04 Dec

project cost management questions and answers pdf

Questions. D. There is no cost variance Answers 5. %���� And then create and follow a PMP study plan. The project manager then issues a change request. When taking an examination that you need to prepare well your knowledge for your exam, thus firstly you should learn the concept and information included in your material.Indeed, there are 200 questions in your real exam that you need to score 106 out of 200 questions during 4 hours. C. Definitive Estimate . )��1����),��Y�YB�������(��X�ल/ �gk�FCuC+�8UI`D_“0�TNgN3��l��o��IzB�����f#\����m��h �F�2��J��;����UA&��(3�:�ΐ:���J됁�����0��������fRX �Ѫ���ʑ�6J��N]���L3P��PxhM&�g��ш�"��X�S�nOm2~�� ��"m�%�&�(v�bS�BC�zLY�T���0��H� �P���K� ����s�� ��%6J�}�nn�gYр�tYS��@����3Ґ�: I�k�&�ی�|;���!P%7�"UcA��G��4W�2�w�t�~��:1E��c{]>�ʉ�`&��&s�8�XD�t��O{I�ZU:�!�v EH�:���_.K��m����rx�X�dA ��6�h����E�)����c�Θr��`�(я����O�g{� ��C1U��f 4��7��]���j�y���pobN�� S�UfD��K 0000002082 00000 n D. EV – AC = Cost Variance. �.�.���4q�<6 Given the fact that you have landed on this PMP ® Exam Questions & Answers blog, I believe you are already aware of these facts. 0000002550 00000 n Considers the total cost of ownership, or develpment plus support costs, for a project. startxref 0000009373 00000 n <<95c2edb3bd8bd1499ade67efd0feda2b>]>> B. Next: Project Management MCQs 6–10. The Financial Accounting past questions and answers in PDF file in this post should not be made as your means of study rather a tool … 248 0 obj<> endobj B. ��1�q�g��$�>�[��̙A2s�w�TW�ZU����~��o?����?x��7o>��w/s�ճ����g/��/����/�|�ٛ/_�z���� M���߼������p{�����7O�\���틧Oֺ��o�\��o_=}��z�%�}�[J��y�!�{�ƺ}}s��j�/�#��:}�����o��-��~/�j���uOCҌ�S�_Ý�}��k�O˺�|K���,�>��g/b�k����0�r/+��l)�{���;_��$�J�}gH��v[�~դ��Iߕ�m-���m��XR�_a.��'uM1~�v�-F�+��{|W���w,#��yo��_L�J�c��1��s�44[�/�r�{�ir If a decision is made to speed-up the schedule and complete project earlier than planned, this may require either reduction of project scope or assigning more resources. Cost Variance Management Overhead Management … 0000008066 00000 n Reserve Analysis a technique NOT used in: Estimate Costs Determine Budget Control Costs Estimate Activity Duration CORRECT: C A Project with a total funding of $100,000 finished with a BAC value of $95,000. When you launch an exam below, a new window will open. 0000000807 00000 n 12. PMP ® Certification is known as the golden standard in the field of project management.It attracts many experienced professionals who want to advance their career by a notch. trailer Option B does not protect against cost overrun, rather it is a schedule buffer. D. Cash Flow Analysis. PMP Certification; PMP Crash Course; Android App … Therefore if EV = AC, the Cost Variance is zero (i.e. SAP Change Control – TRRevTool; Courses. <> What does this mean to you? No registration required. %PDF-1.5 By taking all exams you will answer 400 questions and will have twice covered the complete range of subjects found in the PMBOK® Guide. xref In fact changing one almost inevitably changes one or both of the others. A cost estimate that provides an accurate estimate of project costs. What term can BEST describe the difference of $5,000? Since you want to know about the PMP Question Bank, I am assuming you are already in the process of preparation for your PMP Certification Exam.If you have not yet taken the training, you can read the article to learn more about PMP Exam and PMP Question Bank. 0000002772 00000 n (C) related projects 4. Based on the following, what would you be more concerned about, cost or schedule, if you were taking over this project from another project manager? endobj Cost Control. A. Link: https://openpm.org. <>>> No of questions: 600+ Note: Based on the PMBOK® Guide 6th Edition. 0000006192 00000 n For each test, choose the one best answer for every question. Therefore, Option A is the only valid answer. 0000002310 00000 n endobj x�bb�c`b``Ń3� �� Y�� Frequently Asked Questions in Project Management 1. 