Ch 8, 9 PMP|82 Questions With
Verified Correct Answers Latest 2026-
2027,.
cost management - Correct answercreating the cost baseline and ensuring the
project stays on budget.
variable cost - Correct answerthis is a cost that changes as the project progresses
fixed cost - Correct answerwill stay the same as the project progresses
direct cost - Correct answerThis is included in the cost baseline and is a cost that
the project will direct incur such as materials, equipment, etc.
indirect cost - Correct answera cost that is not included in the project budget.
sunk cost - Correct answerThe amount of money that has already been spent on
the project.
value engineering - Correct answer(Value Analysis) Finding a less costly way of
doing work.
project cost management processes - Correct answerThese are processes apart of
what?
plan cost management
estimate cost
determine budget
control cost
plan cost management - Correct answerthe process where you will create the cost
management plan. This gives you the steps required to complete the other three
processes in cost
cost management plan - Correct answerpart of the project management plan that
will direct us on how to estimate the cost of each activity, create the project budget, and
monitor and control the cost of the project.
rough order of magnitude (ROM) - Correct answerThe most inaccurate estimate (-
25% to +75%). Most likely used during the iniating part.
, Budget Estimate - Correct answerUsually expected to have a -10% to +25%
variance.
Definitive Estimates - Correct answer-5% - +10% variance. The best estimate you
can get.
quality management plan - Correct answerOutline the steps that the project team
will take to ensure the project meets its quality requirements.
scope baseline - Correct answerincludes the project scope statement, WBS, and
the WBS dictionary.
reserve analysis - Correct answerAdding reserve time to cover work risks.
two types or reserves - Correct answer1. contingency
2. management reserves
contingency reserves - Correct answer(known unknowns) Included in the cost
baseline and are within the control of the project manager. These are added just in case
the project needs the money for any unknowns.
management reserves - Correct answer(Unknown unknowns) Are added to the
project by the organization's management and are not included in the project baseline.
cost quality - Correct answerthe amount of money you spend to ensure quality
requirements are met on the project.
determine budget - Correct answerprocess where you take all the activity cost
estimates and aggregate the cost into the project cost baseline (budget).
cost aggreggation - Correct answerrolling up the activity costs into work package
and then the work packages into deliverable.
funding limit reconciliation - Correct answerorganization limits the project funding
because of year-end budgets or other expenses a company might have throughout the
year. This might result in the rescheduling of the project work until the funds become
available.
financing - Correct answeracquiring money for the project, generally from an
external source.
control cost - Correct answera monitoring and controlling process where you will try
to keep the project on budget.
Verified Correct Answers Latest 2026-
2027,.
cost management - Correct answercreating the cost baseline and ensuring the
project stays on budget.
variable cost - Correct answerthis is a cost that changes as the project progresses
fixed cost - Correct answerwill stay the same as the project progresses
direct cost - Correct answerThis is included in the cost baseline and is a cost that
the project will direct incur such as materials, equipment, etc.
indirect cost - Correct answera cost that is not included in the project budget.
sunk cost - Correct answerThe amount of money that has already been spent on
the project.
value engineering - Correct answer(Value Analysis) Finding a less costly way of
doing work.
project cost management processes - Correct answerThese are processes apart of
what?
plan cost management
estimate cost
determine budget
control cost
plan cost management - Correct answerthe process where you will create the cost
management plan. This gives you the steps required to complete the other three
processes in cost
cost management plan - Correct answerpart of the project management plan that
will direct us on how to estimate the cost of each activity, create the project budget, and
monitor and control the cost of the project.
rough order of magnitude (ROM) - Correct answerThe most inaccurate estimate (-
25% to +75%). Most likely used during the iniating part.
, Budget Estimate - Correct answerUsually expected to have a -10% to +25%
variance.
Definitive Estimates - Correct answer-5% - +10% variance. The best estimate you
can get.
quality management plan - Correct answerOutline the steps that the project team
will take to ensure the project meets its quality requirements.
scope baseline - Correct answerincludes the project scope statement, WBS, and
the WBS dictionary.
reserve analysis - Correct answerAdding reserve time to cover work risks.
two types or reserves - Correct answer1. contingency
2. management reserves
contingency reserves - Correct answer(known unknowns) Included in the cost
baseline and are within the control of the project manager. These are added just in case
the project needs the money for any unknowns.
management reserves - Correct answer(Unknown unknowns) Are added to the
project by the organization's management and are not included in the project baseline.
cost quality - Correct answerthe amount of money you spend to ensure quality
requirements are met on the project.
determine budget - Correct answerprocess where you take all the activity cost
estimates and aggregate the cost into the project cost baseline (budget).
cost aggreggation - Correct answerrolling up the activity costs into work package
and then the work packages into deliverable.
funding limit reconciliation - Correct answerorganization limits the project funding
because of year-end budgets or other expenses a company might have throughout the
year. This might result in the rescheduling of the project work until the funds become
available.
financing - Correct answeracquiring money for the project, generally from an
external source.
control cost - Correct answera monitoring and controlling process where you will try
to keep the project on budget.
