PMP® Sample Questions & Answers with Explanation| Cost Management: Set 4

 

PMP® Sample Questions & Answers with Explanation| Cost Management: Set 4

Here are another 5 PMP Cost Management questions and answers YouTube video. Challenge yourself and improve your skills with detailed explanations for each question. Don't miss out on this free resource - watch now: 

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1. What is the purpose of Cost Management in project management?

A.    To minimize the costs of the project.

B.    To maximize the profits of the project.

C.     To estimate, budget, and control project costs.

D.    To allocate costs between project phases

 

2. Which of the following is not a tool or technique used in the Cost Management process?

A.    Cost Baseline.

B.    Earned Value Management.

C.     Financial Accounting Systems.

D.    Risk Management

 

3. What is the difference between Cost Baseline and Cost Budget in Cost Management?

A.    Cost Baseline is the approved budget, while Cost Budget is the estimated budget.

B.    Cost Baseline is the estimated budget, while Cost Budget is the approved budget.

C.     Cost Baseline is the budgeted cost of work scheduled, while Cost Budget is the budgeted cost of work performed.

D.    Cost Baseline is the budgeted cost of work performed, while Cost Budget is the budgeted cost of work scheduled.

 

4. What is the purpose of Earned Value Management in Cost Management?

A.    To calculate the actual cost of the project.

B.    To compare the actual cost of the project to the planned cost.

C.     To measure project performance and progress.

D.    To estimate the total cost of the project

 

5. What is the purpose of Cost Control in Cost Management?

A.    To reduce the cost of the project.

B.    To track project costs against the budget.

C.     To identify cost variances and take corrective actions.

D.    To develop a budget for the project

 

For Answers and detailed explanations watch this free video: 

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