How to Deliver Effective Project Cost Management

How to Deliver Effective Project Cost Management

Assessment

Interactive Video

Business

12th Grade - University

Hard

Created by

Wayground Content

FREE Resource

The video tutorial covers project cost management, emphasizing its importance in project success. It divides cost management into estimating, budgeting, monitoring, and controlling. The tutorial explains creating a cost management plan, budgeting, and estimating costs, and highlights the significance of governance and monitoring. It discusses different cost types, handling uncertainties, and the use of tools and systems for effective cost management. The video concludes with tailoring cost management approaches to project needs.

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two main disciplines of project cost management?

Estimating and planning; executing and closing

Budgeting and financing; controlling and auditing

Planning and executing; monitoring and reporting

Estimating and budgeting; monitoring and controlling

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is a project budget essential?

To ensure project completion on time

To justify project viability and secure funding

To increase project scope

To manage team performance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best way to estimate costs for a project?

By guessing based on past projects

By consulting with stakeholders

By using a top-down approach

By estimating task by task

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered an indirect cost?

Contractor fees

Materials and supplies

Premises costs

Travel expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role does a Senior Financial Officer play in large projects?

They oversee financial accountability

They manage the entire project

They handle all project communications

They execute project tasks

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key aspect of monitoring and controlling project costs?

Setting up a new budget

Increasing project scope

Observing expenditure and taking corrective actions

Hiring more staff

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why might spreadsheets be dangerous for large projects?

They are too expensive

They can contain errors

They are difficult to share

They are not customizable

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