Project Cost Management Quiz

Earned Value is defined as?

• A. The amount of earnings the project has accrued

• B. The amount of earnings the team members have taken home

• ​

  C. Value of completed work expressed as a proportion of the current budget ​

• D. The amount of earnings that will be a potential outcome of the project

2. Which of the following is an input to “Plan Quality Management”?

• A. Enterprise Environmental Factors

• B. Quality Management Plan

• C. Cost-Benefit Analysis

• D. Quality Checklists

 

3. Cash flow is the expected cash outgoings distributed over time, whereas cost flow is the projection of incurred cost distributed over time. ​

• A. True

• B. False

4. Which of the following is a PBS (Package Breakdown Structure): ​

• A. Client’s preferred cost reporting structure ​

• B. Breakdown of work into physical geographical areas

• ​

  C. Breakdown of work which reflects the execution strategy ​

• D. Breakdown of work which aligns with the asset strategy of the client ​

5. Project change notices are merely notices to the client and don’t require approval in order to be added to the baseline documents.

• ​

  A. True

• B. False

6. Project Control is the responsibility of the Project Controls team. ​

• A. True

• B. False

7. Which one is NOT a project controls discipline at Hatch: ​

​

• A. Planning and Scheduling

• B. Cost Management

• C. Estimating

• D. Deliverable Control

8. Project Costs are controlled by managing:

• A. Budget

• B. Commitment

• C. Expenditure

• D. Forecast and Variance

• E. All of the above are correct A, B, C, and D ​

9. Bad news should never be given to the client, in order to portray that the contractor is managing the project effectively. ​

• A. True

• B. False

10. Who is accountable for a package of work in terms of scope, cost, schedule, progress, and risk? ​

• A. Project Manager

• B. Package Coordinator

• C. Project Controls Manager

• D. Cost Controller

• E. Planner