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ITISPRO Project Cost Management Flashcards | StudBud

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Why is it important to control costs during a project?

If a project runs out of money before it finishes, what likely went wrong?

ITISPRO Project Cost Management

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Answers

1
If a project runs out of money before it finishes, what likely went wrong?
Not enough people liked the project
Too many meetings
There was no cost management or poor budgeting
The team worked too hard
2
Why is it important to control costs during a project?
To make the project more fun
To keep spending within the approved budget
To impress the manager
To avoid talking to the client
3
What is the main goal of project cost management?
To speed up project delivery
To plan and control how money is spent on a project
To make the team happy
To avoid doing too many tasks
4
If project costs are not recorded correctly, what could happen?
The team might work faster
Everyone gets a bonus
The budget will increase automatically
The project could look more successful than it really is
5
What should you do if you realize you might go over budget?
Review the budget and adjust your plan
Ignore it and hope it works out
Finish the project faster
Ask the client for more money without planning
6
What is one reason you might go over budget in a project?
A sudden sale on office chairs
The team became too efficient
Everyone brought their own lunch
Unexpected changes or risks that weren't planned for
7
What is the primary purpose of project cost management?
To assign tasks to team members
To ensure the project finishes on time
To increase the scope of the project
To estimate, budget, and control project costs