Introduction to Managing Project Costs – Final Exam
Now that you have finished reviewing all course material, it’s time to take the final exam. You must score 70% or higher to pass this exam. You will have an unlimited number of attempts to pass and there is no time limit for each attempt. Once you pass, you will receive a certificate of completion. Good luck!
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Question 1 of 10
1. Question
Estimating project costs and creating a project budget are part of the _____________.
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Question 2 of 10
2. Question
Earned value performance measurement provides information on a project being over budget, at budget and under budget.
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Question 3 of 10
3. Question
A project budget is created during what phase of the project?
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Question 4 of 10
4. Question
A primary use of the project budget is to serve as a ________ for the measurement of actual project results.
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Question 5 of 10
5. Question
Budgeting allocates funds to achieve desired outcomes. Each budget is uniquely created but they can only span short time durations.
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Question 6 of 10
6. Question
A budget, as defined by the PMBOK guide as the approved estimate for the project or any work breakdown structure component or any schedule activity. Therefore, the project budget should only be created after what planning process?
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Question 7 of 10
7. Question
What type of budget provides very general cost estimates and is primarily used for decision making purposes?
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Question 8 of 10
8. Question
What is the process of estimating the work effort in the form of the number of work periods needed to complete each activity for the project?
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Question 9 of 10
9. Question
Which of the following is a cost estimating technique that is often used in the early stages of a project when there is a limited amount of detailed information known about the project?
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Question 10 of 10
10. Question
Which of the following is a good technique for estimating labor because labor is so variable?