CCM Cost Management

Question 1

Which document provides a detailed breakdown of estimated construction costs?

Accepted Answer

Cost estimate

Answer

Project charter

Answer

Scope statement

Answer

Work breakdown structure

Question 2

What is the primary purpose of a cost baseline in construction management?

Accepted Answer

To establish performance measurements

Answer

To define the project team structure

Answer

To document risks

Answer

To outline quality standards

Question 3

Which term describes the ongoing comparison between actual and planned cost performance?

Accepted Answer

Earned Value Management

Answer

Critical path analysis

Answer

Risk assessment

Answer

Monte Carlo simulation

Question 4

What is a contingency reserve used for in cost management?

Accepted Answer

To manage risk-related cost impacts

Answer

For overhead expenses

Answer

To cover known scope items

Answer

To fund quality assurance activities

Question 5

What tool helps visualize cost performance over time?

Accepted Answer

S-curve

Answer

Histogram

Answer

Scatter diagram

Answer

Network diagram

Question 6

Which project phase typically requires the most accurate cost estimates?

Accepted Answer

Execution

Answer

Conceptual planning

Answer

Design development

Answer

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