Cost Management Measuring Monitoring And Motivating Performance Updated Actual Questions And Correct Answers Full Solution Study Guide

COST MANAGEMENT MEASURING
MONITORING AND MOTIVATING
PERFORMANCE EXAM SCRIPT UPDATED
QUESTIONS AND ACCURATE ANSWERS
FULL SOLUTION

●● What are the four processes in Project Cost Management?
Answer: Plan Cost Management, Estimate Costs, Determine Budget, and
Control Costs.


●● What is the key input for the Plan Cost Management process?
Answer: The Project Charter and Project Management Plan.


●● What is the main output of the Plan Cost Management process?
Answer: The Cost Management Plan.


●● What is the purpose of the Estimate Costs process?
Answer: To develop an approximation of the resources needed to
complete project work.


●● What are the key inputs for the Estimate Costs process?

, Answer: Project Management Plan, Lessons Learned Register, Project
Schedule, Resource Requirements, and Risk Register.


●● What are some key tools and techniques used in the Estimate Costs
process?
Answer: Analogous Estimating, Parametric Estimating, Bottom-Up
Estimating, Three-Point Estimating, Alternatives Analysis, Reserve
Analysis, Cost of Quality, and Project Management Estimating
Software.


●● What is the output of the Estimate Costs process?
Answer: Cost Estimates and Basis of Estimates.


●● What is the definition of the Determine Budget process?
Answer: The process of aggregating the estimated costs of individual
activities or work packages to establish an authorized cost baseline.


●● What are the key inputs for the Determine Budget process?
Answer: Project Management Plan, Basis of Estimates, Cost Estimates,
Project Schedule, Risk Register, Business Case, and Benefits
Management Plan.


●● What is the key output of the Determine Budget process?
Answer: Cost Baseline and Project Funding Requirements.