Cost Management Question: Download Cost Management PDF

You are managing a construction project to install new door frames in an office building. You planned on spending $12,500 on the project, but your costs are higher than expected, and now you're afraid that your project is spending too much money. What number tells you the difference between the amount of money you planned on spending and what you've actually spent so far on the project?

A. AC
B. SV
C. CV
D. VAC

Answer:

C. CV

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You are managing a construction project that is currently being initiated. You met with the sponsors and several important stakeholders, and have started to work on the preliminary scope statement. You've documented several key assumptions that have been made, and identified project constraints and initial risks. Before you can finish the preliminary scope statement, you must make a rough order of magnitude estimate of both time and cost so that the sponsor can allocate the final budget.

What is the range of a rough order of magnitude (ROM) estimate?

A. -10% to +10%
B. -50% to +50%
C. -50% to +100%
D. -100% to +200%

You are managing a project with AC = $25,100 , ETC = $45,600 , VAC = -$2,600, BAC = $90,000, and EAC = $92,100. Your sponsor asks you to forecast how much money you expect to spend on the remainder of the project. Which is the BEST estimate to use for this forecast?

A. $45,600
B. $87,400
C. $90,000
D. $92,100