9/23/2023 0 Comments Pmp cost management![]() Integrates bottom-up estimating techniques with relevant statistical relationship to estimate the cost of the current project.ī. ![]() Using the actual cost or duration of a previous similar project to estimate the cost or duration of the current project.Ī. ![]() Using a statistical relationship between historical data and other variables to calculate an estimate for activity parameters, such as cost, budget, and duration.ĭ. Calculating individual cost and duration estimates for each work package and integrating them to obtain the total cost or duration of the project.Ĭ. Defining cost or duration parameters of the project life cycle.ī. An activity cost estimate includes all of the following resource categories EXCEPT:Ī. Cost estimates are quantitative assessments of the likely costs for resources required to complete project activities.Ġ3. Information in the risk register should not be used to adjust cost estimates, because risks can be either threats or opportunities and their impact tends to balance out.ĭ. Costs are estimated for all resources that will be charged to the project.Ĭ. Cost estimates are generally expressed in units of some currency (i.e., dollars, euro, yen, etc.), although in some instances other units of measure, such as staff hours or staff days, are used.ī. All of the following are true about cost estimates EXCEPT:Ī. Project Cost Management includes all of the following processes EXCEPT:Ġ2. Project Cost Management (Chapter 7 of the PMBOK® Guide)Ġ1. All the Best ! and keep watching this space for Q n A on other Process Groups as well.
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