Name: Date: 12/14/2017 Project Management &Engineering; Economies & KEEN Module-

Question

Name: Date: 12/14/2017 Project Management &Engineering; Economies & KEEN Module- Final Exam The component of the project management plan that describes how costs will be planned, structured and controlled is called the project financial plan l. 2. Plan cost management is the process that establi planning, managing, expending, and controlling project costs. On small projects, the cost management plan may simply address the accuracy of estimating, the source of funding and cost reporting procedures 3. 4. Estimate cost is the process of developing an approximation of the monetary resources needed to s. Cost estimating is linked very closely with scope, schedule and resource planning 6. What type of cost is incurred when a project must be conducted faster than normal, and overtime for complete project activities. workers and /or extra charges for rapid delivery from suppliers are necessary? a marginal costs b. expedited costs c. nonrecurring costs d. variable costs Which of the following terms best describes a provision in the project management plan to mitigate cost and/or schedule risk? 7. a. reserve b. insurance c. padding d. discretionary fund 8. It is impossible to remove all sources of risk on a project. 9. A risk is anything that may impact the project team's ability to achieve the general project success measures and the specific project stakeholder priorities

Explanation / Answer

1. The answer to the question is True.

Before someone goes on board on a key project, a financial plan is a necessity. A project financial plan recognizes all of the costs related with a project. This is also called as a project budget.

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.