Unit 5 Test 1 of 2

Front

Parametric estimating involves:

Back

Using a statistical relationship between historical data and other variables to calculate an estimate for activity parameters, such as cost, budget, and duration.

Front

What is Analogous cost estimating? Options: Integrates bottom-up estimating techniques with relevant statistical relationship to estimate the cost of the current project., Relies on the actual cost of previous, similar projects as the basis for estimating the cost of the current project., Is used most frequently in the later phases of a project., Summarizes estimates for individual work packages to estimate the cost of the current project.

Back

Relies on the actual cost of previous, similar projects as the basis for estimating the cost of the current project.

Front

You would like to compare financially the costs involved in your project with other similar projects done by your organization in the past. A good way to do these comparisons is by using:

Back

Cost Estimates

Front

All the following tools can be used for cost estimating EXCEPT: Analogous Estimating, Vendor Bid Analysis, Cost of quality

Back

Organizational Process Assets

Front

Project Cost Management includes all of the following functions EXCEPT: Cost budgeting, Activity Resource Planning, Cost estimating, Cost Control

Back

Cost budgeting

Front

Cost estimates include all of the following resource categories EXCEPT: Human Resources, Supplies, Time

Back

Material

Front

All of the following choices represent inputs to the activity resource estimating process EXCEPT: Organizational process asset, Project management plan, The actual final cost of the last project, Activity list

Back

The actual final cost of the last project

Front

Project Cost Management includes _________________________ so that the project can be completed within budget.

Back

estimating, budgeting, controlling costs

Front

Mark is estimating the cost of building a new structure that is very similar to a completed construction project, using $250 times the number of proposed square feet. Mark is relying on

Back

parametric estimating

Front

The total planned value for the project is also known as

Back

budget at completion (BAC).