Estimating Practice Exam

Information on a ____ is generally requested to provide a basis for evaluating monthly progress payments on the project.

1. Timeline

2. Cost breakdown

3. Progress report

4. Budget summary

The correct answer is: Cost breakdown

The correct answer is the cost breakdown. A cost breakdown provides a detailed breakdown of all the costs associated with a project, including labor, materials, overhead, and any other expenses. This detailed financial information is essential for evaluating monthly progress payments because it allows project managers and stakeholders to assess whether the costs incurred align with the work accomplished to date. By comparing actual costs against the planned budget segments, they can determine if payments are justified based on the progress made and help ensure that expenses remain within budgetary constraints. In the context of project management, having a cost breakdown allows for effective tracking of financial progress and helps in making informed decisions about ongoing funding and resource allocation.