Cost Management Question:
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Your project has a medium amount of risk and is not very well defined. The sponsor hands you a project charter and asks you to confirm that the project can be completed within the project cost budget. What is the BEST method to handle this?

A. Build the estimate in the form of a range of possible results
B. Ask the team members to help estimate the cost based on the project charter
C. Based on the information you have, calculate a parametric estimate
D. Provide an analogous estimate based on past history.

Cost Management Interview Question

Answer:

A. Build the estimate in the form of a range of possible results

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Which of the following are ALL items included in the cost management plan?

A. The level of accuracy needed for estimates, rules for measuring cost performance, specifications for how duration estimates should be stated
B. Specifications for how estimates should be stated, rules for measuring cost performance, the level of accuracy needed for estimates
C. Rules for measuring team performance, the level of accuracy needed for estimates, specifications for how estimates should be stated
D. Specifications for how estimates should be stated, the level of risk needed for estimates, rules for measuring cost performance

The cost contingency reserve should be:

A. Hidden to prevent management from disallowing the reserve
B. Added to each activity to provide the customer with a shorter critical path
C. Maintained by management to cover cost overruns
D. Added to the base costs of the project to account for risks