Question 1

Under what conditions would the top-down approach to estimating project times and costs be the best choice?

Accepted Answer

In the early stages of a proje

Question 2

The estimating approach that is best to use on projects where there is an unusual amount of uncertainty surrounding the project and when it is impractical to estimate times and costs for the entire project is known as ___________.

Accepted Answer

A)  range estimating 
B)  parametric procedure 
C)  template method 
D)  phase estimating method 
E)  WBS method 
A)  range estimating 
B)  parametric procedure 
C)  template method 
D)  phase estimating method 
E)  WBS method

Question 3

A home builder is collecting estimates for a house that he will have the funding to build in 12 months. Which of the following factors does he need to consider in regard to the quality of these estimates?

Accepted Answer

A)  Padding estimates 
B)  Planning horizon 
C)  Project structure 
D)  People 
E)  Project duration 
A)  Padding estimates 
B)  Planning horizon 
C)  Project structure 
D)  People 
E)  Project duration

Question 4

The bottom-up approach for estimating times and costs that uses costs from past projects that were similar to the current project is known as

Accepted Answer

A)  detailed WBS work package estimates. 
B)  template method. 
C)  function point method. 
D)  time-phased cost estimates. 
E)  phase estimating. 
A)  detailed WBS work package estimates. 
B)  template method. 
C)  function point method. 
D)  time-phased cost estimates. 
E)  phase estimating.

Question 5

Organization culture can significantly influence project time and cost estimates.

Accepted Answer

A) True 
 B)False

Question 6

The pattern of improvement identified from a worker having performed a task multiple times is known as a

Accepted Answer

A)  reduced failure rate. 
B)  optimistic estimate. 
C)  learning curve. 
D)  successive improvement. 
E)  both reduced failure rate and successive improvement. 
A)  reduced failure rate. 
B)  optimistic estimate. 
C)  learning curve. 
D)  successive improvement. 
E)  both reduced failure rate and successive improvement.

Question 7

Reasons why estimating time and cost are important include all of the following EXCEPT

Accepted Answer

A)  to schedule work. 
B)  to determine how long the project should take and cost. 
C)  to develop cash flow needs. 
D)  to determine how well the project is progressing. 
E)  to help establish a project selection process. 
A)  to schedule work. 
B)  to determine how long the project should take and cost. 
C)  to develop cash flow needs. 
D)  to determine how well the project is progressing. 
E)  to help establish a project selection process.

Question 8

Which of the following is NOT true in regard to the level of detail estimates should contain?

Accepted Answer

A)  It will vary with the complexity of the project. 
B)  Detailed estimates are crucial to project success; therefore, an effort should be made to make estimates as detailed as possible for all projects. 
C)  The more detailed the estimate is the more the estimate will cost to create. 
D)  Inadequate detail might lead to estimates that fall short of their intended purpose. 
E)  Excessive detail means unproductive paperwork and unnecessary expenditures. 
A)  It will vary with the complexity of the project. 
B)  Detailed estimates are crucial to project success; therefore, an effort should be made to make estimates as detailed as possible for all projects. 
C)  The more detailed the estimate is the more the estimate will cost to create. 
D)  Inadequate detail might lead to estimates that fall short of their intended purpose. 
E)  Excessive detail means unproductive paperwork and unnecessary expenditures.

Question 9

Describe the ideal approach for a project manager to develop optimal estimates for a project's time and costs.

Accepted Answer

The ideal approach is to allow

Question 10

Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of the actual and the planned throughout the life of the project.

Accepted Answer

A) True 
 B)False

Question 11

An external view of a Mega Project based upon the outcome of similar projects undertaken in the past is known as:

Accepted Answer

A)  Pareto Charting. 
B)  The Monte Carlo Method. 
C)  Reference Class Forecasting. 
D)  Big Data Analysis. 
E)  White elephant. 
A)  Pareto Charting. 
B)  The Monte Carlo Method. 
C)  Reference Class Forecasting. 
D)  Big Data Analysis. 
E)  White elephant.

