Creating a Scope Statement includes four steps. This step can be described as providing a summary description of each component of the projects goal, including initial budget and schedule information for each activity.

Select one:

a. Develop management plan for the project

b. Establish project goal criteria

c. Create scope baseline

d. Establish work breakdown structure

In Earned Value Management, this is defined as the authorized budget assigned to scheduled work. It defines the physical work that should have been accomplished to that point in time.

Select one:

a. Earned value

b. Schedule variance

c. Planned value

d. Actual cost of work performed

In Earned Value Management, this is one of the common methods for assigning completion values where the Project Manager and team members mutually agree on a set of project completion milestones. On a regular basis thereafter, the status of each work package is updated.

Select one:

a. Completion Report

b. EVM Estimate

c. 0/100 Rule

d. Percentage Complete Rule

Once we have established a project baseline budget, one of the most important methods for monitoring project status on-going is to:

Select one:

a. Update Budget Management Plan

b. Evaluate against original budget projections

c. Report to Sponsors

d. Update on-going budget

Our author notes that one of the main problems with project milestones is that they:

Select one:

a. Are a reactive control system

b. Becomes out-dated quickly

c. Provide limited information

d. Does not project future performance adequately

Overhead costs can include a variety of fixed costs included in the project budget, such as administrative costs, technical support, legal advice and marketing. Overhead cost is also referred to as:

Select one:

a. Supporting costs

b. Extraneous cost

c. Level of Effort

d. Non-critical path costs