Estimating Project Times And Costs
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Questions Bank
- Modern Project ManagementOrganization Strategy and Project SelectionOrganization: Structure and CultureDefining the ProjectEstimating Project Times and CostsDeveloping a Project PlanManaging RiskScheduling Resources and CostsReducing Project DurationBeing an Effective Project ManagerManaging Project TeamOutsourcing: Managing Interorganizational RelationsProgress and Performance Measurement and EvaluationProject ClosureInternational ProjectsAn Introduction to Agile Project Management
Question 1
Free
Multiple Choice
The process of forecasting or approximating the time and cost of completing project deliverables is called
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Budgeting.
Predicting.
Estimating.
Planning.
Guesstimating.
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Question 2
Free
Multiple Choice
In practice, estimating processes are frequently classified as
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Top down/bottom up.
Rough/polished.
Precise/order of magnitude.
Draft/final.
Broad/Specific.
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Question 3
Free
Multiple Choice
What is the relationship between organizational culture and estimating?
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There is no relationship.
Cultural norms affect the accuracy of estimates.
Culture determines whether estimates are made.
Estimating alters cultural norms.
Estimating and culture are independent.
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Question 4
Free
Multiple Choice
A good starting point for developing time and cost estimates is
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Past experience.
Work packages.
Task analysis.
Time and motion studies.
Work breakdown structure.
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Question 5
Free
Multiple Choice
Which of the following is NOT one of the factors that need to be considered to improve quality of estimates for project times and costs?
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Planning horizon
People
Padding estimates
Profit
Project structure
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Question 6
Multiple Choice
Ed is looking over the actual results of projects and comparing them to what was estimated.He notices that the projects that took six months or longer to complete were noticeably more off the estimates.Which of the following factors is he recognizing?
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Padding estimates
Project duration
Project structure
People
Organization culture
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Question 7
Multiple Choice
Janet is forecasting how much money her department needs to support a new project.She estimates that two people and $25,000 in expenses will cover her needs.Because management typically insists on reducing forecasts by 20 percent, she increases her estimates to allow for that reduction.Which of the following factors is illustrated in this situation?
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Padding estimates
Planning horizon
Project structure
People
Organization culture
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Question 8
Multiple Choice
Which of the following is a good condition for top-down estimating?
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Cost and time important
Fixed price contract
Customer wants details
Internal, small project
Large scale project involving several subcontractors
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Question 9
Multiple Choice
Which of the following is a good condition for bottom-up estimating?
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When the project involves strategic decision making
When the project is internal and small
When there is a fixed price contract
When there is high uncertainty involved in the project
When there is an unstable scope
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Question 10
Multiple Choice
Richard is collecting estimates for a house that he will have the funding to build in 12 months.Which of the following factors does Richard need to consider in regard to the quality of these estimates?
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Padding estimates
Planning horizon
Project structure
People
Project duration
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Question 11
Multiple Choice
Which of the following does NOT help describe a bottom-up estimating approach?
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They are made by someone who uses experience and/or information from someone else to determine overall project cost and duration.
They establish low-cost, efficient methods for completing activities.
They typically comes from the people actually doing the work and who are most knowledgeable about the task at hand.
Estimates are made at the work package level and then "rolled up" to determine estimates for major deliverables and for the project itself.
They can take place after the project has been planned in detail.
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Question 12
Multiple Choice
Which of the following methods is NOT considered a top-down approach to estimating project time and cost?
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Ratio
Template
Apportion
Function point
Learning curve
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Question 13
Multiple Choice
Jose is forecasting project time and cost for constructing a new building by multiplying the total square footage by a given dollar amount.Which of the following methods is he using?
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Ratio
Template
Apportion
Function point
Learning curve
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Question 14
Multiple Choice
Sean is forecasting the time and cost of developing a customized software program by looking at the number of inputs, outputs, inquiries, files, and interfaces.Which of the following methods is he using?
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Ratio
Template
Apportion
Function point
Learning curve
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Question 15
Multiple Choice
Laura is forecasting the time and cost of developing an intranet for a new customer.Her department has completed six such intranets for customers during the last two years.Although the proposed system is about the same size as the others, she estimates that it will take about 10 percent less time and money.Which of the following methods is she using?
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Ratio
Template
Apportion
Function point
Learning curve
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Question 16
Multiple Choice
Learning curves are more likely to be applied in situations where most of the costs are
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Materials.
Labor.
Overhead.
Evenly spread over materials, labor, and overhead.
Labor and materials.
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Question 17
Multiple Choice
Which of the following describes the consensus method?
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Should be used only for projects that require the same task, group of tasks, or product to be repeated several times
Uses several people with relevant experience regarding the task at hand to make time and cost estimates
Uses pooled experience of senior and/or middle managers to estimate the total project duration and cost
Uses the number of square feet to estimate the total cost and time of the project
Uses weighted macro variables or major parameters such as the number of inputs or outputs to estimate the total cost and time of the project
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Question 18
Multiple Choice
Which of the following is NOT one of the bottom-up approaches to estimating project time and cost?
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Parametric procedures applied to specific tasks
Estimates for the WBS work packages
Learning curve
Template method
Range estimates
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Question 19
Multiple Choice
Which of the following would be the best method for projects where the final product is not known and the uncertainty is very large?
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Function point
Template
Learning curve
Phase estimating
Apportion
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Question 20
Multiple Choice
Rob is responsible for estimating a work package that has a significant amount of uncertainty associated with the time and cost to complete.Due to the uncertainty involved he will be making a low, an average and a high estimate.Rob is using which estimating approach?
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Parametric procedures applied to specific tasks
Template method
Apportion method
Range estimating
Learning curve
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