If the cost estimate for a project is a basis for

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30. If the cost estimate for a project is a basis for contract awards and performance reporting, it should be a(n) _____ estimate and as accurate as possible. a. budgetary c. rough order of magnitude b. definitive d. analogous ANS: B If the cost estimate for a project is a basis for contract awards and performance reporting, it should be a definitive estimate and as accurate as possible.
PTS: 1 DIF: Difficulty: Moderate REF: p.284 OBJ: LO: 7-4 NAT: BUSPROG: Technology TOP: Estimating Costs KEY: Bloom's: Comprehension 31. The main goal of the _____ process is to produce a cost baseline for measuring project performance and project funding requirements.
PTS: 1 DIF: Difficulty: Moderate REF: p.289 OBJ: LO: 7-5 NAT: BUSPROG: Analytic TOP: Determining the Budget KEY: Bloom's: Comprehension 32. Which of the following is an output of the process of controlling costs?
Outputs of the process of controlling costs are work performance information, cost forecasts, change requests, project management plan updates, project documents updates, and organizational process asset updates. PTS: 1 DIF: Difficulty: Moderate REF: p.289 OBJ: LO: 7-6 NAT: BUSPROG: Technology TOP: Controlling Costs KEY: Bloom's: Comprehension 33. Which of the following is an input of the process of controlling costs?
PTS: 1 DIF: Difficulty: Moderate REF: p.291 OBJ: LO: 7-6 NAT: BUSPROG: Technology TOP: Controlling Costs KEY: Bloom's: Knowledge 34. The budget is one of the three values of earned value management and is also known as _____. a. earned value c. indirect cost b. actual cost d. planned value ANS: D The planned value (PV), also called the budget, is the portion of the approved total cost estimate planned to be spent on an activity during a given period.
PTS: 1 DIF: Difficulty: Easy REF: p.292 OBJ: LO: 7-6 NAT: BUSPROG: Technology TOP: Controlling Costs KEY: Bloom's: Knowledge 35. Which of the following is true of earned value?
PTS: 1 DIF: Difficulty: Moderate REF: p.292 OBJ: LO: 7-6 NAT: BUSPROG: Technology TOP: Controlling Costs KEY: Bloom's: Comprehension

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