Cost controls can be best described by which of the following? 1. The process of developing the future trends along with the assessment of probabilities, uncertainties, and inflation that could occur during the project 2. The process of assembling and predicting costs of a project over its life cycle 3. The process of assembling and predicting costs of a project over its life cycle 4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis.

Cost controls can be best described by which of the following?

1. The process of developing the future trends along with the assessment of probabilities, 

uncertainties, and inflation that 

could occur during the project 

2. The process of assembling and predicting costs of a project over its life cycle 

3. The process of assembling and predicting costs of a project over its life cycle 

4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on 

an on-going basis.
by

1 Answer

Answer :

4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on 

an on-going basis.
by

Related questions

Cost budgeting can be best described by which of the following? 1. The process of developing the future trends along with the assessment of probabilities, uncertainties, and inflation that could occur during the project 2. The process of assembling and predicting costs of a project over its life cycle 3. The process of establishing budgets, standards, and a monitoring system by which the investment cost of the project can be measured and managed 4. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on- going basis

Description : Cost budgeting can be best described by which of the following? 1. The process of developing the future trends along with the assessment of probabilities,  uncertainties, and inflation that  could ... of gathering, accumulating, analyzing, reporting, and managing the costs on an on- going basis

Last Answer : 3. The process of establishing budgets, standards, and a monitoring system by which the  investment cost of the project can be measured and managed

Project reporting can best be defined as: a. informing stakeholders about the project. b. storing and archiving of project information. c. gathering stakeholder feedback. d. collecting project information.

Description : Project reporting can best be defined as: a. informing stakeholders about the project. b. storing and archiving of project information. c. gathering stakeholder feedback. d. collecting project information.

Last Answer : a. informing stakeholders about the project.

Project reporting can best be defined as: a. informing stakeholders about the project. b. storing and archiving of project information.c. gathering stakeholder feedback. d. collecting project information.

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Last Answer : a. informing stakeholders about the project

Which one of the following statements best defines teamwork? a. People working collaboratively towards a common goal. b. Developing skills that will enhance project performance. c. Gathering the right people together to work on a project. d. Establishing vision and direction towards a common purpose.

Description : Which one of the following statements best defines teamwork? a. People working collaboratively towards a common goal. b. Developing skills that will enhance project performance. c. Gathering the ... together to work on a project. d. Establishing vision and direction towards a common purpose.

Last Answer : a. People working collaboratively towards a common goal.

Which one of the following statements best defines teamwork? a. People working collaboratively towards a common goal.b. Developing skills that will enhance project performance. c. Gathering the right people together to work on a project. d. Establishing vision and direction towards a common purpose

Description : Which one of the following statements best defines teamwork?  a. People working collaboratively towards a common goal .b. Developing skills that will enhance project performance.  c. Gathering the ... together to work on a project.  d. Establishing vision and direction towards a common purpose

Last Answer : a. People working collaboratively towards a common goal.

Project risk management is best described as: a. managing responses to threats. b. identifying and acknowledging threats and opportunities. c. planning responses to threats. d. minimising threats and maximising opportunities.

Description : Project risk management is best described as: a. managing responses to threats. b. identifying and acknowledging threats and opportunities. c. planning responses to threats. d. minimising threats and maximising opportunities.

Last Answer : d. minimising threats and maximising opportunities.

Project risk management is best described as: a. managing responses to threats. b. identifying and acknowledging threats and opportunities. c. planning responses to threats. d. minimising threats and maximising opportunities.

Description : Project risk management is best described as:  a. managing responses to threats.  b. identifying and acknowledging threats and opportunities.  c. planning responses to threats.  d. minimising threats and maximising opportunities.

Last Answer : d. minimising threats and maximising opportunities.

Assembling project team and assigning their responsibilities are done during which phase of a project management? (A) Initiation (B) Planning (C) Execution (D) Closure

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Last Answer : A) Initiation

Ratios indicate trends in important items and this helps in ----------- a) Forecasting b) Reporting c) Analyzing d) Interpreting

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Last Answer : a) Forecasting

The ____ of project closeout the assessment is to document the best practices and lessons learned for use on future projects.

Description : The ____ of project closeout the assessment is to document the best practices and  lessons learned for use on future projects.

