CIT 130 Final Exam

Card Set Information

CIT 130 Final Exam
2012-05-29 17:30:22
CIT 130 Final Exam

Information Technology Management:Chapter 7 Project Management-Key Terms
Show Answers:

  1. 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.
  2. 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.
  3. What is a project baseline?
    The orginal plan plus approved changes.
  4. What is a bottom-up estimating?
    A cost estimating technique based on estimating individual work items and summing them to get a project total.
  5. What does BAC stand for?
    Budget at completion-th eorginal total budgete for a project.
  6. How do you allocate money to a budget?
    Budgetary estimate-a cost estimate used to allocate money into an orginization's budget.
  7. Describe cash flow analysis?
    A method for determining the estimated annual costs and benefits for a project.
  8. 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.