Cost Management Question: Download Cost Management PDF

Monitoring cost expended to date in order to detect variances from the plan occurs during:

A. The creation of the cost change management plan
B. Recommending corrective actions
C. Updating the cost baseline
D. Product performance reviews

Answer:

D. Product performance reviews

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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

A cost management plan contains a description of:

A. The project costs
B. How resources are allocated
C. The budgets and how they were calculated
D. The WBS level at which earned value will be calculated