Cost Management

Question 1

Lifecycle cost (aka cradle to grave costing)

Answer 1

is a type of ACCOUNTING that provides a complete record of all the costs associated with the project.
所有的cost

Question 2

what should be considered to determine the project overall cost

Answer 2

time, resources and scope

Question 3

What do you need for an accurate cost estimate

Answer 3

well defined scope
WBS
complete project schedule
a well defined, bottom-up approach should be utilized to estimate cost and create a budget for the project

Question 4

Value engineering

Answer 4

refers to an organized and structured technique to optimize the overall value of the project.
focus on finding a less costly way to do the same work

Question 5

4 main types of cost

Answer 5

fixed cost
variable cost
direct cost
indirect cost

Question 6

cost management processes

Answer 6

plan cost management
estimate
determine
control

Question 7

plan cost management

Answer 7

is the process of defining how the project cost will be estimated, budgeted, managed, monitored and controlled.
Cost management plan can establish: unit of measure; level of precision(9.99 or 10); level of accuracy容错率

Question 8

what is the difference between estimated cost and budgeted cost

Answer 8

the estimated cost should not exceed the budgeted cost

Question 9

determine budget

Answer 9

把每个activity的estimated cost加起来的过程

determines the cost baseline

Question 10

cost baseline

Answer 10

is a time-phased budget

in the form of an S-curve

Question 11

cost baseline=project estimate+contingency reserve

Answer 11

project budget=cost baseline+management reserve