Project Cost Management Quiz - Topic 7

Although information technology projects have a poor track record in meeting schedule goals, they have a great track record in meeting budget goals.

Costs are often measured in monetary amounts, such as dollars, that must be paid to acquire goods and services.

Many principles of cost management are unique to project management.

Most executives are more concerned with profits than with other issues.

Top management and project managers should never be concerned with the life cycle costs of projects when they make financial decisions.

It is much more cost-effective to spend money doing early testing on information technology projects than to wait for problems to appear after implementation.

Labor costs are usually a small percentage of total project costs.

It is important to thoroughly brainstorm and evaluate alternatives related to resources, especially on projects that involve people from multiple disciplines and companies.

A ROM estimate's accuracy is typically -25 percent to +100 percent.

Analogous estimates are also called top-down estimates.