Cost Management Question: Download Cost Management PDF

Cost risk means:

A. There are risks that will cost the project money
B. The project is too risky from a cost aspect
C. There is a risk that project costs could go higher than planned
D. There is a risk that the cost of the project will be lower than planned

Answer:

C. There is a risk that project costs could go higher than planned

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You provide a project cost estimate for the project to the project sponsor. He is unhappy with the estimate, because he thinks the price should be lower. He asks you to cut 15 percent off the project estimate. What should you do?

A. Start the project and constantly look for cost savings
B. Tell all the team members to cut 15 percent from their estimates
C. Inform the sponsor of the activities to be cut
D. Add additional resources with low hourly rates

A project manager needs to analyze the project costs to find ways to decrease costs. It would be BEST if the project manager looks at:

A. Variable costs and fixed costs
B. Fixed costs and indirect costs
C. Direct costs and variable costs
D. Indirect costs and direct costs