Hello,

I am hoping somebody can help me. I have been told I have a few wrong answers in the below multiple choice section. I have put an x against the ones I chose. Can you please help me with which are the wrong ?

1. which of the following is not an advantage of budgeting
   1. It forces managers to plan
   2. It provides resource information that can be used to improve decision making
   3. It aids in the use of resources and employees by setting a benchmark that can be sued for the subsequent evaluation of performance
   4. It provides organisational independence x
   5. It improves communication and coordination

1. An estimate cost should always include
   1. Analogous estimating x
   2. Indication of accuracy

1. The process of aggregating the estimated cost of individual activities of packages to establish an authorised cost baseline is called

1. Determine cash floe
2. Estimate cost
3. Determine budget x
4. Value engineering

1. ROM stands for
   1. Reality of measure
   2. Rough order of magnitude x
   3. Ready order measure
   4. Rough operational measure

1. A resource is
   1. An important calculation in the estimating cost process
   2. A provision in the budget to mitigate cost and or risk
   3. An amount of money set aside for project running overtime
   4. All of the above x

1. Cost estimating is linked very closely with
   1. Scope
   2. Schedule
   3. Resource planning
   4. All above x

1. A cost management plan is
   1. A document that se4st out the format and establish the activities and criteria for planning, structuring and controlling the project cost x
   2. A part of the project plan
   3. A document used for project financial planning
   4. All the above

1. The process of comparing actual project spending and planned expenditure to determine if corrective action is needed is called
   1. Cost performance baseline x
   2. Project budget
   3. Contingency reserve

1. Bringing in a consulting to assess productivity and optimise project lifecycle costs would be an example of
   1. Vendor bid analysis
   2. Should cost estimates
   3. Value engineering
   4. Activity based costing x

1. The parametric estimating technique
   1. Uses a statistical relationship between historical data and other variables to calculate cost x
   2. Uses a mathematical mode to calculate cost
   3. Both of the above
   4. None of the above

1. Life cycle costing is the process of
   1. Ensuring that a project has the budget it requires at all stages of its life cycle x
   2. Calculating the total cost of creating the project and using the project during its useful life
   3. Calculating the project sustainably during all phases and at the end of the project
   4. All of the above x

1. When establishing cost control a typical measuring point is
   1. Project gaant chart
   2. Schedule
   3. Milestone x
   4. Charter

1. The budgeted cost of the work performance (BCWP) is an important calculation of
   1. Rolling wave calculations
   2. Parametric estimates
   3. Earned value calculations x
   4. None of the above

1. The cost management plan outlines how to
   1. Control project cost
   2. Structure and control project cost x
   3. Structure project cost
   4. Manage the project budget

1. Earned value is
   1. A measure of progress in terms of schedule and budget metrics x
   2. A measure of cost control and reporting
   3. Both ofthe above
   4. Non of the above

1. Cost performance baseline can only be changed by going through formal change management process?
   1. True x
   2. False

1. Controlling cost is the process of monitoring the status of the project to update the project budget and mange change to the project baseline
   1. True x
   2. False

1. Expert opinion is a useful tool fr cost estimating
   1. True x
   2. False

1. Baselining the project is the process of determining the middle point of through the budget estimates
   1. True
   2. False x

1. Cost reporting is NOT the same as cost controlling
   1. True x
   2. False

1. Every project compression insures additional costs
   1. Truex
   2. False

1. Project managers need to have a good working knowledge of financial and basic accounting principals
   1. True x
   2. False

1. The cost management process involves the project manager and project team with the project sponsor only
   1. True x
   2. False