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What is Project Cost Management? - Definition & Importance

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question 1 of 3

What is the definition of project cost management?

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1. What is the definition of variance in project cost management?

2. Monitoring costs requires comparing which two costs?

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About This Quiz & Worksheet

You can measure what you know about project cost management by completing this quiz and worksheet. Some of these questions deal specifically with the steps involved in this form of management.

Quiz & Worksheet Goals

Taking this quiz is a quick way to check your ability to answer questions about:

  • Definitions about this type of management
  • What is required when monitoring costs
  • Project cost management steps

Skills Practiced

We crafted this quiz to allow you the chance to work on these study abilities:

  • Defining key concepts - ensure that you can accurately define main phrases, such as project cost management and variance
  • Information recall - access the knowledge you've gained regarding the first step of project cost management
  • Knowledge application - use your knowledge to identify the three steps involved in project cost management

Additional Learning

Further improve your understanding of this topic by studying the lesson titled What is Project Cost Management? - Definition & Importance. Working on this lesson will allow you to increase what you know about:

  • How to estimate costs
  • Why cost monitoring is important
  • Ways to control costs
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