+360-Questions-and-Answers-For-PMBOK-Guide-SIXTH -Edition

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o Process
descriptions...


o Additionaldetails...


103 - 104 - 105 - 106



  1. Answer: C.


PMBOK®Guide,page 248 ,Section 7. 3 ;andpages 257 – 259 ,Section 7. 4


DetermineBudget


DetermineBudgetistheprocessofaggregatingtheestimatedcostsofindividualactivitiesorwork
packagestoestablishanauthorizedcostbaseline.Thekeybenefitofthisprocessisthatitdetermines
thecostbaselineagainstwhichprojectperformancecanbemonitoredandcontrolled.


Control Costs


ControlCostsistheprocessofmonitoringthestatusoftheprojecttoupdatetheprojectcostsand
managingchangestothecostbaseline.Thekeybenefitofthisprocessisthatitprovidesthemeans
torecognizevariancefromtheplaninordertotakecorrectiveactionandminimizerisk.


Thekeytoeffectivecostcontrolisthemanagementoftheapprovedcostbaselineandthechanges to
thatbaseline.


Projectcostcontrolincludes:


o Influencingthefactorsthatcreatechangestotheauthorizedcostbaseline...


108.Answer:B.


PMBOK®Guide,pages 253 – 254 ,Section 7. 3. 3. 1 ,Figure 7 – 8 andFigure 7 – 9


CostBaseline


The cost baseline is the approved version of the time-phased project budget, excluding any
managementreserves,whichcanonlybechangedthroughformalchangecontrolproceduresandis
usedasabasisforcomparisontoactualresults.Itisdevelopedasasummationoftheapproved
budgetsforthedifferentscheduleactivities.Figure 7 – 8 illustratesthevariouscomponentsofthe
projectbudgetandcostbaseline.Activitycostestimatesforthevariousprojectactivities,alongwith
anycontingencyreserves fortheseactivities,areaggregatedintotheir associatedworkpackage
costs.Theworkpackagecostestimates,alongwithanycontingencyreservesestimatedforthework
packages,areaggregatedintocontrolaccounts.Thesummationofthecontrolaccountsmakeupthe
costbaseline.Since the costestimatesthat makeup the costbaseline aredirectly tiedto the
scheduleactivities,thisenablesatime-phasedviewofthecostbaseline,whichistypicallydisplayed
intheformofanS-curve,asisillustratedinFigure 7 – 9.


Managementreservesareaddedtothecostbaselinetoproducetheprojectbudget.Aschanges
warrantingthe useofmanagement reservesarise,thechange controlprocessisusedto obtain
approvaltomovetheapplicablemanagementreservefundsintothecostbaseline.


109.Answer: D.


PMBOK®Guide,pages 256 – 258 ,Section 7. 4

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