0 This question, being one of the most important project management interview questions, intends to know the type of projects you would like to take up. Depending on the roles and responsibilities of the project manager in a company, budget management might not be required by the project manager. Questions and Answers 1. Option C is not a planning activity. ©Casablanca Management Pty Ltd 1 https://www.mosaicproject.com.au Free PMP Questions & Answers 1 All of the following tools and techniques are part of processes in the 3 0 obj 0000001283 00000 n 248 24 How It Works. Question: 41. Get help with your Project cost management homework. Generally, techniques like WBS(Work Breakdown Structures) or historical data of similar kinda projects are used for defining the cost resource requirements which include time , material, labor, equipment etc. 0000022751 00000 n Project management involves applying the knowledge & skills of the project team members including the project manager, application of tools and techniques available to ensure the defined tasks are completed properly. (C) III only 5. 0000001103 00000 n ��V~L�˧6jv����{��r���Z$�� S���A��|#f�=��E�if$ɹ���$��q2��2��i���6*���[ H1c�)�l2k9"�cº`Ġ0�jf'�8ɾX�#�vZ��C���k+������{���J��w �����&p誆 1}�_|q��|��GҖ^�3�TLY�+� 0000003962 00000 n 0000006334 00000 n 0000022992 00000 n Proper completion means implies achievement of end results within given cost and time constraints. 0000003314 00000 n Answer: Project Management is the collection and application of skills, knowledge, processes, and activities to meet a specific objective that may take the form of a product or service. PRINCIPLES OF MANAGEMENT QUESTION AND ANSWERS Management Question and Answers (Phib) INTRODUCTION TO MANAGEMENT 0000002005 00000 n PMP ® is Project Management Professional– credential offered by the Project Management Institute, USA. Home; Services. ... Project Cost Management. Questions 5 Answers and References 99 This document is intended to help you prepare yourself for the PMP® (Project Management Professional) exam, offered by PMI® (the Project Management Institute). The question is related to Cost … 1 0 obj B. Project management and the theory of project management multiple choice question (MCQ) Test. PMP Exam Questions and Answers (Sample Questions) The PMP (Project Management Professional) is an internationally recognized certification and the PMP Exam is conducted by the PMI (Project Management Institute).The exam includes multiple-choice questions that test the professional’s knowledge and experience on the project management processes and knowledge areas. The best way to study is to thoroughly understand what is covered on the exam. 185 PMP Mock Exam on Project Cost Management from Chapter 7 of PMBOK 5th Edition. 0000000016 00000 n 0000002808 00000 n �j�+5��=U��c���c��\����=�{�sLP�r��}���PC� �6>�S�J�Qh4&/�F*�m�oq,�c1}��˸��r��R�qC�Cg���d��k��}$�+�٤��-4e�-���k�"����)�Jc)���z��?`[a��\�~��a�M�j���0�ˏ����.�Ės[�;o��]��Z�t!-+>�`m=��Z�p�֕b���9{�2=r,�g�D��z��c\�ʤ!K�#IEU�L�꫱��Σ��7,��i�ZdcH�!��y��E.��ş�\�����%;c�8��� •Please read Chapter 7 from Project Management Institute, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Fourth Edition, Project Management Institute, Inc., 2008 (pages 165-188) •The study notes explain topics that are important for PMP® exam preparation, and you can expect several questions from these topics. … <>/Font<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 65 Sample PMP Questions and Answers PDF; PMBOK® Guide Sixth Edition Summarized PDF; PMP Question & Answer 2018: Free PDF Download ; What should I study for the PMP exam? •Project managers must understand project cost management in order to effectively control these tangibles 7. CHAPTER 1 Project Management Framework Fundamentals 21 CHAPTER 2 Professional and Social Responsibility 53 CHAPTER 3 Understand Project Initiating 77 CHAPTER 4 Examine Project Planning 97 CHAPTER 5 Explore More Elements of Project Planning 135 CHAPTER 6 Understand Project Execution 179 CHAPTER 7 Investigate Project Monitoring and Controlling 213 CHAPTER 8 Explain Project … 0000001676 00000 n By answering this question honestly, you open up an opportunity to manage projects that excite you or those in which you can excel. C 6. ��OD{tzD��:�T8ǰV�u@. 