Question 1:
Which cost management process involves allocating the overall cost estimate to individual work items or activities?
Explanation: The cost management process that involves allocating the overall cost estimate to individual work items or activities is "Determine Budget."
Question 2:
What is the formula to calculate Cost Variance (CV)?
Explanation: The formula to calculate Cost Variance (CV) is "CV = EV - AC," where EV represents Earned Value and AC represents Actual Cost.
Question 3:
Which cost management process involves influencing the factors that create changes to the cost baseline?
Explanation: The cost management process that involves influencing the factors that create changes to the cost baseline is "Control Costs."
Question 4:
What is the purpose of the Cost Baseline in cost management?
Explanation: The purpose of the Cost Baseline in cost management is "to establish the project budget and performance measurement baseline."
Question 5:
What does the term "earned value" represent in cost management?
Explanation: In cost management, "earned value" represents "the value of work actually performed."
