25/10/23, 12:34 Project Management Fundamentals – Lesson 7: Project Cost Management – Lesson 7 Quiz

Section: pmf-4-0923

Project Management Fundamentals

Lesson 7: Project Cost Management
Lesson 7 Quiz

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Your grade is determined by your last attempt.

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Correct

5 correct out of 5 questions

October 25, 2023 12:34 PM

1. Which of the following is a bottom-up budget?

A. It is a budget based on a total cost that management is willing to spend for the project.

B. It is a plan that identifies cumulative costs compared against time.

C. It is a budget that requires the project manager and team members to start from scratch and justify all costs.

 D. It is a detailed budget based on lower-level project management tasks.

Correct!

2. What is the intended use of an assumption log?

A. An assumption log enables you determine the project’s budget.

B. An assumption log enables you to acquire, record, and assess the accuracy of assumptions as you approach the end of the
project.

 C. An assumption log enables you to acquire, record, and assess the accuracy of assumptions throughout the project.

Correct!

D. An assumption log enables you to track the projects schedule.

3. Which of the following makes a change control board effective?

A. All choices are correct.

B. Only including non-technical people on the board

 C. Using a standardized change order form

Correct!

D. Holding occasional meetings

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25/10/23, 12:34 Project Management Fundamentals – Lesson 7: Project Cost Management – Lesson 7 Quiz

4. Jane’s project performance is 50% under budget and is completed in 2 months instead of 4 months. What is the best description
of this outcome?

A. Predictable

 B. Favorable

Correct!

C. Unfavorable

D. Managed Performance

5. What is the first element of earned value performance management (EVPM)?

A. Setting a variance analysis workflow at various points in time

B. Measuring project performance at various points in time

C. Measuring employee performance at various points in time

 D. Setting a project baseline at various points in time

Correct!

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