Question

Choose true or false from the drop-down menus regarding the following statements on controlling costs and budgets.

Controlling costs and managing a budget are important only at the beginning of a project.

Figuring out the total cost of a project after work has started is good management.

The project manager must be aware of all costs when allotting a specific amount of money to each task throughout the project.

Answer 1

1. Controlling costs and managing a budget are important only at the beginning of a project. — False
(Cost control and budgeting are ongoing activities throughout the project lifecycle.)

2. Figuring out the total cost of a project after work has started is good management. — False
(Estimating total cost should be done before work starts; waiting until after shows poor planning and risks overruns.)

3. The project manager must be aware of all costs when allotting a specific amount of money to each task throughout the project. — True
(The PM needs to understand costs to allocate budgets appropriately and manage spending.)