Chapter 7

-- is a resource sacrificed or foregone to achieve a specific objective or something given up an exchange
money
liability
trade
cost

What is the main goal of project cost management
to complete a project for as little cost as possible
to complete a project within an approved budget
to provide truthful and accurate cost information on projects
to ensure that in organizations money is used wisely

Which of the following is not a key output of project cost management
a cost estimate
a cost management plan
up dates to the cost management plan
a cost baseline

If a company loses five dollars for every $100 in revenue for a certain product, what is the profit margin for that product?
-5%
5%
-5 dollars
five dollars

-- your reserves allow for future situations that are unpredictable
contingency
financial
management
baseline

You are preparing a cost estimate for a building based on its location, purpose, number of square feet, and other characteristics. What cost estimating techniques are you using?
Parametric
analogous
bottom-up
top-down

-- involves allocating the project cost estimate to individual work items over time
reserve analysis
lifecycle costing
project cost budgeting
earned value analysis

-- is a project performance measurement technique that integrates scope -- time, and cost data
reserve analysis
lifecycle costs and
project cost budgeting
earned value analysis

If the actual value for a WBS item is $1500 and it earned value was $2000 what is its cost and variance, and is it under or over budget.
The cost radiance is minus $500, which is over budget
the cost for... minus $500, which is under budget
the cost variances $500, which is over budget
the cost. Since $500, which is under budget

If your project is halfway completed and it schedule performance Index is 110% and its cost performance indexes 95%, how is it progressing?
It is at of schedule and under budget
it is ahead of schedule and over budget
it is behind schedule and under budget
minutes behind schedule and over budget