CIT 130 Final Exam

  1. What is actual cost?
    Actual Cost(AC)-the total of direct and indirect costs incurred in accomplishing work on an activity during a given period.
  2. Describe analogous estimates, what are they?
    A cost estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the currrent project, also called top-down estimates.
  3. What is a project baseline?
    The orginal plan plus approved changes.
  4. What is a bottom-up estimating?
    A cost estimating technique based on estimating individual work items and summing them to get a project total.
  5. What does BAC stand for?
    Budget at completion-th eorginal total budgete for a project.
  6. How do you allocate money to a budget?
    Budgetary estimate-a cost estimate used to allocate money into an orginization's budget.
  7. Describe cash flow analysis?
    A method for determining the estimated annual costs and benefits for a project.
  8. What are contingency reserves
    Dollars included in a cost estimate to allow for future situations that may be partially planned for (sometimes called known unknowns) and are included in the porject cost baseline.
Card Set
CIT 130 Final Exam
Information Technology Management:Chapter 7 Project Management-Key Terms