Question 1

_____ is the sum of budgeted expenses up to a particular point in the schedule.

Accepted Answer

A)  Planned value 
B)  Earned value 
C)  Budgeted cost of work scheduled 
D)  Cost Performance Index 
E)  Actual cost 
A)  Planned value 
B)  Earned value 
C)  Budgeted cost of work scheduled 
D)  Cost Performance Index 
E)  Actual cost B

Question 2

Estimate to complete equals budget at completion minus schedule variance, i.e., ETC = BAC − SV.

Accepted Answer

A) True 
 B)False  False

Question 3

_____ is the sum of money spent so far.

Accepted Answer

A)  Target cost 
B)  Estimated cost 
C)  Standard cost 
D)  Actual cost 
E)  Predetermined cost 
A)  Target cost 
B)  Estimated cost 
C)  Standard cost 
D)  Actual cost 
E)  Predetermined cost D

Question 4

The money needed to pay for a project is usually transferred to the project account shortly before it is needed.

Accepted Answer

A) True 
 B)False

Question 5

The process of subtotaling costs by category or activity is called _____.

Accepted Answer

A)  parametric estimating 
B)  reserve analysis 
C)  alignment process 
D)  cost aggregation 
E)  reconciliation 
A)  parametric estimating 
B)  reserve analysis 
C)  alignment process 
D)  cost aggregation 
E)  reconciliation

Question 6

A positive cost variance CV) indicates that the project is _____.

Accepted Answer

A)  behind schedule 
B)  under budget 
C)  over budget 
D)  on schedule 
E)  ahead of schedule 
A)  behind schedule 
B)  under budget 
C)  over budget 
D)  on schedule 
E)  ahead of schedule

Question 7

What are parameters and parametric estimates?

Accepted Answer

Factors like size and location are param

Question 8

_____ is the difference between the earned value and the planned value.

Accepted Answer

A)  Earned value 
B)  Actual cost 
C)  Resource flow variance 
D)  Cost variance 
E)  Schedule variance 
A)  Earned value 
B)  Actual cost 
C)  Resource flow variance 
D)  Cost variance 
E)  Schedule variance

Question 9

Reconsidering the selection of the project should take into consideration the _____ of the competing projects that were not chosen and who the _____ are for the projects that would be affected.

Accepted Answer

A)  internal rate of return; vendors 
B)  economic ratings; project champions 
C)  level of complexity; suppliers 
D)  project teams; stakeholders 
E)  project schedules; project managers 
A)  internal rate of return; vendors 
B)  economic ratings; project champions 
C)  level of complexity; suppliers 
D)  project teams; stakeholders 
E)  project schedules; project managers

Question 10

_____ is money that is available for changing the scope of the project.

Accepted Answer

A)  Management reserve 
B)  Planned reserve 
C)  Budget reserve 
D)  Surety reserve 
E)  Contingency reserve 
A)  Management reserve 
B)  Planned reserve 
C)  Budget reserve 
D)  Surety reserve 
E)  Contingency reserve

Question 11

On projects with low complexity, the cost estimates can be done on spreadsheet software.

Accepted Answer

A) True 
 B)False

Question 12

The methods used to estimate the cost of a project during the selection phase are generally slower and consume more resources than those used to create detailed estimates in later phases.

Accepted Answer

A) True 
 B)False

Question 13

Which is the most accurate and time-consuming estimating method? Explain.

Accepted Answer

The most accurate and time-consuming est

Question 14

The term _____ refers to the budgeted cost of work scheduled that has been done.

Accepted Answer

budgeted c

Question 15

The process of matching funds provided with funds spent is called _____.

Accepted Answer

A)  parametric estimating 
B)  reserve analysis 
C)  alignment process 
D)  cost aggregation 
E)  reconciliation 
A)  parametric estimating 
B)  reserve analysis 
C)  alignment process 
D)  cost aggregation 
E)  reconciliation

Question 16

Unlike management reserves, contingency reserves are not likely to be spent and are not part of the project's budget baseline, but they can be included in the total project budget.

Accepted Answer

A) True 
 B)False

Question 17

_____ is the money held to pay for predictable but unspecified extra costs.

Accepted Answer

A)  Planned reserve 
B)  Surety reserve 
C)  Contingency reserve 
D)  Management reserve 
E)  Budget reserve 
A)  Planned reserve 
B)  Surety reserve 
C)  Contingency reserve 
D)  Management reserve 
E)  Budget reserve

Question 18

Measures such as percentage of activities completed or percentage of measurement units completed are adequate for high complexity projects.

