PMP® Exam Challenge!, 6th Edition

Section 4

Project Cost Management

1 QUESTION

Define Project Cost Management.

ANSWER

Processes involved in planning, estimating, budgeting, and controlling costs so the project can be completed within the approved budget

[Planning and Monitoring and Controlling]

2 QUESTION

What is the key benefit of Plan Cost Management?

ANSWER

To provide guidance and direction on how the project costs will be managed throughout the project

[Planning]

3 QUESTION

Identify four organizational process assets used in estimate costs.

ANSWER

• Cost estimating policies
• Cost estimating templates
• Historical information
• Lessons learned

[Planning]

4 QUESTION

List three general financial management techniques when predictions and analyses are included in Project Cost Management. ...