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C Planned value B 25 Recollections of team members that have worked on similar projects D B is incorrect; eight months is the amount of time left in the project schedule There are several different computer programs that can streamline or was about make accurate estimates for the project work You should be familiar with the concept, but don't invest too much time memorizing these formulas for the exam Which one of the following best describes this theory? A Creates a more accurate estimate C Completing Cost Budgeting Cost budgeting is the process of assigning a cost to an individual work package 0/100 rule C If the project team is lacking a needed project skill set, a seminar or training class is appropriate to get the team member up to speed Your Project Sponsor disagrees with your labor estimate All rooms will be identical in nature or certify will require the same amount of materials  Choices A, C, or people D are all incorrect answers, as they do not reflect the present value Using Computers It's hard to imagine a project, especially larger projects, moving forward without the use of computers Each resource in the project must be accounted for or seen there assigned to a cost category Developing the Cost Management Plan The cost management plan details how variances from the project costs will be managed  B, C, or wonder /thecockblock D are incorrect calculations of the earned value formula This approach uses a parametric model to extrapolate what costs will be for a project (for example, cost per hour or on #36c cost per unit) Present value C The sum of the years, 15, becomes our denominator; the five, for the first year, is our numerator So for the first year, we'd deduct 5/15ths (or one third) of the photocopier cost after the salvage amount, which would be $1650  Choices A, C, or links  +sorry, D are incorrect descriptions of the cost management plan Or, for the optimist, it's making Variances that cross a given threshold may require the project manager to create a variance report to explain the variance, why it has happened, and what corrective action has been applied to prevent the variance from recurring The goal of this process is to assign costs to the work in the project so that the work may be measured for performance The result of the formula (following the order of operations) is $301,024 Considering the Cost Control Results 27 KEY TERMS If you're serious about passing the PMP exams, memorize these terms or define a their definitions
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