Question 1

Estimating the total cost of a project by multiplying each major function by a complexity factor is an example of the apportion method of estimating costs.

Accepted Answer

A) True 
 B)False  False

Question 2

A good starting point for developing time and cost estimates is

Accepted Answer

A) Past experience. 
B) Work packages. 
C) Task analysis. 
D) Time and motion studies. 
E) Work breakdown structure. 
A) Past experience. 
B) Work packages. 
C) Task analysis. 
D) Time and motion studies. 
E) Work breakdown structure. A

Question 3

Costs that are not directly related to a specific project, such as advertising, accounting, and senior management's salary, are classified as _____________ costs.

Accepted Answer

general and administrative overhead
Explanation: General and administrative costs represent organization costs that are not directly linked to a specific project.These costs are carried for the duration of the project.

Question 4

Estimates should be made based on ___________ conditions, efficient methods, and a normal level of resources.

Accepted Answer

normal
Explanation: Estimates

Question 5

Accounting would be an example of which of the following costs typically found in a project?

Accepted Answer

A) Labor 
B) Direct 
C) Direct project overhead 
D) General and administrative overhead 
E) Salary 
A) Labor 
B) Direct 
C) Direct project overhead 
D) General and administrative overhead 
E) Salary

Question 6

Which of the following is NOT one of the bottom-up approaches to estimating project time and cost?

Accepted Answer

A) Parametric procedures applied to specific tasks 
B) Estimates for the WBS work packages 
C) Learning curve 
D) Template method 
E) Range estimates 
A) Parametric procedures applied to specific tasks 
B) Estimates for the WBS work packages 
C) Learning curve 
D) Template method 
E) Range estimates

Question 7

The approach to estimating project time and cost that begins with an overall estimate for the project and then refines estimates for various stages of the project as it is implemented is known as ____________.

Accepted Answer

phase estimating
Explanation: This appro

Question 8

The top-down method of estimating when the pooled experience of senior and/or middle managers are used to estimate the total project duration and cost is the _________ method.

Accepted Answer

consensus
Explanation: The consensus met

Question 9

Identify the three major categories of project costs and give an example of each.

Accepted Answer

(1)Direct costs (labor, materials, equip

Question 10

Which of the following is a good condition for bottom-up estimating?

Accepted Answer

A) When the project involves strategic decision making 
B) When the project is internal and small 
C) When there is a fixed price contract 
D) When there is high uncertainty involved in the project 
E) When there is an unstable scope 
A) When the project involves strategic decision making 
B) When the project is internal and small 
C) When there is a fixed price contract 
D) When there is high uncertainty involved in the project 
E) When there is an unstable scope

Question 11

The project management structure chosen to manage the project will have little impact on the quality of estimates.

Accepted Answer

A) True 
 B)False

Question 12

Rose is working on estimates for a project that is very similar to a previous project, in that it has many of the same features and those features have similar costs.Each feature or deliverable will represent the same percentage of the total cost as it did for the previous project.Rose is using the _________ method of top-down estimating.

Accepted Answer

apportion
Explanation: This method is an

Question 13

Which of the following does NOT help describe a bottom-up estimating approach?

Accepted Answer

A) They are made by someone who uses experience and/or information from someone else to determine overall project cost and duration. 
B) They establish low-cost, efficient methods for completing activities. 
C) They typically comes from the people actually doing the work and who are most knowledgeable about the task at hand. 
D) Estimates are made at the work package level and then "rolled up" to determine estimates for major deliverables and for the project itself. 
E) They can take place after the project has been planned in detail. 
A) They are made by someone who uses experience and/or information from someone else to determine overall project cost and duration. 
B) They establish low-cost, efficient methods for completing activities. 
C) They typically comes from the people actually doing the work and who are most knowledgeable about the task at hand. 
D) Estimates are made at the work package level and then "rolled up" to determine estimates for major deliverables and for the project itself. 
E) They can take place after the project has been planned in detail.

Question 14

When someone uses experience and/or information from others to determine the project duration and total cost, ____________ estimating is being used.

Accepted Answer

top-down
Explanation: Top-down

Question 15

If a project is internal to the company and relatively small, the bottom-up approach to estimating time and costs for the project is the best choice.

Accepted Answer

A) True 
 B)False

Question 16

Identify and briefly describe the two major classifications of estimating project time and costs.

Accepted Answer

(1)Top-down estimates are made for the p

Question 17

Which of the following is NOT one of the recommended guidelines for developing useful work package estimates?

