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Project Cost Management: Planning & Estimation

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the definition of project cost management?

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1. What indicates the accuracy of a cost estimate?

2. During the preliminary stages of a project, which type of estimate is generally done?

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About This Quiz & Worksheet

Project cost management is an important part of business planning. The object of this assessment is to determine how well you understand the components and uses of project cost management.

Quiz & Worksheet Goals

This assessment will measure your knowledge of:

  • The definition of project cost management
  • The accuracy of cost estimation
  • Estimations and preliminary stages of projects
  • What project cost management can provide
  • Differences between budget and cost baseline

Skills Practiced

Some of the skills that this assessment tests include:

  • Defining key concepts - ensure that you can accurately define main phrases, such as project cost management
  • Distinguishing differences - compare and contrast topics from the lesson, such as budget and cost baseline
  • Information recall - access the knowledge you've gained regarding project cost management and estimation

Additional Learning

Improve your understanding of project cost management by studying the lesson Project Cost Management: Planning & Estimation. With this lesson you will review:

  • Examples of cost estimating
  • How to understand variance of estimations
  • Examples of cost management planning
  • What cost baselines represent
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