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NEW QUESTION: 1
You work as a project manager for HRM Inc. You are involved in the cost management work for the project. George, one of the newly joined team members, wants to know the processes involved in the project cost management work. What will you tell George?
A. Control costs
B. Estimate costs
C. Perform quality assurance
D. Determine budget
Answer: A,B,D
Explanation:
Explanation/Reference:
Explanation:
Answer options D, A, and B are correct.
Project Cost Management consists of the processes involved in planning, estimating, budgeting, and controlling costs in order to complete the project within the approved budget. It is a set of processes required to ensure that the project is completed within the approved budget:
Estimate Costs: It is the process used to build up an estimate of the monetary resources required to

complete project activities
Determine Budget: It is the process used to aggregate the probable costs of individual activities or

work packages to set up an authorized cost baseline
Control Costs: It is the process used to examine the condition of the project to update the project

budget and changes to the cost baseline
Project Cost Management is an important part of project planning is estimating the amount of time and cost associated with a project and using this process to create baselines for time and cost. The cost estimate includes costs for facilities, labor, and material. The time estimate encompasses the total hours of work needed to complete the project.
In the image below, the estimate has been expanded to highlight the components of time and cost. This section shows the relationship between these components.

The planning process with the time and cost estimate
Project costs typically fall into the following categories: Labor, Equipment and material, and Facilities.
These costs are typically charged directly to a project (direct costs) while others are overhead (indirect costs).
Direct labor costs include the costs for personnel actively involved in the project, and direct equipment and material costs are costs that are directly associated with the project. For example, computer and networking components are direct equipment and material costs. Indirect overhead costs include items used in support of the project, such as the cost of support and administrative personnel, and the cost of incidentals, such as office supplies, rent and electricity.Answer option C is incorrect. The Perform Quality Assurance process is involved in the project quality management work.
Reference: "Project Management Body of Knowledge (PMBOK Guide), Fourth edition" Chapter: Time and Cost Management Objective: Cost vs. Quality

NEW QUESTION: 2
All of the following are correct statements about a project manager EXCEPT:
A. He or she may initiate changes to the project.
B. He or she is held accountable for project success or failure.
C. He or she is assigned after the project charter is created.
D. He or she manages changes and factors that create change.
Answer: C

NEW QUESTION: 3
CORRECT TEXT
What are forecast categories?
Answer:
Explanation:
Best
Case includes amounts you are likely to close, closed/won opportunity
amounts, and amounts in the Commit category Closed includes amounts for closed/won opportunities Commit includes amounts you are confident about closing and closed/won opportunityamounts Omitted means the amount does not contribute to your forecast Pipeline includes amounts from all open opportunities