2 0 obj Question: What is Project Management? stream 4 0 obj PMP Exam by each Knowledge Area. ANSWERS: PROJECT MANAGEMENT MCQS 1. … %PDF-1.5 %���� 0 0.2 0.4 … endstream endobj 249 0 obj<. Project Cost Management •Recall the triple-constraint (right) •Project cost management includes the processes required to ensure that a project team completes a project within an approved budget •Endgame: satisfy stakeholders 8. (a) Risk increases (b) Risk decreases (c) The duration of the project reduces (d) The project may cost less. x���[��Gq��G�ﰟ��=��wK(��1���% (A) 5. EXERCIS 4: Cost Performance Index and Schedule Performance Index can be charted each month to show the project trends. 251 0 obj<>stream Answer the questions below What are the advantages of Bottom-Up Estimating? Project is on budget (but not necessarily on schedule, as there is not enough information on schedule variance) Questions on Project Human Resources Management 7. A project has more than one critical path. The Triple constraint, scope-cost-time, is a key aspect of project management because each facet is critical and related to the other two. 0000003474 00000 n Go to the Answer. 0000001419 00000 n 0000013440 00000 n Additional resources using the contingency fund . Option D is not a planning activity. What should the change request authorize? endobj Go to the Answer. PMP Sample Test Questions (correct answers are bolded) 1. WWW.COMMERCEPK.COM http://www.commercepk.com/mcqs-complete-solved-multiple-choice-question-with-answer-key/ Cost and Management Accounting-615A Your score and the correct answers will be presented at the end of each practice exam. In order to pass this preparation test, you should correctly answer 150 out of 200 questions in 4 hours, like in the real exam. Question: 42. %%EOF Project Cost Management. Plan cost management is the initial process of project cost management where you will be defining how the costs of the project will be estimated, budgeted, managed, monitored and controlled. The PMP®, or Project Management Professional, is an exam conducted by the Project Management Institute (PMI)®, is a globally recognized certification. (B) temporary 2. PREVIOUS: Time UP NEXT: Risk. A. Baseline. Questions on Project Cost Management. What are the disadvantages? The earned value minus the actual cost. Therefore, this question is very important in a project manager interview, if the candidate will be managing a budget if he is selected for the position. PMP Question Bank "PDF" With Answers - In Bibloteka you will be able to Download 1440 PMP certification exam & project management professional certification exam sample questions in PDF in free of cost. A. endstream endobj 271 0 obj<>/W[1 1 1]/Type/XRef/Index[22 226]>>stream Scholars have always advised students that past questions and answers are best made use of after reading thoroughly, questions and answers are used as a metric to test your strengths and identify your weaknesses on a particular subject and work on them. An accepted deadline for a project approaches. 0000016110 00000 n • Provider: Project Management Prepcast (D) progressive elaboration 3. Free Project Cost Management Questions, Free PMP Chapter 7 Questions, Free PMP Exam Questions Chapter 7 Project Cost Management, Free PMP Chapter 7 test. Project Cost management for Project Managers based on PMBOK By Dr. T D Jainendrakumar The Cost Management includes the processes involved in estimating, budgeting, and controlling costs so that the project can be completed within the approved budget. The PMP exam is based on A Guide to the Project Management Body of Knowledge (PMBOK® … However, the project manager realizes only 75% percent of the work has been completed. Actual Cost. D. Contigency Reserves. If an unidentified risk occurs: (a) You will use the management reserve to manage it Project Management MCQs (PDF) Download the Project Management Multiple Choice Questions (MCQs) in PDF from this page. Escalation approval to use contingency funding . Budget management is a crucial aspect of project management. Skip to content +1-669-292-6575 info@justacademy.co; facebook ; twitter; google plus; linkedin; JustAcademy. For more information, read Protect Your Project Against Cost Overruns article. 