Question 1

What are three benefits to the use of contingency funds?

Accepted Answer

Use of contingency funds is at first gla

Question 2

What is the total amount budgeted for March in this time-phased budget?

Accepted Answer

A) $6,000 
B) $35,000 
C) $41,000 
D) $66,000 
A) $6,000 
B) $35,000 
C) $41,000 
D) $66,000

Question 3

Project cost estimates usually anticipate that resources will be available,that the weather will not be extreme,and that funding will materialize,creating what are called:

Accepted Answer

A) hyperactivity. 
B) standard operating procedures. 
C) standard duress. 
D) normal conditions. 
A) hyperactivity. 
B) standard operating procedures. 
C) standard duress. 
D) normal conditions.

Question 4

What are four major categories of costs? Provide descriptions for each category.

Accepted Answer

Some of the more common project costs in

Question 5

It was fortunate that the project budget included contingency funding;the top manager had not foreseen that the project would need the services of their elite slide rule squad in more than one area at the same time.Design couldn't complete their work without their services,nor could marketing,or production.Contingency funds came in handy to meet the unanticipated:

Accepted Answer

A) change in project scope. 
B) abnormal project conditions. 
C) consequences of Murphy's Law. 
D) interaction costs. 
A) change in project scope. 
B) abnormal project conditions. 
C) consequences of Murphy's Law. 
D) interaction costs.

Question 6

It took 66 hours of analysis to complete the first phase,but the second phase was done in 56.1 hours.If this learning rate continues,then the 8th analysis should take a mere:

Accepted Answer

A) 40 hours and 30 minutes,give or take. 
B) 44 hours and 20 minutes,give or take. 
C) 40 hours and 15 minutes,give or take. 
D) 38 hours and 45 minutes,give or take. 
A) 40 hours and 30 minutes,give or take. 
B) 44 hours and 20 minutes,give or take. 
C) 40 hours and 15 minutes,give or take. 
D) 38 hours and 45 minutes,give or take.

Question 7

A plan that identifies the allocated resources,the project's goals,and the schedule that allows an organization to achieve those goals is:

Accepted Answer

A) the work breakdown structure. 
B) the risk management plan. 
C) the statement of work. 
D) the project budget. 
A) the work breakdown structure. 
B) the risk management plan. 
C) the statement of work. 
D) the project budget.

Question 8

What's the relationship between WBS,scheduling,and budgeting?

Accepted Answer

The central goal of a budget is the need

Question 9

An advantage of top-down budgeting is:

Accepted Answer

A) that top management estimates of project costs are often quite accurate,at least in aggregate. 
B) an elimination of the friction between top and lower levels in the competition for budget money. 
C) that projects are no longer a zero-sum game among lower level managers. 
D) that top management budgets,by definition,cannot experience overruns. 
A) that top management estimates of project costs are often quite accurate,at least in aggregate. 
B) an elimination of the friction between top and lower levels in the competition for budget money. 
C) that projects are no longer a zero-sum game among lower level managers. 
D) that top management budgets,by definition,cannot experience overruns.

Question 10

Overhead and selling and administration are classified as ________ costs.

Accepted Answer

The answer of Overhead and selling and administration are classified...

Question 11

Direct costs are those clearly assigned to the aspect of the project that generated the cost.

Accepted Answer

A) True 
 B)False

Question 12

Rank the four different types of cost estimates from most to least accurate and explain what the inputs are to each type.

Accepted Answer

The cost estimates as ranked from most a

Question 13

There is a tendency for different departments or functions to compete for scarce resources in a zero-sum game when bottom-up budgeting is used to develop a project budget.

Accepted Answer

A) True 
 B)False

Question 14

________ cost estimates can only be given upon the completion of most of the design work at a point when the scope and capabilities of the project are well-understood.

Accepted Answer

The answer of ________ cost estimates can only be given...

What are three benefits to the use of contingency funds?

What is the total amount budgeted for March in this time-phased budget?

Project cost estimates usually anticipate that resources will be available,that the weather will not be extreme,and that funding will materialize,creating what are called:

What are four major categories of costs? Provide descriptions for each category.

It took 66 hours of analysis to complete the first phase,but the second phase was done in 56.1 hours.If this learning rate continues,then the 8^th analysis should take a mere:

A plan that identifies the allocated resources,the project's goals,and the schedule that allows an organization to achieve those goals is:

What's the relationship between WBS,scheduling,and budgeting?

An advantage of top-down budgeting is:

Overhead and selling and administration are classified as ________ costs.

Direct costs are those clearly assigned to the aspect of the project that generated the cost.

Rank the four different types of cost estimates from most to least accurate and explain what the inputs are to each type.

There is a tendency for different departments or functions to compete for scarce resources in a zero-sum game when bottom-up budgeting is used to develop a project budget.

________ cost estimates can only be given upon the completion of most of the design work at a point when the scope and capabilities of the project are well-understood.

Introduction: Why Project Management

The Organizational Context: Strategy, structure, and Culture

Project Selection and Portfolio Management

Leadership and the Project Manager

Scope Management

Project Team Building, conflict, and Negotiation

Risk Management

Project Scheduling: Networks, duration Estimation, and Critical Path

Project Scheduling: Lagging, crashing, and Activity Networks

Critical Chain Project Scheduling

Resource Management

Project Evaluation and Control

Project Closeout and Termination

Filters

Exam 8: Cost Estimation and Budgeting

What are three benefits to the use of contingency funds?

What is the total amount budgeted for March in this time-phased budget?

Project cost estimates usually anticipate that resources will be available,that the weather will not be extreme,and that funding will materialize,creating what are called:

What are four major categories of costs? Provide descriptions for each category.

It took 66 hours of analysis to complete the first phase,but the second phase was done in 56.1 hours.If this learning rate continues,then the 8th analysis should take a mere:

A plan that identifies the allocated resources,the project's goals,and the schedule that allows an organization to achieve those goals is:

What's the relationship between WBS,scheduling,and budgeting?

An advantage of top-down budgeting is:

Overhead and selling and administration are classified as ________ costs.

Direct costs are those clearly assigned to the aspect of the project that generated the cost.

Rank the four different types of cost estimates from most to least accurate and explain what the inputs are to each type.

There is a tendency for different departments or functions to compete for scarce resources in a zero-sum game when bottom-up budgeting is used to develop a project budget.

________ cost estimates can only be given upon the completion of most of the design work at a point when the scope and capabilities of the project are well-understood.

Introduction: Why Project Management

The Organizational Context: Strategy, structure, and Culture

Project Selection and Portfolio Management

Leadership and the Project Manager

Scope Management

Project Team Building, conflict, and Negotiation

Risk Management

Project Scheduling: Networks, duration Estimation, and Critical Path

Project Scheduling: Lagging, crashing, and Activity Networks

Critical Chain Project Scheduling

Resource Management

Project Evaluation and Control

Project Closeout and Termination

Filters

It took 66 hours of analysis to complete the first phase,but the second phase was done in 56.1 hours.If this learning rate continues,then the 8^th analysis should take a mere: