Project Cost Control: Definition & Steps


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question 1 of 3

The principle that explains the relationship between cost, schedule and scope is called _____.

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1. In Earned Value Management the index calculated to monitor cost performance is called the _____.

2. The value calculated by adding the actual cost to date and the estimated cost to complete is termed _____.

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About This Quiz & Worksheet

This quiz and worksheet are used to determine the depth of your knowledge regarding terms used to describe project management practices relating to cost and budget. You will be quizzed on definitions of relevant terms used in the corresponding lesson addressing this topic.

Quiz & Worksheet Goals

You will have the opportunity to assess your knowledge of:

  • The principle explaining the relationship between cost, schedule and scope
  • How to monitor cost performance in Earned Value Management
  • Link between actual cost to date and estimated cost to complete
  • Cost Performance Index and the total budget of the project
  • When a project budget is time-phased with scheduled work

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information regarding cost control systems and how to apply them to project management
  • Critical thinking - apply relevant concepts to examine information about project cost control in a different light
  • Information recall - access the knowledge you've gained regarding Earned Value Management
  • Knowledge application - use your knowledge to answer questions about value and performance calculations

Additional Learning

If you feel you need a more detailed review of this topic, you can do so by accessing the lesson titled Project Cost Control: Definition & Steps. You will find information about:

  • How to manage cost as it relates to the scope and schedule of the project
  • Aspects of the Earned Value Management system
  • Using forecasting as a cost control method
  • What tool is used to recover the total project budget