Exam 7: Budgeting and Risk Management

A work element in the project plan requires 50 hours of labor each by four carpenters.The carpenters are paid $15 per hour and incur an overhead rate equal to 80 percent of their direct labor charges.The total cost would be __________ if the carpenters consume 10 percent of the workday performing personal activities.

__________ states that adding manpower to a late software project makes it later.

Suppose that a person requires eight hours to complete a work element on the first attempt.That person has a learning rate of 90 percent for this work element.This person should require __________ hours to complete this work element on the fourth attempt.

A work element in the project plan requires 50 hours of labor each by four carpenters.The carpenters are paid $15 per hour and incur an overhead rate equal to 80 percent of their direct labor charges.Based on this data,the appropriate total cost is __________.

______________ issues are present when bidders "low ball" a bid or when some bidders get a "last look."

The allowance for contingencies is usually in what range?

Overhead costs are all of the following except which one?

___________ costs are not associated with any specific product or class of products and are typically charged as a fixed percentage of some direct cost.

The pattern of deviations in cost and usage used for exception reporting to management is called __________.

Which of the following is not a type of quantitative risk analysis?

In risk response planning,where the goal of the project manager is to increase the probability that the opportunity will occur,the project manager must __________

The traditional organizational budget is __________.

Suggest some reasons why the authors insist that the project manager must be familiar with the organization's accounting system.

Suggest some reasons why an organization would support projects that show a significant incremental profit over direct costs but are not profitable when costs fully accounted for.

A project manager must ______ as a type of risk response planning in order to soften the danger of a threat by reducing the likelihood that it will occur or by reducing its impact if it does occur.