Project Cost Management Quiz

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 variable costs?

• staff salaries

• building materials

• office rental cost

• provident fund

What are the main project budget management techniques?

• incremental, activity-based

• incremental, activity-based, value proposition, zero-based

• activity-based, value proposition

• value proposition, zero-based

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

What is Step 3 of project cost management?

• estimate the cost of resource

• determine the cost budget

• control the costs

• plan the resource

How to effectively determine budget costs?

• clearly define, cost categorization

• clearly define, identify key cost factors, create a detailed cost plan

• cost categorization, identify key cost factors

• clearly define, cost categorization, identify key cost factors, create a detailed cost plan

What is a project cost estimate?

• the process of predicting the cost, quantity and price of all the resources you need in order to finish the project

• involves deciding beforehand, what is to be done, when is it to be done, how it is to be done and who is going to do it.

• cost budget that professionals can use to estimate and plan their business costs

• keeping an eye on all the costs as the project progresses and recording them.

What is the impact of cost overruns on project success?

• profit loss, time delays

• time delays, reduced quality

• profit loss, time delays, reduced quality

• reduced quality, profit loss