Quiz 5 - Project Management

A Project with a total funding of $100,000 finished with a BAC value of $95,000. What term can BEST describe the difference of $5,000?

• Cost Variance
• Management Overhead
• Management Contingency Reserve
• Schedule Variance

If the Earned Value is equal to Actual Cost, it means:

• Project is on budget and on schedule
• Schedule Variance Index is 1
• There is no schedule variance
• There is no cost variance

If earned value EV = 350, actual cost AC = 400, planned value PV = 325, what is cost variance CV ?

• 350
• -75
• 400
• -50

What is the best way to maintain control of costs?

• Evaluate monthly expenditures based on a carefully formulated program
• Personally review all expenditures before any disbursements are made
• Assign all authority to one staff memeber
• Submit weekly expenditures to superior for review

You found out that your project is one week late, as an effective project manger, what would you do?

• Evaluate resources and options
• Analyze why the deadline was not met
• Inform the client that the project will be one week late
• Ask to work overtime

As a project manager you are estimating the cost of your project activities using BETA distribution. For a particular project activity, your optimistic estimate is 41, pessimistic estimate is 77 and most Likely estimate is 53. What would be the expected cost for this activity?

• 171
• 55
• 59
• 57

Which of the following are the MOST important to deriving the total funding requirements and periodic funding requirements of the project?

• Management Reserve and Contingency Reserve
• Cost Baseline and Management Reserve
• Funding Limit Reconciliation
• Project Budget and Contingency Reserve

The project manager wants to prioritize the bug fixing activities by evaluating the top three most frequent reasons for the defects. Which of the following tools should he use?

• Control chart
• Fishbone diagram
• Scatter diagram
• Pareto chart

Which of the following is the estimating technique that uses a statistical relationship between the historical data and other variables to calculate an estimate for an activity?

• Analogous Estimating
• Parametric Estimating
• Three Point Estimating
• Monte Carlo technique

Which of the following is NOT a tool or technique of Estimate Costs?

• Cost aggregation
• Bottom-up
• Analogous
• Parametric