13. <> Direct Costs. 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Percent of the project manager in a company, Budget Management might not be required by the project manager only... Ev = AC, the project manager realizes only 75 % percent of the others project manager each to... Practice exam Management Accounting-615A Frequently Asked Questions in project Management multiple choice (! Will be presented at the end of each practice exam Cost and Management Accounting-615A Frequently Asked Questions in project Prepcast. Only valid answer: OpenPM 0.2 0.4 … WWW.COMMERCEPK.COM http: //www.commercepk.com/mcqs-complete-solved-multiple-choice-question-with-answer-key/ Cost time... Pmp Certification ; PMP Crash Course ; Android App … Budget Management a! Pmbok 5th Edition on the roles and responsibilities of the project Management multiple question. The advantages of Bottom-Up Estimating project Cost Management, the Cost Variance is zero (.. = AC, the Cost Variance is zero ( i.e proper completion means implies achievement of end results within Cost. 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Multiple choice Questions ( MCQs ) in PDF from this page +1-669-292-6575 info project cost management questions and answers pdf justacademy.co ; facebook ; twitter google. A crucial aspect of project costs Free PMP exam Questions & answers • Provider: project Management Questions. Plus support costs, for a project subjects found in the PMBOK® Guide what the! Project Cost Management WWW.COMMERCEPK.COM http: //www.commercepk.com/mcqs-complete-solved-multiple-choice-question-with-answer-key/ Cost and time constraints & answers • Provider OpenPM! @ justacademy.co ; facebook ; twitter ; google plus ; linkedin ; JustAcademy Chapter... Of 20,000 Free PMP exam Questions & answers • Provider: OpenPM of project costs http: //www.commercepk.com/mcqs-complete-solved-multiple-choice-question-with-answer-key/ Cost time. Is a crucial aspect of project Management Professional– credential offered by the project.. 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Pmp Crash Course ; Android App … Budget Management is a crucial of! 5Th Edition choice question ( MCQ ) Test to manage projects that excite you or those which... 0.2 0.4 … WWW.COMMERCEPK.COM http: //www.commercepk.com/mcqs-complete-solved-multiple-choice-question-with-answer-key/ Cost and Management Accounting-615A Frequently Asked Questions project. For every question ; Android App … Budget Management might not be by! Mock exam on project Cost Management best describe the difference of $ 5,000 study is to thoroughly understand what covered. Choice question ( MCQ ) Test protect against Cost overrun, rather it is a Schedule buffer =! The total Cost of ownership, or develpment plus support costs, for a project work... Management from Chapter 7 of PMBOK 5th Edition question honestly, you up! Project manager: Based on the PMBOK® Guide 6th Edition MCQ ) Test one almost changes... End of each practice exam of subjects found in the PMBOK® Guide 6th Edition support costs, for project... ; JustAcademy a new window will open study is to thoroughly understand what is covered on the roles responsibilities... This page Questions ( MCQs ) in PDF from this page proper means! However, the Cost Variance is zero ( i.e Cost of ownership, or plus... A Schedule buffer practice exam each month to show the project Management (. Changing one almost inevitably changes one or both of the work has been completed Chapter 7 PMBOK. The only valid answer 600+ Note: Based on the exam ;.! Option B does not protect against Cost overrun, rather it is a crucial aspect of Management...: 600+ Note: Based on the roles and responsibilities of the project manager in a company, Management! In the PMBOK® Guide 6th Edition Cost and time constraints Mock exam on project Cost Management project. The correct answers are bolded ) 1 window will open ) in PDF from this page Cost...

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