Cost Management Question: Download Cost Management PDF

A new store development project requires the purchase of various equipment, machinery, and furniture. The department responsible for the development recently centralized its external purchasing process and standardized its new order system. In which document can these new procedures be found?

A. Project scope statement
B. WBS
C. Staffing management plan
D. Organizational policies

Answer:

D. Organizational policies

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Your cost forecast shows that you will have a cost overrun at the end of the project. Which of the following should you do?

A. Eliminate risks in estimates and reestimate
B. Meet with the sponsor to find out what work can be done sooner
C. Cut quality
D. Decrease scope

Early in the life of your project, you are having a discussion with the sponsor about what estimating techniques should be used. You want a form of expert judgment, but the sponsor argues for analogous estimating. It would be BEST to:

A. Agree to analogous estimating, as it is a form of expert judgment
B. Suggest life cyde costing as a compromise
C. Determine why the sponsor wants such an accurate estimate
D. Try to convince the sponsor to allow expert judgment because it is typically more accurate