Question 1

Decisions related to fixed and variable costs are very sensitive to changes in volume related factors and project scope.

Accepted Answer

A) True 
 B)False

Question 2

Which estimating technique decomposes the work into detailed pieces for which estimates are prepared and then aggregated into a total quantity for the project?

Accepted Answer

A)  piece meal pricing 
B)  decomposition estimating 
C)  bottom-up estimating 
D)  grass roots estimating 
A)  piece meal pricing 
B)  decomposition estimating 
C)  bottom-up estimating 
D)  grass roots estimating

Question 3

Describe several sources of uncertainty in estimating the cost of a project as well as strategies you can employ to address uncertainty.

Accepted Answer

The answer of Describe several sources of uncertainty in estimating...

Question 4

Early in a project when very little detail is known about a project,it is impractical to render even a rough estimate of the final project cost.

Accepted Answer

A) True 
 B)False

Question 5

Compare and contrast the advantages and disadvantages of analogous,parametric and bottom-up estimating.

Accepted Answer

Analogous estimating, parametric estimat

Question 6

"Unknown unknowns" is a term used to describe events which occur that are totally unexpected. All of the following accurately describe an implication associated with unknown unknowns EXCEPT:

Accepted Answer

A)  They are usually discovered during risk identification 
B)  They need to be covered in the project budget. 
C)  They usually require the use of management reserve. 
D)  They usually cause an increase in cost and / or schedule. 
A)  They are usually discovered during risk identification 
B)  They need to be covered in the project budget. 
C)  They usually require the use of management reserve. 
D)  They usually cause an increase in cost and / or schedule.

Question 7

Inflating the value of future revenue and cost streams to account for the time value of money enables better project decisions.

Accepted Answer

A) True 
 B)False

Question 8

All of the following are among the benefits realized as a consequence of developing a cost management plan EXCEPT:

Accepted Answer

A)  It provides relevant, accurate and timely information to support intelligent and ethical decisions. 
B)  It documents how the business case should be created 
C)  It helps stakeholders to focus on schedule and performance as well as cost. 
D)  It provides feedback that shows how the project's success is related to business objectives. 
A)  It provides relevant, accurate and timely information to support intelligent and ethical decisions. 
B)  It documents how the business case should be created 
C)  It helps stakeholders to focus on schedule and performance as well as cost. 
D)  It provides feedback that shows how the project's success is related to business objectives.

Question 9

Projects often include indirect costs that are not associated directly with one specific project. Which of the following items are most typically considered to be indirect costs?

Accepted Answer

A)  costs associated with material and purchased parts 
B)  the cost of labor provided by project team members, consultants and subcontractors 
C)  executive salaries, utilities and insurance 
D)  travel cost for the project team 
A)  costs associated with material and purchased parts 
B)  the cost of labor provided by project team members, consultants and subcontractors 
C)  executive salaries, utilities and insurance 
D)  travel cost for the project team

Question 10

Generally,parametric estimating requires less information and time than analogous estimating.

Accepted Answer

A) True 
 B)False

Question 11

Project managers are encouraged to avoid overly conservative cost estimates because the resulting estimate may be too high to approve.

Accepted Answer

A) True 
 B)False

Question 12

All of the following items describe an aspect of life cycle costing EXCEPT:

Accepted Answer

A)  Life cycle cost includes the cost of creating the project and using the result. 
B)  Many project selection decisions are made based upon life cycle cost. 
C)  Life cycle cost only includes the project cost from initiating through closing 
D)  Project managers may need to consider disposition costs to calculate total life cycle cost. 
A)  Life cycle cost includes the cost of creating the project and using the result. 
B)  Many project selection decisions are made based upon life cycle cost. 
C)  Life cycle cost only includes the project cost from initiating through closing 
D)  Project managers may need to consider disposition costs to calculate total life cycle cost.

Question 13

Cost estimating is linked very closely with scope,schedule and resource planning.

Accepted Answer

A) True 
 B)False

Question 14

Most projects will employ bottom-up estimating at some point to serve as a basis for estimating cash flow needs and for controlling the project.

Accepted Answer

A) True 
 B)False

Question 15

Estimates of the likely amount a project will cost should always include an indication of accuracy.

Accepted Answer

A) True 
 B)False

Question 16

A milestone is a typical measuring point used when establishing cost control. Which of the following accurately describes the use of cost control milestones?

Accepted Answer

A)  Project managers can use their cash flow projections to determine the funding needed to reach each milestone. 
B)  Project managers and sponsors often decide the number of milestones jointly. 
C)  Milestones are often identified in the project charter. 
D)  all of these 
A)  Project managers can use their cash flow projections to determine the funding needed to reach each milestone. 
B)  Project managers and sponsors often decide the number of milestones jointly. 
C)  Milestones are often identified in the project charter. 
D)  all of these

Question 17

Analogous estimating is the most detailed,time consuming and accurate way to estimate.

Accepted Answer

A) True 
 B)False

Question 18

Events discovered during Identify Risks that may or may not occur are often categorized as:

Accepted Answer

A)  known knowns 
B)  known unknowns 
C)  unknown unknowns 
D)  known certainties 
A)  known knowns 
B)  known unknowns 
C)  unknown unknowns 
D)  known certainties

Question 19

There are many causes of variation in project costs. Which of the following accurately describes the nature of this variation?

Accepted Answer

A)  Variation is generally greater on projects that use well-known technology and an experienced project team. 
B)  Variation occurs in all work processes and the novelty associated with most projects creates many opportunities for variation. 
C)  Special cause variation comes from many small causes that are inherent in a work process. 
D)  Special cause variation is when something ordinary occurs 
A)  Variation is generally greater on projects that use well-known technology and an experienced project team. 
B)  Variation occurs in all work processes and the novelty associated with most projects creates many opportunities for variation. 
C)  Special cause variation comes from many small causes that are inherent in a work process. 
D)  Special cause variation is when something ordinary occurs

Question 20

Typically,expedited costs are preferred over regular costs.

Accepted Answer

A) True 
 B)False

Decisions related to fixed and variable costs are very sensitive to changes in volume related factors and project scope.

Which estimating technique decomposes the work into detailed pieces for which estimates are prepared and then aggregated into a total quantity for the project?

Describe several sources of uncertainty in estimating the cost of a project as well as strategies you can employ to address uncertainty.

Early in a project when very little detail is known about a project,it is impractical to render even a rough estimate of the final project cost.

Compare and contrast the advantages and disadvantages of analogous,parametric and bottom-up estimating.

"Unknown unknowns" is a term used to describe events which occur that are totally unexpected. All of the following accurately describe an implication associated with unknown unknowns EXCEPT:

Inflating the value of future revenue and cost streams to account for the time value of money enables better project decisions.

All of the following are among the benefits realized as a consequence of developing a cost management plan EXCEPT:

Projects often include indirect costs that are not associated directly with one specific project. Which of the following items are most typically considered to be indirect costs?

Generally,parametric estimating requires less information and time than analogous estimating.

Project managers are encouraged to avoid overly conservative cost estimates because the resulting estimate may be too high to approve.

All of the following items describe an aspect of life cycle costing EXCEPT:

Cost estimating is linked very closely with scope,schedule and resource planning.

Most projects will employ bottom-up estimating at some point to serve as a basis for estimating cash flow needs and for controlling the project.

Estimates of the likely amount a project will cost should always include an indication of accuracy.

A milestone is a typical measuring point used when establishing cost control. Which of the following accurately describes the use of cost control milestones?

Analogous estimating is the most detailed,time consuming and accurate way to estimate.

Events discovered during Identify Risks that may or may not occur are often categorized as:

There are many causes of variation in project costs. Which of the following accurately describes the nature of this variation?

Typically,expedited costs are preferred over regular costs.

Introduction to Project Management

Project Selection and Prioritization

Organizational Capability: Structure,Culture and Roles

Chartering Projects

Stakeholder Analysis and Communication Planning

Defining Scope and Constructing Work Breakdown Structures (WBS)

Scheduling Activities

Resourcing Projects

Project Risk Planning

Project Quality Planning and Project Kick: off

Project Supply Chain Management

Leading and Managing Project Teams

Determining Project Progress and Results

Finishing the Project

Filters

Exam 9: Budgeting Projects

Decisions related to fixed and variable costs are very sensitive to changes in volume related factors and project scope.

Which estimating technique decomposes the work into detailed pieces for which estimates are prepared and then aggregated into a total quantity for the project?

Describe several sources of uncertainty in estimating the cost of a project as well as strategies you can employ to address uncertainty.

Early in a project when very little detail is known about a project,it is impractical to render even a rough estimate of the final project cost.

Compare and contrast the advantages and disadvantages of analogous,parametric and bottom-up estimating.

"Unknown unknowns" is a term used to describe events which occur that are totally unexpected. All of the following accurately describe an implication associated with unknown unknowns EXCEPT:

Inflating the value of future revenue and cost streams to account for the time value of money enables better project decisions.

All of the following are among the benefits realized as a consequence of developing a cost management plan EXCEPT:

Projects often include indirect costs that are not associated directly with one specific project. Which of the following items are most typically considered to be indirect costs?

Generally,parametric estimating requires less information and time than analogous estimating.

Project managers are encouraged to avoid overly conservative cost estimates because the resulting estimate may be too high to approve.

All of the following items describe an aspect of life cycle costing EXCEPT:

Cost estimating is linked very closely with scope,schedule and resource planning.

Most projects will employ bottom-up estimating at some point to serve as a basis for estimating cash flow needs and for controlling the project.

Estimates of the likely amount a project will cost should always include an indication of accuracy.

A milestone is a typical measuring point used when establishing cost control. Which of the following accurately describes the use of cost control milestones?

Analogous estimating is the most detailed,time consuming and accurate way to estimate.

Events discovered during Identify Risks that may or may not occur are often categorized as:

There are many causes of variation in project costs. Which of the following accurately describes the nature of this variation?

Typically,expedited costs are preferred over regular costs.

Introduction to Project Management

Project Selection and Prioritization

Organizational Capability: Structure,Culture and Roles

Chartering Projects

Stakeholder Analysis and Communication Planning

Defining Scope and Constructing Work Breakdown Structures (WBS)

Scheduling Activities

Resourcing Projects

Project Risk Planning

Project Quality Planning and Project Kick: off

Project Supply Chain Management

Leading and Managing Project Teams

Determining Project Progress and Results

Finishing the Project

Filters