CIT 130 Final Exam
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What is actual cost?
Actual Cost(AC)-the total of direct and indirect costs incurred in accomplishing work on an activity during a given period.
Describe analogous estimates, what are they?
A cost estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the currrent project, also called top-down estimates.
What is a project baseline?
The orginal plan plus approved changes.
What is a bottom-up estimating?
A cost estimating technique based on estimating individual work items and summing them to get a project total.
What does BAC stand for?
Budget at completion-th eorginal total budgete for a project.
How do you allocate money to a budget?
Budgetary estimate-a cost estimate used to allocate money into an orginization's budget.
Describe cash flow analysis?
A method for determining the estimated annual costs and benefits for a project.
What are contingency reserves
Dollars included in a cost estimate to allow for future situations that may be partially planned for (sometimes called known unknowns) and are included in the porject cost baseline.
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