Q.3) All of the following are inputs into the Estimate Activity Duration process except:
A.
Activity list
B.
Activity attributes
C.
Project scope statement
D.
Activity duration estimates
Q.4) Costs that cannot be directly traced to a specific project and are accumulated and allocated equitably over multiple projects are known as what?
A.
Indirect costs
B.
Direct costs
C.
Allocatable costs
D.
Non projectized costs
Q.5) Darlene knows that her project schedule, budget, and scope should be baselined prior to collecting actuals. When should Darlene set the baselines?
A.
After some of the actuals have been recorded to ensure the plan is good
B.
As fast as possible so work can begin on the project
C.
When the project manager is happy with the project plan
D.
After key stakeholders have approved the plan
Q.6) Ed is looking over the actual results of projects and comparing them to what was estimated. He notices that projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is he recognizing?
A.
Padding estimates
B.
Planning horizon
C.
Project structure
D.
People
Q.7) In practice, estimating processes are frequently classified as _____
A.
Top down/bottom up
B.
Rough/polished
C.
Precise/order of magnitude
D.
Draft/final
Q.8) All of the following are configuration management activities included in the Preform Integrated change control process except: ______________
A.
Configuration identification
B.
Configuration control and assessment
C.
Configuration status accounting
D.
Configuration verification and audit
Q.9) A CPI and SPI values of less than one indicates that the project is ___________.
A.
Under cost budget or behind schedule
B.
Over cost budget or ahead of schedule
C.
Under cost budget or ahead of schedule
D.
Over cost budget or behind schedule
E.
On cost budget or on schedule
Q.10) A common rule of thumb in the world of high-tech product development is that a six-month project delay can result in a loss of product revenue share of ___ percent. The waste on failed projects and cost overruns is estimated in the neighborhood of _____
A.
10
B.
20
C.
33
D.
50
Q.11) A project manager prepared quantitative assessments of the probable costs required to complete a project and came up with Activity cost estimates. She also prepared some supporting detail for these estimates. Which of the following would not be a supporting detail for cost estimates?
A.
Indication of the range of possible estimates (e.g. $5,000 +/- 5%).
B.
Indication of the confidence level of the final estimate (ex: 90%)
C.
The profit margin that can be expected on the project.
D.
Documentation of the basis of the estimates.
Q.12) The authorized time-phased budget at completion used to measure, monitor, and control over all cost performance on the project is known as what?
A.
Cost baseline
B.
Approved project budget
C.
Activity cost estimates
D.
Total funding requirements
Q.13) You are a project manager who is in the process of performing the work defined in the project management plan to achieve the project objectives. You are in which process?
A.
Develop Project Management Plan
B.
Monitor and Control Project work
C.
Direct and Manage Project Execution
D.
Execution process group
Q.14) A project budget report is showing our project as spending $35,000 against a budgeted amount of $40,000. Which of the following is true?
A.
We are spending less than we should for the project
B.
We are doing a good job managing the project
C.
We should check to see if all the bills have been
D.
We can’t be sure how the project is going
Q.15) Project Cost Management includes all of the following processes except:
A.
Plan cost management
B.
Level resources
C.
Determine budget
D.
Cost Control
Q.16) The process of forecasting or approximating the time and cost of completing project deliverables is called ______
A.
Budgeting
B.
Predicting
C.
Estimating
D.
Guesstimating
Q.17) In which of the following stages is it determined what the project will entail, when it will be scheduled, whom it will benefit, and what the budget will be?
A.
Conceptualizing
B.
Defining
C.
Planning
D.
Executing
Q.18) Companies like Boeing, Kodak, and IBM are using which of the following for improving the estimating process?
A.
Adjusting estimates based on individual forecasting abilities
B.
Benchmarking using the experience of other companies
C.
Using time and motion studies
D.
Creating historical databases of previous projects
Q.19) A good starting point for developing time and cost estimates is?
A.
Past experience
B.
Work packages
C.
Time and motion studies
D.
Work breakdown structure
Q.20) Once the Perform Integrated Change Control process is completed, what is done next?
A.
Corrective actions are recommended
B.
Preventive actions are published
C.
Change request is closed
D.
Approved change is implemented
Q.21) The critical path in a project network is the _____
A.
Shortest path through the network
B.
Longest path through the network
C.
Network path with the most difficult activities
D.
Network path using the most resources
Q.22) A three point estimate is calculated using a weighted average of which three estimates?
A.
Reserve, risk, historical
B.
Single point, optimistic, most likely
C.
Pessimistic, analogous, parametric
D.
Most likely, optimistic, pessimistic
Q.23) You have been criticized that you are not measuring the success of your projects appropriately. Which of the following is not correct about project success?
A.
Success is measured by product and project quality, timeliness, budget compliance and degree of customer satisfaction.
B.
Success is measured by the degree to which the program satisfies the needs and benefits for which it was undertaken.
C.
Success is measured in terms of aggregate performance of portfolio components.
D.
Success is determined during the Collect Requirements process.
