S tate whether True or False:

a. Four broad steps involved in project cost management are—resource planning schedule, cost planning, cost budgeting and cost control.

b. T he cost of an activity is collected under these broad heads—labour costs, material costs, plant and equipment costs, subcontractor costs, consumable costs, and overheads.

c. C ost planning aims at ascertaining cost before many of the decisions are made related to design of a facility.

d. C ost budgeting is the process of allocating the overall cost estimate to individual work items of the project.

e. T he objective of cost control is to ensure that the final cost of the project does not exceed the budgeted or planned cost.

f. L abour cost accounting is done under heads of departmental labour and subcontractor labour.

g. T he two types of materials used in construction project are client-supplied and owner-purchased.

h. T he job status to date cost is given by actual cost incurred—deferred expenses and accrued expenses.

i. Plant and equipment cost 5 hire charges 1 operating cost.