Cost Management Question: Download Cost Management PDF

The project manager is allocating overall cost estimates to individual activities to establish a baseline for measuring project performance. What process is this?

A. Cost Management
B. Estimate Costs
C. Determine Budget
D. Control Costs

Answer:

C. Determine Budget

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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

Although the stakeholders thought there was enough money in the budget, halfway through the project the cost performance index (CPI) is 0.7. To determine the root cause, several stakeholders audit the project and discover the project cost budget was estimated analogously. Although the activity estimates add up to the project estimate, the stakeholders think something was missing in how the estimate was campleted. Which of the following describes what was missing?

A. Estimated costs should be used to measure CPI
B. SPI should be used, not CPI
C. Bottom-up estimating should have been used
D. Past history was not taken into account