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Cost Management Interview Question:

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Your project has a medium amount of risk and is not very well defined. The sponsor hands you a project charter and asks you to confirm that the project can be completed within the project cost budget. What is the BEST method to handle this?

A. Build the estimate in the form of a range of possible results
B. Ask the team members to help estimate the cost based on the project charter
C. Based on the information you have, calculate a parametric estimate
D. Provide an analogous estimate based on past history.

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A. Build the estimate in the form of a range of possible results
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Top Cost Management Questions

☺	Which type of cost is team training? A. Direct B. NPV C. Indirect D. Fixed

☺

You have been asked to select between three projects. Project A has a net present value of $54,750 and will take six months to complete. Project B has a net present value of $85,100 and will take two years to complete. Project C has a net present value or $15,000 and a benefit-cost ratio of 5:2. Which project should you choose?

A. Project A
B. Project B
C. Project C
D. There is not enough information to decide.

☺	During which project management process group are budget forecasts created? A. Monitoring and controlling B. Planning C. Initiating D. Executing

☺	Project setup costs are an example of: A. Variable costs B. Fixed costs C. Overhead costs D. Opportunity costs

☺	Value analysis is performed to get: A. More value from the cost analysis B. Management to buy into the project C. The team to buy into the project D. A less costly way of doing the same work

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