Project Management Quiz Cost

What does the SPI tell you if 40% of the project is completed after four months and the actual cost is $25,000?

What does the CPI tell you if 40% of the project is completed and the actual cost is $30,000?

What would you call an estimate with a range of $75,000 to $200,000 and the actual cost around $150,000?

What is the SPI if the first five components of a project are completed at a cost of $8,000 out of fifteen components?

What will you do FIRST upon discovering significant cost overruns due to damages in the foundation of a project?

Steve, a project manager, is trying to figure out the performance that must be achieved in order to meet the financial and schedule goals in his project. He is using a measurement that will give him the status on the remaining work with respect to the funds remaining. Which of the following measures is Steve using?

• Cost aggregation

• Variance analysis

• Trend analysis

• To-Complete Performance Index (TCPI)

A project manager working on a construction project planned to install new carpets in all four rooms of the house. She measured the square footage of all the rooms and then multiplied that figure by a set cost factor to estimate the cost for installing the carpet. This is an example of:

• Bottom-up estimating

• Analogous estimating

• Parametric estimating

• Three-point estimating

What is the best course of action for Lori in a situation where the sponsor asks to reduce the cost estimate by at least ten percent?

• Replace a couple of expensive resources with lower-cost resources.

• Continue with the project and constantly find an opportunity to save money for a total savings of 10 percent.

• Have an urgent meeting with the team members and ask them to be innovative and squeeze their estimate.

• Inform the sponsor of the activities to be cut.

You are in the Determine Budget process of developing a budget or cost baseline and project funding requirements. All of the following are inputs in this process EXCEPT:

• Work performance data

• Cost management plan

• Activity cost estimates

• Project schedule

To develop an online accounting application for your software development project, you are working on figuring out the total funding requirements including all reserves of the project. Which of the following will help you the MOST in this case?

• Project budget and contingency reserves

• Funding limit reconciliation

• Cost baseline and management reserves

• Management reserves and contingency reserves