Project Cost Management

question 60

Multiple Choice

Project Cost Management

• A) focuses on coordinating the project plan's development, execution, and control of changes.
• B) includes identifying the project phases and activities and estimating, sequencing, and assigning resources.
• C) focuses on planning, developing, and managing the quality environment allowing the project to meet or exceed stakeholder expectations.
• D) assures that the project budget is developed and completed as approved.
• E) is concerned with acquiring project resources that are outside the organization.

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Definitions:

Consideration

In contract law, it refers to something of value exchanged between parties as the basis for a contract.

Bargained-for Exchange

Bargained-for exchange is a legal concept where parties agree to provide something of value to each other, forming the basis of a contract.

Illusory Promise

A statement that appears to be a binding commitment but allows for so much discretion that it does not legally bind the party making it.

Promisor

The party in a contract who makes a promise to perform or provide a benefit to the promisee.