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.

Parametric modeling involves estimating individual work items and summing them to get a project total.

Earned value management involves calculating three values for each activity or summary activity from a project's WBS.

If the cost performance index is equal to one or 100 percent, then the costs are exactly as budgeted.

If the schedule performance index is less than one or 100 percent, the project is ahead of schedule.

Putting all your projects in one database is the simplest level of project portfolio management.

The additional percentage or dollar amount by which actual costs exceed estimates is called the cost ____.

EVM stands for ____ value management.

Project ____ management includes the processes required to ensure that a project team completes a project within an approved budget.

____ planning involves determining what people, equipment, and materials a project team should use to perform project activities and the quantities of each resource.

The output of the resource planning process is a list of resource ____.

Cost ____ involves developing an approximation of the costs of the resources needed to complete a project.

The main outputs of the cost estimating process are cost estimates, ____ detail, and a cost management plan.

Cost ____ involves allocating the overall cost estimate to individual work items to establish a baseline for measuring performance.

The main output of the cost budgeting process is a cost ____.

The main outputs of the cost control process are revised cost estimates, budget ____, corrective action, estimate at completion, and lessons learned.

Profit ____ is the ratio between revenues and profits.

____ costing allows you to see a big-picture view of the cost of a project and develop an accurate projection of a project's financial benefits.

____ costs or benefits are those costs or benefits that an organization can easily measure in dollars.

____ costs or benefits are costs or benefits that are difficult to measure in monetary terms.

____ costs are costs related to a project that an organization can trace back in a cost-effective way.

The cost of electricity, paper towels, and so on in a large building housing a thousand employees are examples of ____ costs.

____ cost is money that has been spent in the past.

Contingency reserves, also sometimes called ____, allow for future situations that may be partially planned for and are included in the project cost baseline.

Management reserves, sometimes called ____, allow for future situations that are unpredictable.

A ROM or a rough order of ____ (ROM) estimate provides a rough idea of what a project will cost.

____ estimates are used for making many purchasing decisions for which accurate estimates are required and for estimating final project costs.

____ estimates use the actual cost of a previous, similar project as the basis for estimating the cost of the current project.

One popular parametric model is the ____ Cost Model, which is used for estimating software development costs based on parameters such as the source lines of code or function points.

EVM or ____ value management is a project performance measurement technique that integrates scope, time, and cost data.

A(n) ____ is the original project plan plus approved changes.

The ____ value (PV), also called the budget, is that portion of the approved total cost estimate planned to be spent on an activity during a given period.

The ____ is the total direct and indirect costs incurred in accomplishing work on an activity during a given period.

____ is the earned value minus the actual cost.

The ____ performance index can be used to calculate the estimate at completion (EAC), an estimate of what it will cost to complete the project based on performance to date.

The figure above shows the earned value chart for the project after ____ month(s).