7.1 Plan Cost Management (Cost MGMT)

Question 1

what is 7.1 plan cost management?

Answer 1

how the project costs will be estimated, budgeted, managed, monitored and controlled

Question 2

what is the key benefit to 7.1 plan cost management?

Answer 2

provides guidance on how the project costs will be managed throughout the project

Question 3

when is 7.1 plan cost management performed during a project?

Answer 3

once or at predefined points

Question 4

7.1 plan cost management - inputs

Answer 4

1. project charter
2. project management plan (2)
3. EEF
4. OPA’s

Question 5

what project management plan inputs are relevant for 7.1 plan cost management?

Answer 5

a. schedule management plan

b. risk management plan

Question 6

7.1 plan cost management - tools and techniques

Answer 6

1. expert judgement
2. data analysis (1)
3. meetings

Question 7

what data analysis tools and techniques are relevant for 7.1 plan cost management?

Answer 7

a. alternative analysis

Question 8

7.1 plan cost management - outputs

Answer 8

1. cost management plan

Question 9

what is the cost management plan?

Answer 9

• an element of the project management plan

- describes how the project costs will be planned, structured and controlled

Question 10

what does the cost management plan establish?

Answer 10

1. units of measure
2. level of precision
3. level of accuracy
4. organizational procedure links
5. control thresholds
6. rules of performance measurement
7. reporting formats
8. additional details (strategic funding, accounting for exchange rate fluctuations, project cost recording)