Marymount University Project Cost Management Data Analysis The questions are the 12 questions: 1. Using our understanding of “Project Cost Management” Dat

Marymount University Project Cost Management Data Analysis The questions are the 12 questions:

1. Using our understanding of “Project Cost Management” Data Analysis, select the ONE CORRECT description of the following phrase:
This is the total cost incurred in accomplishing the work.

A) Earned Value Management (EVM)

B) Earned Value (EV)

C) Earned Value (EV)

D)Actual Cost (AC)

2. Looking at Figure 7-12 in the textbook and using the “Data Date” that they have indicated with the vertical line, select the ONE CORRECT answer regarding the example project SCHEDULE.

A) The earned value has caused the project to be ahead of schedule at this point.

B) The SPI cannot be calculated for this example since there are no numbers to conduct the mathematical problem.

C) The project will absolutely over run the total schedule if the current burn rate continues.

D) The project will absolutely under run the total schedule [e.g. come in ahead of schedule] if the current burn rate continues.

E) If you could calculate the SPI value, it would indicate that at that particular moment in time, the project is behind schedule.

3. Using our understanding of “Project Cost Management”, select the ONE CORRECT description of the following phrase: This is the process of aggregating the estimated costs of individual activities to establish a cost baseline.

Estimate Costs
Control Budget
Control Costs
Determine Costs
Plan Cost Management
Control Estimates
Determine Budget

4. Using our understanding of “Project Cost Management” Data Analysis, select the ONE CORRECT description of the following phrase: This is the budget associated with the work that has been completed.

Earned Value (EV)
Earned Value Management (EVM)
Actual Cost (AC)
Planned Value (PV)

5. Using our understanding of “Project Cost Management”, select the ONE CORRECT description of the following phrase: This is the process of developing an approximation of the money needed to complete the project work.

Determine Budget
Control Costs
Estimate Costs
Control Estimates
Determine Costs
Plan Cost Management
Control Budget

6. Using our understanding of “Project Cost Management”, select the ONE CORRECT description of the following phrase: This is the process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled.

Plan Cost Management
Determine Costs
Control Budget
Estimate Costs
Control Costs
Determine Budget
Control Estimates

7. Using our understanding of “Project Cost Management”, select the ONE CORRECT description of the following phrase: This is the MOST important task within the “Project Cost Management” activities.

Control Costs
Determine Budget
Determine Costs
Estimate Costs
Control Estimates
Plan Cost Management
Control Budget

8. Looking at Figure 7-12 in the textbook and assuming the “Data Date” (vertical) line represents “Today’s Date”, select the ONE CORRECT answer regarding the example project COST.

The project will absolutely under run the total costs if the current burn rate continues.
If you could calculate the CPI value, it would indicate that at that particular moment in time, the project indicates a cost overrun.
The earned value has caused the project to be under-budget at this point.
The project will absolutely over run the total costs if the current burn rate continues.
The CPI value cannot be calculated for this example since there are no numbers to conduct the mathematical problem.
Using our understanding of “Project Cost Management”, select the ONE CORRECT description of the following phrase:

9. This is the ONLY “Project Cost Management” activity that has ONLY ONE output.

Estimate Costs
Determine Budget
Control Costs
Plan Cost Management
Control Budget
Control Estimates
Determine Costs

10. Looking at Figure 7-12 in the text, identify the ONE CORRECT answer listed here.

As of this point in time, this is NOT a successful project from a financial perspective.
The total health of this project cannot be determined since we do not know if we met the project schedule.
The project that this diagram represents never went over budget during the course of the project.
This was a successful project from a financial perspective.Using our understanding of “Project Cost Management”, select the ONE CORRECT description of the following phrase:

11. This is the ONLY “Project Cost Management” activity that is NOT performed during the “Planning Process.”

Control Estimates
Control Costs
Estimate Costs
Control Budget
Determine Budget
Plan Cost Management
Determine Costs

12. Using our understanding of “Project Cost Management” Data Analysis, select the ONE CORRECT description of the following phrase: This is the budget planned for the work to be accomplished.

Planned Value (PV)
Earned Value Management (EVM)
Earned Value (EV)
Actual Cost (AC)