Immediately after you submitted the estimates and the project management plan for approval, management asks you for a 5% reduction on overall project costs. What is the best thing to do?

		Do not reduce the activity cost estimates, but decrease the project contingency reserve to meet the 5% reduction request
		Provide the most realistic estimate along with its basis and explain the risks of reductions
		Perform a value analysis
		Reduce the estimates to meet the 5% reduction, but document the risks associated with this reduction

The purpose of product lifecycle costing is to include ________ within the project decisions.

		Operational costs
		Project life cycle costs
		Costs estimated with a rolling wave planning approach
		Project and operations costs

The project team is creating a detailed plan that represents how and when the project will deliver the products, services, and results defined in the project scope. Which among the following activities is the project team engaged in?

		Project scheduling
		Project pipelining
		Scope definition
		Gold plating

In your attempts at controlling cost, which of the following would you do first?

		Influence the factors that create changes to the authorized cost baseline
		Ensure that cost expenditures do not exceed the authorized funding
		Ensure that all change requests are acted on in a timely manner
		Manage the actual changes when and as they occur

Which of the following is likely to be considered as an environmental factor that could affect the planning of costs?

		Scope
		Schedule
		Pre-approved financial resources provided in the charter
		Resource productivity