Chapter Quiz: Cost Control and Management

What is the primary purpose of cost control in project management?

Which of the following is a technique for monitoring project costs?

What does a baseline budget represent in cost control?

Which tool helps compare the actual costs of the project to the planned costs?

What is the purpose of variance analysis in project cost management?

What is earned value management (EVM) used for?

What is a common corrective action when a project is over budget?

Why is it important to adjust the budget during the project lifecycle?

How does variance analysis help project managers?

What is a contingency fund in project budgeting?

Cost control helps track the actual expenses of a project against the planned budget.

A baseline budget is a financial plan used to track cost deviations.

Earned value management (EVM) compares the cost of work completed to the original budgeted cost

Corrective actions should only be taken after a project has completed.

Variance analysis helps identify the causes of budget overruns