APM PMQ Business Case and Investment Appraisal Exam Study Questions and Answers
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APM PMQ
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APM PMQ
APM PMQ Business Case and Investment
Appraisal Exam Study Questions and
Answers
What is a fixed cost? - ANSWERA cost that remains the same over a given period of time irrespective
of output/production changes e.g. rent, rates, step fixed costs.
What is a variable cost? - ANSWERRefers to a cons...
What are indirect costs? - ANSWER✔✔A cost which cannot be attributed to a particular unit of output.
They are incurred by the business as a whole e.g. head office costs, marketing costs
Overheads.
What are discretionary costs? - ANSWER✔✔Costs that organizations have discretion in deciding whether
to fund them e.g.
Advertising, training, research
Do not change in line with production
Fixed and often direct
Can be increased or decreased as a result of 'management' decisions.
What are committed costs? - ANSWER✔✔Costs which will have to be paid irrespective of project go / no
go e.g. fixed costs such as vehicles, fixtures, and fittings. (promised/obliged to pay)
What are sunk costs? - ANSWER✔✔Costs that have already been incurred and cannot be recovered
What is an opportunity cost? - ANSWER✔✔The most desirable alternative given up as the result of a
decision (options).
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