PMP Certification Prep Flashcards

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Author:
alvincolon
ID:
246001
Filename:
PMP Certification Prep Flashcards
Updated:
2013-11-11 15:14:46
Tags:
COST MANAGEMENT
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Description:
COST MANAGEMENT
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  1. What is the project budget shown over time (displayed on a graph such as an S-curve)?
    COST PERFORMANCE BASELINE
  2. What does the following statement describe? Adjustments made to project expenditures to account for funding limits (e.g. quarterly budgets.)
    FUNDING LIMIT RECONCILIATION
  3. What does the following statement describe? Authorized, time-phased, total project Budget used to measure, monitor and control cost performance of the project; appears as an S-curve on a graph.
    COST BASELINE
  4. What does the following statement describe? Measuring the difference between planned and actual. (used for both cost and durations)
    VARIANCE ANALYSIS
  5. What does the following statement describe? An objective mathematical approach to measure the cost and schedule performance
    EARNED VALUE MANAGEMENT (EVM)
  6. What does the following statement describe? Amounts set aside by PM to cover known risks (included in the Cost Baseline)
    CONTINGENCY RESERVES
  7. What does the following statement describe? Amounts management sets aside to cover unknown risks (not included in Cost Baseline)
    MANAGEMENT RESERVES
  8. What does the following statement describe? Present value of the future income stream, offset against initial investment amount
    NET PRESENT VALUE (NPV)
  9. What does the following statement describe? Compares financial yield to the cost of doing the project
    BENEFIT COST RATIO
  10. What does the following statement describe? The amount of time needed to recoup the projects investment
    PAYBACK PERIOD

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