Last Answer : Ans. Primary purpose

Considers the total cost of ownership, or development plus support costs, for a project. A. Learning Curve Theory B. Life Cycle Costing C. Parametric Modeling D. Rate of Performance

Description : Considers the total cost of ownership, or development plus support costs, for a project. A. Learning Curve Theory B. Life Cycle Costing C. Parametric Modeling D. Rate of Performance

Last Answer : B. Life Cycle Costing

One of the reasons a project life cycle is split into phases ic. mirror the major deployments of resources throughout the project. d. chunk work into time periods of similar durations.s to: a. facilitate formal go/no-go decision making during the project. b. balance the costs of work in each phase of project development.

Description : One of the reasons a project life cycle is split into phases is to: a. facilitate formal go/no-go decision making during the project. b. balance the costs of work in each phase of ... the major deployments of resources throughout the project. d. chunk work into time periods of similar durations.

Last Answer : a. facilitate formal go/no-go decision making during the project.

One of the reasons a project life cycle is split into phases is to: a. facilitate formal go/no-go decision making during the project. b. balance the costs of work in each phase of project development. c. mirror the major deployments of resources throughout the project. d. chunk work into time periods of similar durations.

Description : One of the reasons a project life cycle is split into phases is to:  a. facilitate formal go/no-go decision making during the project.  b. balance the costs of work in each phase ... the major deployments of resources throughout the project.  d. chunk work into time periods of similar durations.

Last Answer : a. facilitate formal go/no-go decision making during the project.

A Project control system: 1. Monitors and controls the project's schedule, costs, scope, budgets etc 2. Is a mechanism which reacts to the current project status in order to endure accomplishment of project objectives 3. Is only needed on large mega projects 4. Is a system for controlling and executing project documentation in an uniform and timely manner

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Last Answer : 1. Monitors and controls the project's schedule, costs, scope, budgets etc

What is the most critical aspect in developing a project plan that meets project specifications within the timeframe and at the lowest costs? Select one: a. Assessing risk managemenc. Emphasizing error prevention and customer satisfaction d. Requiring commitment to quality by all the employees and business partners e. Developing a project execution plan that matches the complexity level of the projectt b. Providing documents that specifically comply with the quality standards in use

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Last Answer : e. Developing a project execution plan that matches the complexity level of the project

)Which of the following is NOT one of the primary needs for good project scheduling? 1. Cutting costs and reducing time 2. Decreasing the time required for decision making 3. Eliminating idle time 4. Developing better trouble shooting procedures.

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Last Answer : 4. Developing better trouble shooting procedures.

Which one of the following statements best defines an estimate? a. An approximation of project time and cost targets, refined throughout the project life cycle. b. A prediction of a future condition or event based on information or knowledge available now. c. The value of useful work done at any given point in a project to give a measure of progress. d. A situation that affects or influences the outcome of the project expressed in time or cost terms

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Last Answer : a. An approximation of project time and cost targets, refined throughout the project life cycle.

Which one of the following statements best defines an estimate? a. An approximation of project time and cost targets, refined throughout the project life cycle. b. A prediction of a future condition or event based on information or knowledge available now. c. The value of useful work done at any given point in a project to give a measure of progress. d. A situation that affects or influences the outcome of the project expressed in time or cost terms.

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Last Answer : a. An approximation of project time and cost targets, refined throughout the project life  cycle.

Political unrest, budget overruns, size and complexity of the project Answer: B (8)Decision trees are best used for : 1. Determining the interaction of the amount at stake and the expected value 2. Association of the probabilities with the risk events 3. An illustration of how to see the interactions between decisions and the associated events 4. A flow chart which determines the standard deviation of the risk event

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The main purpose of the Project Management Plan is to: a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk of alternative options. b. ensure the project sponsor has tight control of the project manager’s activity. c. document the outcomes of the planning process and provide the reference document for managing the project. d. document the outcome of the risk, change and configuration management processes.

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Last Answer : c. document the outcomes of the planning process and provide the reference document for managing the  project.

The main purpose of the Project Management Plan is to: a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk of alternatd. document the outcome of the risk, change and configuration management processes.ive options. b. ensure the project sponsor has tight control of the project manager’s activity. c. document the outcomes of the planning process and provide the reference document for managing the project.

Description : The main purpose of the Project Management Plan is to:  a. provide justification for undertaking the project in terms of evaluating the benefit, cost and risk  of alternative options.  b ... managing the project. d. document the outcome of the risk, change and configuration management processes.

Last Answer : c. document the outcomes of the planning process and provide the reference document for  managing the project.

