Cost Management Question: Download Cost Management PDF

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

Answer:

A. Agree to analogous estimating, as it is a form of expert judgment

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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

You have just completed the initiating processes of a small project and are moving into the planning processes when a project stakeholder asks you for the projects budget and cost baseline. What should you tell her?

A. The project budget can be found in the project's charter, which has just been completed
B. The project budget and baseline will not be finalized and accepted until the planning processes are completed
C. The project management plan will not contain the project's budget and baseline; this is a small project
D. It is impossible to complete an estimate before the project management plan is created