BUSINESS MANAGEMENT – APM PMQ COMPETENCE TEST 2024 SERIES 13 (BUDGETING COST CONTROL QUIZ)
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Course
Business Management
Institution
Business Management
Unlock your mastery of budgeting and cost control with our expertly crafted quiz! Perfect for business and management students, this comprehensive quiz delves into key concepts such as the Organisational Breakdown Structure (OBS), Budget at Completion (BAC), and Earned Value Management (EVM). With ...
BUSINESS MANAGEMENT – APM PMQ COMPETENCE TEST 2024 SERIES 13
BUDGETING COST CONTROL QUIZ
NOTE: This is part 13 of a complete series of APM (Association for Project Management) PMQ
(Project Management Qualification) as of September 2024 all you need for your exam preps
Circle the letter of the Definition that corresponds to the displayed Term.
1
Question: Organisational breakdown structure (OBS)
a) A hierarchical way in which the organisation may be divided into management levels and groups, for
planning and control purposes.
b) The sum total of the time-phased budgets.
c) A project control process based on an approach to planning, cost collection and performance
measurement. It facilitates the integration of project scope, time and cost objectives and the
establishment of a baseline plan of performance measurement.
d) The authorised budget assigned to the scheduled work to be completed. Also referred to as the
budgeted cost of work scheduled (BCWS).
Correct Answer: A
Explanation: The Organisational Breakdown Structure (OBS) is a hierarchical representation of how
an organization is divided into management levels and groups for effective planning and control
purposes.
2
Question: BAC (Budget at completion)
a) A project control process based on an approach to planning, cost collection and performance
measurement. It facilitates the integration of project scope, time and cost objectives and the
establishment of a baseline plan of performance measurement.
b) The sum total of the time-phased budgets.
c) A measure of progress that expresses costs committed and work achieved in the same units.
d) The hierarchical breakdown of a project into cost elements.
Correct Answer: B
Explanation: The Budget at Completion (BAC) is the sum total of all time-phased budgets for a
project, representing the total budgeted cost of the project.
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