Question 12

Benefits of Reference Class Forecasting include

Accepted Answer

A)  acts as a reality check. 
B)  helps to avoid unsound optimism. 
C)  provides a basis for contingency funds. 
D)  leads to improved accountability. 
E)  All of these alternatives are correct. 
A)  acts as a reality check. 
B)  helps to avoid unsound optimism. 
C)  provides a basis for contingency funds. 
D)  leads to improved accountability. 
E)  All of these alternatives are correct.

Question 13

While it may be true that Mega Projects are by nature extremely difficult to estimate, another factor identified in the consistent pattern of estimating difficulties is:

Accepted Answer

A)  unidentified risks. 
B)  deception. 
C)  economic downturn. 
D)  Both unidentified risks and economic downturn. 
E)  None of these alternatives is correct. 
A)  unidentified risks. 
B)  deception. 
C)  economic downturn. 
D)  Both unidentified risks and economic downturn. 
E)  None of these alternatives is correct.

Question 14

The estimating factor that considers the skill level of participants doing the estimating is known as the ___________ factor.

Accepted Answer

A)  project complexity 
B)  planning horizon 
C)  people 
D)  organizational culture 
E)  padding estimates 
A)  project complexity 
B)  planning horizon 
C)  people 
D)  organizational culture 
E)  padding estimates

Question 15

Identify the three major categories of project costs and give an example of each.

Accepted Answer

General and administrative ove

Under what conditions would the top-down approach to estimating project times and costs be the best choice?

The estimating approach that is best to use on projects where there is an unusual amount of uncertainty surrounding the project and when it is impractical to estimate times and costs for the entire project is known as ___________.

A home builder is collecting estimates for a house that he will have the funding to build in 12 months. Which of the following factors does he need to consider in regard to the quality of these estimates?

The bottom-up approach for estimating times and costs that uses costs from past projects that were similar to the current project is known as

Organization culture can significantly influence project time and cost estimates.

The pattern of improvement identified from a worker having performed a task multiple times is known as a

Reasons why estimating time and cost are important include all of the following EXCEPT

Which of the following is NOT true in regard to the level of detail estimates should contain?

Describe the ideal approach for a project manager to develop optimal estimates for a project's time and costs.

Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of the actual and the planned throughout the life of the project.

An external view of a Mega Project based upon the outcome of similar projects undertaken in the past is known as:

Benefits of Reference Class Forecasting include

While it may be true that Mega Projects are by nature extremely difficult to estimate, another factor identified in the consistent pattern of estimating difficulties is:

The estimating factor that considers the skill level of participants doing the estimating is known as the ___________ factor.

Identify the three major categories of project costs and give an example of each.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Developing a Project Schedule

Managing Risk

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

Agile Project Management

International Projects

Filters

Exam 5: Estimating Project Times and Costs

Under what conditions would the top-down approach to estimating project times and costs be the best choice?

The estimating approach that is best to use on projects where there is an unusual amount of uncertainty surrounding the project and when it is impractical to estimate times and costs for the entire project is known as ___________.

A home builder is collecting estimates for a house that he will have the funding to build in 12 months. Which of the following factors does he need to consider in regard to the quality of these estimates?

The bottom-up approach for estimating times and costs that uses costs from past projects that were similar to the current project is known as

Organization culture can significantly influence project time and cost estimates.

The pattern of improvement identified from a worker having performed a task multiple times is known as a

Reasons why estimating time and cost are important include all of the following EXCEPT

Which of the following is NOT true in regard to the level of detail estimates should contain?

Describe the ideal approach for a project manager to develop optimal estimates for a project's time and costs.

Cost, time, and budget estimates are the lifeline for control; they serve as the standard for comparison of the actual and the planned throughout the life of the project.

An external view of a Mega Project based upon the outcome of similar projects undertaken in the past is known as:

Benefits of Reference Class Forecasting include

While it may be true that Mega Projects are by nature extremely difficult to estimate, another factor identified in the consistent pattern of estimating difficulties is:

The estimating factor that considers the skill level of participants doing the estimating is known as the ___________ factor.

Identify the three major categories of project costs and give an example of each.

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Developing a Project Schedule

Managing Risk

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Teams

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

Agile Project Management

International Projects

Filters