The Project Management Core Area Including Cost Estimating, Cost Budgeting

question 51

Multiple Choice

The project management core area including cost estimating, cost budgeting, and cost control is called:

• A)project integration management.
• B)project cost management.
• C)project risk management.
• D)project scope management.

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Definitions:

AVC

Average Variable Cost, which is calculated by dividing the variable costs by the quantity of output produced.

Economic Loss

A decrease in financial wealth, including lost opportunity, costs, inefficiencies, or expenditures that exceed the benefits.

Fixed Cost

Costs that do not vary with the level of output or operations, such as rent, salaries, and insurance premiums.

Economic Loss

The negative difference between a company's revenues and its expenses, including opportunity costs.