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10 Cards in this Set
- Front
- Back
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Accountants usually define _________________ as a resource sacrificed or foregone to achieve a specific objective or something given up in exchange.
a. money b. liability c. trade d. cost |
d: cost
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What is the main goal of project cost management?
a. to complete a project for as little cost as possible b. to complete a project within an approved budget c. to provide truthful and accurate cost information on projects d. to ensure that an organization’s money is used wisely |
b: to complete a project within an approved budget
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Which of the following is not an output of the project cost management process called esti-
mating costs, according to the PMBOK® Guide? a. activity cost estimates b. a cost baseline c. basis of estimates d. project documents updates |
b: a cost baseline
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If a company loses $5 for every $100 in revenue for a certain product, what is the profit margin for that product?
a. -5 percent b. 5 percent c. -$5 d. $5 |
a: -5 percent
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_________________ reserves allow for future situations that are unpredictable.
a. Contingency b. Financial c. Management d. Baseline |
c: Management
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You are preparing a cost estimate for a building based on its location, purpose, number of square feet, and other characteristics. What cost-estimating technique are you using?
a. parametric b. analogous c. bottom-up d. top-down |
a: Parametric
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_________________ involves allocating the project cost estimate to individual material resources or work items over time.
a. Reserve analysis b. Life cycle costing c. Project cost budgeting d. Earned value analysis |
c: Project cost budgeting
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__________________ is a project performance measurement technique that integrates scope, time, and cost data.
a. Reserve analysis b. Life cycle costing c. Project cost budgeting d. Earned value management |
d: Earned value management
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If the actual cost for a WBS item is $1,500 and its earned value is $2,000, what is its cost variance, and is it under or over budget?
a. The cost variance is -$500, which is over budget. b. The cost variance is -$500, which is under budget. c. The cost variance is $500, which is over budget. d. The cost variance is $500, which is under budget |
d: The cost variance is $500, which is under budget
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If a project is halfway completed, its schedule performance index is 110 percent, and its cost performance index is 95 percent, how is it progressing?
a. It is ahead of schedule and under budget. b. It is ahead of schedule and over budget. c. It is behind schedule and under budget. d. It is behind schedule and over budget |
b: it is ahead of schedule and over budget
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