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PM1 Unit 5 Review

Authored by Bobbie Jones

Business

9th - 12th Grade

Used 50+ times

PM1 Unit 5 Review
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jenna's team is creating a new product. A deliverable for the project consists of building a website for the product. Jenna announces that she will be outsourcing this deliverable. Company A estimated a cost of $60,000 with completion in 3 months, Company B estimated a cost of

$100,000 with completion in 2 months, and Company C estimated a cost of $50,000 with completion in 4 months. Jenna averages the three proposed costs and determines that she will need to put $70,000 into the project budget for the website deliverable. What cost estimating technique did Jenna use?

cost performance baseline

historical relationships

project funding requirements

vendor bid analysis

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Mary sets a target for the project budget during the planning phase. While executing the project, she checks to make sure she is within budget. Mary determines that she needs to refine the scope of the project and change her timeline and costs for the project activities. Mary

is using which tool to manage the cost of this project?

cost performance baseline

cost of quality

funding limit reconciliation

vendor bid analysis

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liz looks at the activity costs that must be incurred to complete all project deliverables. Liz is determining the:

cost of quality.

historical relationships.

project funding requirements.

vendor bid analysis.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Felicia averages three quoted costs and determines that she will need to put an extra $20,000 into the project budget. What cost estimating technique did Felicia use?

cost performance baseline

historical relationships

project funding requirements

vendor bid analysis

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Hollie is managing a bathroom renovation project. The project has a budget of $1,500 and is 40% complete. The project is a three-month project and Hollie planned to spend $500 a month on the project. Hollie is evaluating the status of the project at the end of the first month.

What is the project's earned value?

$500

$600

$1,000

$1,500

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Glenn is determining the project cost baseline by calculating the costs approved for each of the project's work packages. Glenn is determining the:

actual cost.

cost variance.

earned value management.

planned value.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The project manager would like to show the rate at which the project is progressing compared to what was planned. What indicator should she reference?

Gantt chart

schedule variance

variance report

schedule performance index

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