Cost Management Interview Preparation Guide
Elevate your Cost Management interview readiness with our detailed compilation of 49 questions. Our questions cover a wide range of topics in Cost Management to ensure youre well-prepared. Whether youre new to the field or have years of experience, these questions are designed to help you succeed. Download the free PDF to have all 49 questions at your fingertips. This resource is designed to boost your confidence and ensure youre interview-ready.49 Cost Management Questions and Answers:
1 :: Analogous estimating:
A. Uses bottom-up estimating techniques
B. Is used most frequently during the executing processes of the project
C. Uses top-down estimating techniques
D. Uses actual detailed historical cost
C. Uses top-down estimating techniques
2 :: All of the following are outputs of the Estimate Costs process EXCEPT:
A. An understanding of the cost risk in the work that has been estimated
B. The prevention of inappropriate changes from being induded in the cost baseline
C. An indication of the range of possible costs for the project
D. Documentation of any assumptions made during the Estimate Costs process
B. The prevention of inappropriate changes from being induded in the cost baseline
5 :: Estimate at completion (EAC) is a periodic evaluation of:
A. The cost of work completed
B. The value of work performed
C. The anticipated total cost at project completion
D. What it will cost to finish the job
C. The anticipated total cost at project completion
6 :: The main focus of life cycle costing is to:
A. Estimate installation costs
B. Estimate the cost of operations and maintenance
C. Consider installation costs when planning the project costs
D. Consider operations and maintenance costs in making project decisions
D. Consider operations and maintenance costs in making project decisions
7 :: Cost performance measurement is BEST done through which of the following?
A. Asking for a percent complete from each team member and reporting that in the monthly progress report
B. Calculating earned value and using the indexes and other calculations to report past performance and forecast future performance
C. Using the 50/50 rule and making sure the life cyde cost is less than the project cost
D. Focusing on the amount expended last month and what will be expended the following month
B. Calculating earned value and using the indexes and other calculations to report past performance and forecast future performance
8 :: A cost performance index (CPI) of 0.89 means:
A. At this time, we expect the total project to cost 89 percent more than planned
B. When the project is completed we will have spent 89 percent more than planned
C. The project is only progressing at 89 percent of the rate planned
D. The project is only getting 89 cents out of every dollar invested
D. The project is only getting 89 cents out of every dollar invested
9 :: A schedule performance index (SPI) of 0.76 means:
A. You are over budget
B. You are ahead of schedule
C. You are only progressing at 76 percent of the rate originally planned
D. You are only progressing at 24 percent of the rate originally planned
C. You are only progressing at 76 percent of the rate originally planned