Accepted Answer

A) True 
 B)False

Question 19

If the money needed to pay for a project is transferred to the project too far in advance:

Accepted Answer

A)  the process of reconciliation becomes easier. 
B)  there will be a delay in the start of the project or the activity. 
C)  the organization will lose the opportunity to use the money somewhere else. 
D)  the organization will end up paying lesser interest charges if the money is borrowed. 
E)  the organization will have access to funds as and when they are needed. 
A)  the process of reconciliation becomes easier. 
B)  there will be a delay in the start of the project or the activity. 
C)  the organization will lose the opportunity to use the money somewhere else. 
D)  the organization will end up paying lesser interest charges if the money is borrowed. 
E)  the organization will have access to funds as and when they are needed.

Question 20

The detailed cost estimates for each activity in the project is the actual cost of work performed.

Accepted Answer

A) True 
 B)False

_____ is the sum of budgeted expenses up to a particular point in the schedule.

Estimate to complete equals budget at completion minus schedule variance, i.e., ETC = BAC − SV.

_____ is the sum of money spent so far.

The money needed to pay for a project is usually transferred to the project account shortly before it is needed.

The process of subtotaling costs by category or activity is called _____.

A positive cost variance CV) indicates that the project is _____.

What are parameters and parametric estimates?

_____ is the difference between the earned value and the planned value.

Reconsidering the selection of the project should take into consideration the _ of the competing projects that were not chosen and who the _ are for the projects that would be affected.

_____ is money that is available for changing the scope of the project.

On projects with low complexity, the cost estimates can be done on spreadsheet software.

The methods used to estimate the cost of a project during the selection phase are generally slower and consume more resources than those used to create detailed estimates in later phases.

Which is the most accurate and time-consuming estimating method? Explain.

The term _____ refers to the budgeted cost of work scheduled that has been done.

The process of matching funds provided with funds spent is called _____.

Unlike management reserves, contingency reserves are not likely to be spent and are not part of the project's budget baseline, but they can be included in the total project budget.

_____ is the money held to pay for predictable but unspecified extra costs.

Measures such as percentage of activities completed or percentage of measurement units completed are adequate for high complexity projects.

If the money needed to pay for a project is transferred to the project too far in advance:

The detailed cost estimates for each activity in the project is the actual cost of work performed.

Introduction to Project Management

Project Profiling

Project Phases and Organization

Understanding and Meeting Client Expectations

Working With People on Projects

Communication Technologies

Starting a Project

Project Time Management

Managing Project Quality

Managing Project Risk

Project Procurement and Closure

Filters

Exam 9: Estimating and Managing Costs

_____ is the sum of budgeted expenses up to a particular point in the schedule.

Estimate to complete equals budget at completion minus schedule variance, i.e., ETC = BAC − SV.

_____ is the sum of money spent so far.

The money needed to pay for a project is usually transferred to the project account shortly before it is needed.

The process of subtotaling costs by category or activity is called _____.

A positive cost variance CV) indicates that the project is _____.

What are parameters and parametric estimates?

_____ is the difference between the earned value and the planned value.

Reconsidering the selection of the project should take into consideration the _____ of the competing projects that were not chosen and who the _____ are for the projects that would be affected.

_____ is money that is available for changing the scope of the project.

On projects with low complexity, the cost estimates can be done on spreadsheet software.

The methods used to estimate the cost of a project during the selection phase are generally slower and consume more resources than those used to create detailed estimates in later phases.

Which is the most accurate and time-consuming estimating method? Explain.

The term _____ refers to the budgeted cost of work scheduled that has been done.

The process of matching funds provided with funds spent is called _____.

Unlike management reserves, contingency reserves are not likely to be spent and are not part of the project's budget baseline, but they can be included in the total project budget.

_____ is the money held to pay for predictable but unspecified extra costs.

Measures such as percentage of activities completed or percentage of measurement units completed are adequate for high complexity projects.

If the money needed to pay for a project is transferred to the project too far in advance:

The detailed cost estimates for each activity in the project is the actual cost of work performed.

Introduction to Project Management

Project Profiling

Project Phases and Organization

Understanding and Meeting Client Expectations

Working With People on Projects

Communication Technologies

Starting a Project

Project Time Management

Managing Project Quality

Managing Project Risk

Project Procurement and Closure

Filters

Reconsidering the selection of the project should take into consideration the _ of the competing projects that were not chosen and who the _ are for the projects that would be affected.