CAPM (Certified Associate in Project Management) Practice Exam

What summarizes the effort expressed in resource costs needed to produce each deliverable?

1. Cost management plan

2. Time-phased budget

3. Resource leveling

4. Cost baseline

The correct answer is: Time-phased budget

A time-phased budget summarizes the costs of each deliverable over time, allowing for better understanding and management of resource costs. Option A, cost management plan, is incorrect because it focuses on overall cost management, not specifically on the effort needed for each deliverable. Option C, resource leveling, is incorrect because it specifically refers to redistributing resources to balance workload, not summarizing effort in terms of resource costs. Option D, cost baseline, is incorrect because it refers to the approved budget for a project, not specifically the effort expressed in resource costs needed for each deliverable.