Scribd
Upload
138 views6 pages

Project Cost Management Quiz

The document contains questions and answers from a project management exam. Question 1 indicates that a project is ahead of schedule and under budget based on earned value, planned value and actual cost. Subsequent questions cover topics like estimating techniques, earned value analysis, variances, cost baselines, and the purpose of a cost management plan.

Uploaded by

semahegn amare
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
138 views6 pages

Project Cost Management Quiz

The document contains questions and answers from a project management exam. Question 1 indicates that a project is ahead of schedule and under budget based on earned value, planned value and actual cost. Subsequent questions cover topics like estimating techniques, earned value analysis, variances, cost baselines, and the purpose of a cost management plan.

Uploaded by

semahegn amare
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 6

Question 1

1 / 1 pts
For an IT project your EV= $130,500, PV= $125,500, and AC= $129,000. Which one
of the following statement is TRUE?

The project is behind schedule and over budget

Correct!

The project is ahead of schedule and under budget

The project is behind schedule and under budget

The project is ahead of schedule and over budget

Explanation: The EV is greater than PV, which indicates the project is ahead of
schedule. The AC is smaller than the EV, which indicates the project is under budget.

Question 2
0 / 1 pts
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:
Correct Answer

Work performance data

Cost management plan

Activity cost estimates

You Answered
Project schedule

Question 3
0 / 1 pts
You are in the determine budget process of developing budget or cost baseline
and project funding requirements. All of the following are tools & techniques in
this process EXCEPT:
You Answered

Cost aggregation

Reserve analysis

Funding limit reconciliation

Correct Answer

Performance review

Question 4
1 / 1 pts
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

Correct!
Parametric

Three-point estimating

Explanation: This estimate uses mathematical models based on historical records from
other projects. It utilizes the statistical relationship that exists between a series of
historical data and a particular delineated list of other variables. Depending upon the
quality of the underlying data, this estimate can produce higher levels of accuracy and
can be used in conjunction with other estimates to provide estimates for the entire
project or for specific segments of the project. Measures such as time per line of code,
time per installation, and time per linear meter are considered in this type of estimate.

Question 5
1 / 1 pts
With the help of your team members, you just finished the development of an
approximation of the cost of all the resources, such as labor, materials,
equipment, services, facilities, and other special items associated with each
activity. What should you do NEXT?

Control costs

Resource leveling

Bottom-up estimating

Correct!

Determine budget

Explanation: You just completed the Estimate Costs process and should be focusing
on the Determine budget process

Question 6
1 / 1 pts
You are overseeing a mobile application development project. While reviewing an
earned value report, you observe that the SPI is 1.2 and the CPI is 0.9. Which
statement can you make the project?

On track according to schedule and budget baselines

Behind the schedule and over budget

Correct!

Ahead of the schedule and over budget

On schedule and under budget

Explanation: A SPI of 1.2 means that the project is ahead of schedule, and a CPI of 0.9
or less than one means that the project is over budget.

Question 7
1 / 1 pts
You recently finalized your project cost estimate and cost baseline. The
difference between the project cost estimate and the cost baseline can be BEST
described as:

The control account

The work package estimates

The management reserves

Correct!

The contingency reserves


Explanation: The cost baseline is the project cost plus the contingency reserves; thus,
the difference between the project cost estimate and the cost baseline can be best
described as contingency reserves.

Question 8
1 / 1 pts
You asked one of your team members about the schedule variance (SV) for one of
her key deliverables. She mentioned that she is behind schedule but there would
not be any cost variance. Which of the following is NOT true in this case?
Correct!

EV and PV were the same

EV and AC were the same

EV is less than PV

CPI is 1

Explanation: We know SV= EV-PV. Since SV has negative value, EV must be less
than PV. Also, CV=EV-AC. Since there will be no cost variance, EV and AC have the
same value. CPI is also EV/AC=1

Question 9
1 / 1 pts
The project manager and the team members have just finished working on the
WBS and have almost finalized the project schedule. The project manager is also
planning to start working on the project budget. Which document will be used for
planning, estimating, budgeting, and controlling costs so that the project can be
completed with the approved budget?

Earned value management

Cost baseline
Correct!

Cost management plan

Funding limit reconciliation

Explanation: The project Cost management plan is a component of the overall project
management plan, and it defines how the project cost will be planned, managed,
expended, and controlled throughout the project life cycle.

Question 10
1 / 1 pts
You are preparing a Cost Management Plan for the data center project you are
managing for ITPro Consultancy, LLC. All of the following is true regarding this
plan EXCEPT:

Activity cost estimates will be rounded to a prescribed precision; for example, $100,
$1,000 and so on

Units of measurement such as hours, days, weeks, or a lump sum amount will be used
to estimate resources.

Correct!

The primary concern is determining the amount of resources needed to complete the
project activities

The WBS provides a framework for the Cost Management Plan, and a control (CA) in
the WBS is used to monitor and control the project cost.

Explanation: The primary concern for Project Cost Management is to determine the
cost of resources, not the amount to complete the project activities.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy