WorksheetsQuiz 5 - Project Management
Total questions: 18
Worksheet time: 9mins
Name
Class
Date
1.
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?
a)
Cost Variance
b)
Management Overhead
c)
Management Contingency Reserve
d)
Schedule Variance
2.
If the Earned Value is equal to Actual Cost, it means:
a)
Project is on budget and on schedule
b)
Schedule Variance Index is 1
c)
There is no schedule variance
d)
There is no cost variance
3.
If earned value EV = 350, actual cost AC = 400, planned value PV = 325, what is cost variance CV ?
a)
350
b)
-75
c)
400
d)
-50
4.
What is the best way to maintain control of costs?
a)
Evaluate monthly expenditures based on a carefully formulated program
b)
Personally review all expenditures before any disbursements are made
c)
Assign all authority to one staff memeber
d)
Submit weekly expenditures to superior for review
5.
You found out that your project is one week late, as an effective project manger, what would you do?
a)
Evaluate resources and options
b)
Analyze why the deadline was not met
c)
Inform the client that the project will be one week late
d)
Ask to work overtime
6.
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?
a)
171
b)
55
c)
59
d)
57
7.
Which of the following are the MOST important to deriving the total funding requirements and periodic funding requirements of the project?
a)
Management Reserve and Contingency Reserve
b)
Cost Baseline and Management Reserve
c)
Funding Limit Reconciliation
d)
Project Budget and Contingency Reserve
8.
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?
a)
Control chart
b)
Fishbone diagram
c)
Scatter diagram
d)
Pareto chart
9.
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?
a)
Analogous Estimating
b)
Parametric Estimating
c)
Three Point Estimating
d)
Monte Carlo technique
10.
Which of the following is NOT a tool or technique of Estimate Costs?
a)
Cost aggregation
b)
Bottom-up
c)
Analogous
d)
Parametric
11.
What is the cost estimating technique based on estimating individual work items and summing them to get a project total called?
a)
Analogous Estimates
b)
Bottom-Up Estimates
c)
Definitive Estimate
d)
Parametric Estimate
12.
Costs that are not directly related to the products or services of the project, but are indirectly related to the project's performance are known as___________.
a)
Intangible Costs
b)
Sunk Cost
c)
Tangible Costs
d)
Indirect Costs
13.
A cost-estimating technique that uses project characteristics (parameters) in a mathematical model to estimate project costs is known as ____________________.
a)
Analogous Modelling
b)
Life Cycle Costing
c)
Parametric Modeling
d)
Planned Value
14.
What is the budgetary allocation included in a cost estimate to allow for future situations that are unpredictable (sometimes called 'unknown unknowns') called?
a)
Management Reserves
b)
Contingency Reserves
c)
Project Cost Management
d)
Cash Flow Analysis
15.
_____________________ is a document that describes how cost variances will be managed on the project.
a)
Analogous Estimate
b)
Cost Management Plan
c)
Earned Value Managment
d)
Rough Order of Magnitude
16.
What is the term for the budget included in a cost estimate to allow for future situations that may be partially planned for (sometimes called 'known unknowns') and are included in the project cost baseline?
a)
Contingency Reserves
b)
Cost Budgeting
c)
Definitive Estimate
d)
Estimate at Completion
17.
What is the term for the cost estimating technique that uses the actual cost of a previous, similar project as the basis for estimating the cost of the current project, also called top-down estimates?
a)
Estimate at Completion
b)
Definitive Estimate
c)
Cost Estimating
d)
Analogous Estimate
18.
What are the costs that can be directly related to producing the products and services of the project known as?
a)
Cost Budgeting
b)
Budget at Completion
c)
Direct Costs
d)
Earned Value
100 %