Accepted Answer

A) Estimates should be made by those responsible for the work. 
B) Use several people to estimate the same work. 
C) Estimates should be based on normal conditions. 
D) Estimates should include a normal level of contingency. 
E) Estimates should be independent of other projects. 
A) Estimates should be made by those responsible for the work. 
B) Use several people to estimate the same work. 
C) Estimates should be based on normal conditions. 
D) Estimates should include a normal level of contingency. 
E) Estimates should be independent of other projects.

Question 18

Work package estimates should include allowances for contingencies.

Accepted Answer

A) True 
 B)False

Question 19

The salary of the project manager and her administrative assistant is classified as direct labor costs.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following describes the consensus method?

Accepted Answer

A) Should be used only for projects that require the same task, group of tasks, or product to be repeated several times 
B) Uses several people with relevant experience regarding the task at hand to make time and cost estimates 
C) Uses pooled experience of senior and/or middle managers to estimate the total project duration and cost 
D) Uses the number of square feet to estimate the total cost and time of the project 
E) 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 
A) Should be used only for projects that require the same task, group of tasks, or product to be repeated several times 
B) Uses several people with relevant experience regarding the task at hand to make time and cost estimates 
C) Uses pooled experience of senior and/or middle managers to estimate the total project duration and cost 
D) Uses the number of square feet to estimate the total cost and time of the project 
E) 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

Estimating the total cost of a project by multiplying each major function by a complexity factor is an example of the apportion method of estimating costs.

A good starting point for developing time and cost estimates is

Costs that are not directly related to a specific project, such as advertising, accounting, and senior management's salary, are classified as _____________ costs.

Estimates should be made based on ___________ conditions, efficient methods, and a normal level of resources.

Accounting would be an example of which of the following costs typically found in a project?

Which of the following is NOT one of the bottom-up approaches to estimating project time and cost?

The approach to estimating project time and cost that begins with an overall estimate for the project and then refines estimates for various stages of the project as it is implemented is known as ____________.

The top-down method of estimating when the pooled experience of senior and/or middle managers are used to estimate the total project duration and cost is the _________ method.

Identify the three major categories of project costs and give an example of each.

Which of the following is a good condition for bottom-up estimating?

The project management structure chosen to manage the project will have little impact on the quality of estimates.

Which of the following does NOT help describe a bottom-up estimating approach?

When someone uses experience and/or information from others to determine the project duration and total cost, ____________ estimating is being used.

If a project is internal to the company and relatively small, the bottom-up approach to estimating time and costs for the project is the best choice.

Identify and briefly describe the two major classifications of estimating project time and costs.

Which of the following is NOT one of the recommended guidelines for developing useful work package estimates?

Work package estimates should include allowances for contingencies.

The salary of the project manager and her administrative assistant is classified as direct labor costs.

Which of the following describes the consensus method?

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Developing a Project Plan

Managing Risk

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Team

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

International Projects

An Introduction to Agile Project Management

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Exam 5: Estimating Project Times and Costs

Estimating the total cost of a project by multiplying each major function by a complexity factor is an example of the apportion method of estimating costs.

A good starting point for developing time and cost estimates is

Costs that are not directly related to a specific project, such as advertising, accounting, and senior management's salary, are classified as _____________ costs.

Estimates should be made based on ___________ conditions, efficient methods, and a normal level of resources.

Accounting would be an example of which of the following costs typically found in a project?

Which of the following is NOT one of the bottom-up approaches to estimating project time and cost?

The approach to estimating project time and cost that begins with an overall estimate for the project and then refines estimates for various stages of the project as it is implemented is known as ____________.

The top-down method of estimating when the pooled experience of senior and/or middle managers are used to estimate the total project duration and cost is the _________ method.

Identify the three major categories of project costs and give an example of each.

Which of the following is a good condition for bottom-up estimating?

The project management structure chosen to manage the project will have little impact on the quality of estimates.

Which of the following does NOT help describe a bottom-up estimating approach?

When someone uses experience and/or information from others to determine the project duration and total cost, ____________ estimating is being used.

If a project is internal to the company and relatively small, the bottom-up approach to estimating time and costs for the project is the best choice.

Identify and briefly describe the two major classifications of estimating project time and costs.

Which of the following is NOT one of the recommended guidelines for developing useful work package estimates?

Work package estimates should include allowances for contingencies.

The salary of the project manager and her administrative assistant is classified as direct labor costs.

Which of the following describes the consensus method?

Modern Project Management

Organization Strategy and Project Selection

Organization: Structure and Culture

Defining the Project

Developing a Project Plan

Managing Risk

Scheduling Resources and Costs

Reducing Project Duration

Being an Effective Project Manager

Managing Project Team

Outsourcing: Managing Interorganizational Relations

Progress and Performance Measurement and Evaluation

Project Closure

International Projects

An Introduction to Agile Project Management

Filters