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.

• True

• False

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

• True

• False

Many principles of cost management are unique to project management.

• True

• False

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

• True

• False

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

• True

• False

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.

• True

• False

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

• True

• False

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

• True

• False

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

• True

• False

Analogous estimates are also called top-down estimates.

• True

• False