Question 1

Typical kinds of costs found in a project include all of the following EXCEPT

Accepted Answer

A) Direct costs. 
B) Project overhead costs. 
C) General and administrative overhead costs. 
D) Labor. 
E) All of these choices are examples of costs found in a project.

Question 2

Project costs such as labor and materials are typically classified as ___________ costs.

Accepted Answer

The answer of Project costs such as labor and materials...

Question 3

If time and costs are important to a project the top-down approach to estimating time and costs for the project is the best choice.

Accepted Answer

A) True 
 B)False

Question 4

Describe phase estimating.When should it be used and how is it different from all other top-down and bottom-up methods of estimating?

Accepted Answer

The answer of Describe phase estimating.When should it be used...

Question 5

The process of forecasting or approximating the time and cost of completing project deliverables is called planning.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

The answer of Under what conditions would the bottom-up approach...

Question 7

The estimating factor that considers the tendency to overestimate project time and cost in order to improve the likelihood of meeting the estimates is known as the ___________ factor.

Accepted Answer

The answer of The estimating factor that considers the tendency...

Question 8

List and briefly describe four reasons why estimating time and cost are important to project management.

Accepted Answer

The answer of List and briefly describe four reasons why...

Question 9

After averaging out the underestimates and overestimates, a long-duration project is more likely to be on target than a short-term, small project.

Accepted Answer

A) True 
 B)False

Question 10

Project estimates should be broken down into as much detail, and with as much accuracy, as possible.

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.

Question 12

Phase estimating is used when a project cannot be rigorously defined because of the uncertainty of design or the final product.

Accepted Answer

A) True 
 B)False

Question 13

Estimating the total cost of a house by multiplying the total square feet by cost per square foot is an example of the apportion method of estimating costs.

Accepted Answer

A) True 
 B)False

Question 14

The estimating factor that considers the prevailing belief in some firms that detailed estimating takes too much time and is not worth the effort is an example of the ___________ factor.

Accepted Answer

The answer of The estimating factor that considers the prevailing...

Question 15

Estimates are supposed to be based on normal conditions.While this is a good starting point, it rarely holds true in real life.

Accepted Answer

A) True 
 B)False

Question 16

The top-down method of estimating project time and costs that is useful for projects requiring the same task, group of tasks, or product repeated several times, especially if it is labor intensive, is the ______________.

Accepted Answer

The answer of The top-down method of estimating project time...

Question 17

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

Accepted Answer

The answer of The estimating factor that considers the skill...

Question 18

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 19

What is the relationship between organizational culture and estimating?

Accepted Answer

A) There is no relationship. 
B) Cultural norms affect the accuracy of estimates. 
C) Culture determines whether estimates are made. 
D) Estimating alters cultural norms. 
E) Estimating and culture are independent.

Question 20

Large projects that have long time horizons and a very high complexity can be referred to as

Accepted Answer

A) Mega Projects. 
B) High Risk. 
C) White Elephants. 
D) Both Mega Projects and White Elephants.

Exam 5: Estimating Project Times and Costs

Typical kinds of costs found in a project include all of the following EXCEPT

Project costs such as labor and materials are typically classified as ___________ costs.

If time and costs are important to a project the top-down approach to estimating time and costs for the project is the best choice.

Describe phase estimating.When should it be used and how is it different from all other top-down and bottom-up methods of estimating?

The process of forecasting or approximating the time and cost of completing project deliverables is called planning.

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

The estimating factor that considers the tendency to overestimate project time and cost in order to improve the likelihood of meeting the estimates is known as the ___________ factor.

List and briefly describe four reasons why estimating time and cost are important to project management.

After averaging out the underestimates and overestimates, a long-duration project is more likely to be on target than a short-term, small project.

Project estimates should be broken down into as much detail, and with as much accuracy, as possible.

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

Phase estimating is used when a project cannot be rigorously defined because of the uncertainty of design or the final product.

Estimating the total cost of a house by multiplying the total square feet by cost per square foot is an example of the apportion method of estimating costs.

The estimating factor that considers the prevailing belief in some firms that detailed estimating takes too much time and is not worth the effort is an example of the ___________ factor.

Estimates are supposed to be based on normal conditions.While this is a good starting point, it rarely holds true in real life.

The top-down method of estimating project time and costs that is useful for projects requiring the same task, group of tasks, or product repeated several times, especially if it is labor intensive, is the ______________.

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

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.

What is the relationship between organizational culture and estimating?

Large projects that have long time horizons and a very high complexity can be referred to as