Project Cost Management Principles Quiz

What is the total of direct and indirect costs incurred in accomplishing work on an activity during a given period known as?

• Earned value (EV)

• Actual Cost (AC)

• Budget at Completion (BAC)

• Schedule Variance (SV)

The original project plan plus approved changes is called ______________.

• Baseline

• Cost Baseline

• Cost Control

• Cost Management Plan

__________________ is the ratio of actual work completed to the percentage of work planned to have been completed at any given time during the life of the project or activity.

• Schedule Variance (SV)

• Learning Curve Theory

• Parametric Modeling

• Rate of Performance (RP)

__________________ is the ratio of earned value to planned value; can be used to estimate the projected time to complete a project.

• Indirect Costs

• Life Cycle Costing

• Schedule Variance (SV)

• Schedule Performance Index (SPI)

What is the cost estimate that provides an accurate estimate of project costs called?

• Contingency Reserves

• Baseline

• Direct Costs

• Definitive Estimate

What is the term for a time-phased budget that project managers use to measure and monitor cost performance?

• Cost Variance

• Cost Baseline

• Cost Budgeting

• Cost Estimating

What is the cost estimating technique based on estimating individual work items and summing them to get a project total called?

• Analogous Estimates

• Bottom-Up Estimates

• Definitive Estimate

• Parametric Estimate

What is the earned value minus the actual cost known as?

• Cost Control

• Actual Cost

• Cost Variance

• Earned Value

What is the term for the ratio between revenues and profits?

• Profits

• Actual Costs

• Planned Value

• Profit Margin

Costs that are not directly related to the products or services of the project, but are indirectly related to the project's performance are known as___________.

• Intangible Costs

• Sunk Cost

• Tangible Costs

• Indirect Costs