Q.24) The estimating technique that uses a statistical relationship between the historical data and other variables to calculate an estimate for an activity is called?
A.
Analogous Estimating
B.
Parametric Estimating
C.
Three Point Estimating
D.
Monte Carlo technique
Q.25) You are a project manager taking over a project midway. It is in the execution phase. You would like to know more about project deliverables, work required to complete those deliverables, project constraints, assumptions, etc. Which of the following documents would be MOST useful?
A.
Work Breakdown Structure (WBS) and WBS dictionary
B.
Requirements Documentation
C.
Activity List
D.
Project Scope Statement
Q.26) You are mentoring a new project manager who recently started her career in project management. She wants to know which deliverable will provide her the criteria and guidelines to create and manage the project schedule. What will be your reply?
A.
Resource management plan
B.
Schedule baseline
C.
Schedule management plan
D.
Activity management plan
Q.27) A manufacturing company produces a product for a customer. Without the customer’s knowledge the project manager puts a new designed handle on the product to prevent wear and tear. What is this called?
A.
Gold plating
B.
Project management
C.
Scope creep
D.
Risk management
Q.28) You are forecasting your estimate to complete your project and are incurring extra costs to do this work. What sort of estimating techniques are you using?
A.
Bottom-up EAC estimating
B.
Earned value management
C.
Estimate to complete forecast
D.
To complete performance index
Q.29) While completing the cost estimating process for a particular activity in your project. several members of your team disagree over the estimate to do work. After discussion wit the team you determine that the most likely costs of the activity will be $25, the optimistic cost of the activity will be $15, and the pessimistic cost will be $70. Uisng the three point estimating technique what is the expected cost of the activity?
A.
36.66
B.
30.83
C.
110
D.
25.83
Q.30) You are adding in duration buffers that are non-workable schedule activities to manage uncertainly into your project schedule. What tool or technique are you using?
A.
Critical chain method
B.
Critical path method
C.
Three point estimating
D.
Parametric estimating
Q.31) This measurement is the budgeted value of the work that has been completed to date?
A.
PV
B.
AC
C.
EV
D.
EAC
Q.32) Project budgets are developed by time-phasing which of the following?
A.
Resource schedules
B.
Work packages
C.
The network diagram
D.
The critical path
Q.33) Which of the following normally provides the summary milestone schedule?
A.
Project requirement document
B.
Business case
C.
Project scope statement
D.
Project charter
Q.34) The cost management plan can establish all of the following except: ___________
A.
Units of measure
B.
Level of accuracy
C.
Activity definition
D.
Control thresholds
Q.35) The word Heuristics means:
A.
Resource constraints
B.
Flexibility
C.
Rule of thumb
D.
Parallel activities become sequential
Q.36) You are using a technique that examines the possible outcomes if a particular situation occurs. What is this technique called?
A.
Critical chain methodology
B.
Schedule compression
C.
What-if scenario analysis
D.
Parametric Estimating
Q.37) All of the following are true about cost estimates except:
A.
Cost estimates are generally expressed in units of some currency (i.e., dollars, euros, yet, etc.), although in some instances other units of measure, such as staff hours or staff days, are used to facilitate comparisons by eliminating the effects of currency fluctuations.
B.
Costs are estimated for all resources that will be charged to the project.
C.
Information in the risk register should not be considered in cost estimates, because risks can be either threats or opportunities and their impact tends to balance out.
D.
A cost estimate is a quantitative assessment of the likely costs for resources required to complete the activity. Cost estimates may be presented at the activity level or in summary form.
Q.38) There are several methods of forecasting project budget at completion. Which of the
following is not a forecasting method used on projects?
A.
Time series
B.
Project Evaluation and Review Technique
C.
Judgmental
D.
Econometric
Q.39) Which estimating techniques is generally less costly than other estimating techniques but also generally less accurate?
A.
Parametric estimating
B.
Analogous estimating
C.
Resources rate estimating
D.
Bottom-up estimating
Q.40) In order to calculate the estimate at completion (EAC), the following is typically needed:
A.
Cost performance index (CPI) and the actual cost (AC)
B.
Actual cost (AC) and the estimate to complete ETC) the unfinished work
C.
Earned value (EV) and the actual cost (AC)
D.
Cost performance Index (CPI, Actual Cost (AC), and the earned value (EV)
Submit my answers
Q.1) A project manager included contingency reserves and management reserves in the total budget of a high-risk project. He also made certain earned value measurement calculations. Which of the following is incorrect?
A.
Reserves are included as part of earned value measurement calculations.
B.
Management reserves are not part of the project cost baseline.
C.
Contingency reserves are usually included in the total budget of a project.
D.
The project manager needs to get approval before spending management reserve.
Q.2) 20% of the work was completed in a project. At this stage the project manager determined that the budget at completion (BAC) was no longer viable and developed a forecasted estimate at completion (EAC). What index can the project manager use to look at the calculated projection of cost performance that must be achieved on the remaining work?
A.
Schedule Performance Index (SPI)
B.
Cost Performance Index (CPI)
C.
Cost Variance (CV)
D.
