CIT 130 Final Exam

Actual Cost(AC)-the total of direct and indirect costs incurred in accomplishing work on an activity during a given period.

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.

The orginal plan plus approved changes.

A cost estimating technique based on estimating individual work items and summing them to get a project total.

Budget at completion-th eorginal total budgete for a project.

Budgetary estimate-a cost estimate used to allocate money into an orginization's budget.

A method for determining the estimated annual costs and benefits for a project.

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.