To identify the tasks for a work plan the project manager can _____. a. control and direct the project b. estimate the size, staff the project, and remember technical skills c. establish a possible reporting structure d. list the four phases of the SDLC and the steps that occur in each e. set conservative numbers for the project software

Description : To identify the tasks for a work plan the project manager can _____.  a. control and direct the project  b. estimate the size, staff the project, and remember technical skills  c. establish a ... of the SDLC and the steps that occur in each  e. set conservative numbers for the project software

Last Answer : d. list the four phases of the SDLC and the steps that occur in each

Which of the following is true regarding the project scope statement?A. The project scope statement includes a change control system that describes how to make changes to the project scope. B. The project scope further elaborates the Initiating processes and serves as a basis for future project decisions. C. The project scope statement describes how the team will define and develop the work breakdown structure. D. The project scope statement assesses the reliability of the project scope and describes the process for verifying and accepting completed deliverables.

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Last Answer : B. The project scope further elaborates the Initiating processes and serves as a basis  for future project decisions.

Which one of the following best describes a project stakeholder? a. A party who is concerned about the project going ahead. b. A party with an interest or role in the project or is impacted by the project. c. A party who has a vested interest in the outcome of the project. d. A party who has a financial stake in the organization managing the project.

Description : Which one of the following best describes a project stakeholder? a. A party who is concerned about the project going ahead. b. A party with an interest or role in the project or is impacted by ... of the project. d. A party who has a financial stake in the organization managing the project.

Last Answer : b. A party with an interest or role in the project or is impacted by the project.

Which one of the following best describes a project stakeholder? a. A party who is concerned about the project going ahead. b. A party with an interest or role in the project or is impacted by the project. c. A party who has a vested interest in the outcome of the project. d. A party who has a financial stake in the organisation managing the project.

Description : Which one of the following best describes a project stakeholder?  a. A party who is concerned about the project going ahead.  b. A party with an interest or role in the project or is impacted by ... of the project.  d. A party who has a financial stake in the organisation managing the project.

Last Answer : b. A party with an interest or role in the project or is impacted by the project.

Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. b. Analytical procedures used as risk assessment procedures use data aggregated at a high level. c. Analytical procedures can replace tests of controls in gathering audit evidence to support the assessed level of control risk. d. Analytical procedures usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

Description : Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. ... usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

Last Answer : Analytical procedures used as risk assessment procedures use data aggregated at a high level.

Which one of the following is captured in the Work Breakdown Structure (WBS)? a. The life cycle phases. b. The logical order of tasks. c. The scope of the project. d. Project costs.

Description : Which one of the following is captured in the Work Breakdown Structure (WBS)? a. The life cycle phases. b. The logical order of tasks. c. The scope of the project. d. Project costs.

Last Answer : c. The scope of the project.

Which one of the following is captured in the Work Breakdown Structure (WBS)? A.The life cycle phases B.The logical order of tasks C.The scope of the project D. Project costs

Description : Which one of the following is captured in the Work Breakdown Structure (WBS)?  A.The life cycle phases  B.The logical order of tasks  C.The scope of the project  D. Project costs

Last Answer : C.The scope of the project

Which one of the following is captured in the Work Breakdown Structure (WBS)? a. The life cycle phases. b. The logical order of tasks. c. The scope of the project. d. Project costs

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Which of the following is the process of assembling program components, data, and libraries, and then compiling and linking these to create an executable system? a) System building b) Release management c) Change management d) Version management

Description : Which of the following is the process of assembling program  components, data, and libraries, and then compiling and linking these to  create an executable system? a) System building b) Release management c) Change management d) Version management

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Which statement best describes a responsibility of the project manager: a. to be the sole source of expertise for estimating techniques on cost and time. b. to deliver the project objectives to enable benefits to be realised. c. to take ultimate accountability for the delivery of the business benefits. d. to delegate all accountability for managing time, cost and quality to team leaders.

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Last Answer : b. to deliver the project objectives to enable benefits to be realised.

Which statement best describes a responsibility of the project manager: a. to be the sole source of expertise for estimating techniques on cost and time. b. to deliver the project objectives to enable benefits to be realised. c. to take ultimate accountability for the delivery of the business benefits. d. to delegate all accountability for managing time, cost and quality to team leaders.

Description : Which statement best describes a responsibility of the project manager: a. to be the sole source of expertise for estimating techniques on cost and time.  b. to deliver the project objectives to ... benefits.  d. to delegate all accountability for managing time, cost and quality to team leaders.

Last Answer : b. to deliver the project objectives to enable benefits to be realised.

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