07- Cost Management

Yusuf, a newly certified PMP, was asked by Raymond, a business analyst who will be writing project documentation, to identify the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline? What is the name of this process?

Jason, a project manager, is controlling costs and is performing reserve analysis on a critical project. He realizes that a number of identified risks with contingency reserves that did not occur, and it appears that they will not occur. What should Jason do with the unused contingency reserves associated with these risks?

Which process will utilize the following project documents as inputs; basis of estimates, cost estimates, project schedule, and the risk register?

In the Determine Budget process, the cost estimates are aggregated by work packages in accordance with the work breakdown structure (WBS). The work package cost estimates are then aggregated for the higher component levels of the WBS, which are known as?

In the Determine Budget process, what is intended to address the unknown unknowns that can affect a project?

For controlling costs, Justin, an experienced project manager, has been instructed to calculate the to-complete performance index (TCPI) every 2 weeks and include the TCPI in the bi-weekly senior management project report. The TCPI is a measure of the cost performance that is required to be achieved with the remaining what?

Kevin, an experienced project manager is working with the accounting department to perform the Determine Budget process. They are reviewing and discussing funding limit reconciliation. Alena from the accounting department wants to know what action might need to be taken when a variance between the funding limits for Kevin's project and the planned project expenditures occur so that Kevin 's project performance will level out to the rate of the expenditures. What is Kevin's best response to Alena?

Which is not part of the cost baseline?

When an amount of management reserves is used to fund unforeseen work, the amount of the management reserve used is?