inputs into outputs
A sequence of procedures that consume data and material to convert inputs into outputs
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of product in the context of cost management?
The end result of a process that serves as a need or want satisfier
The end result of a process that serves as a tangible attribute
The end result of a process that serves as an intangible attribute
The end result of a process that serves as a method or idea
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