1. What is meant by a sunk cost? Give examples of typical sunk costs for an IT p

Question

1. What is meant by a sunk cost? Give examples of typical sunk costs for an IT project.

2. Explain what happens during the process to determine the project budget.

3. What is project portfolio management? Can project managers use it with earned value management?

4. Describe several types of software that project managers can use to support project cost management.

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IT330 this is the class

Please type the answer to in your sentence. Type in your own words. Type in detail.

thanks

Explanation / Answer

Answer)

1. Sunk Cost:

This is defined as the cost which is already happened/incurred and is not recoverable. This is otherwise known as the retrospective cost.

Example: When rent of the house is given it cannot be recovered.

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