Question 1

All task time estimates need consistent time units.

Accepted Answer

A) True 
 B)False

Question 2

Estimating can be challenged by

Accepted Answer

A)  human nature. 
B)  political dynamics. 
C)  difficulty in predicting the future. 
D)  size of the project. 
E)  All of these alternatives are correct.

Question 3

When work package estimates are made by individuals most knowledgeable about the work being performed and these estimates are then "rolled up" to find estimated costs for major deliverables and the project itself, ____________ estimating is being used.

Accepted Answer

A)  top-down 
B)  analogous 
C)  bottom-up 
D)  reference class 
E)  professional estimation

Question 4

Which of the following would best represent direct project costs?

Accepted Answer

A)  Only labor 
B)  Only materials 
C)  Only equipment 
D)  Both labor and materials 
E)  Labor, materials and equipment

Question 5

Identify and briefly describe three out of the six factors that should be considered to improve the quality of estimates for project times and costs.

Accepted Answer

The answer of Identify and briefly describe three out of...

Question 6

Repetition of a task generally results in a reduction of labor hours each successive time a worker performs that task.

Accepted Answer

A)  budgeting. 
B)  predicting. 
C)  estimating. 
D)  planning. 
E)  guesstimating.

Question 7

Identify the drawbacks to an excessive detail in estimating project times and costs.

Accepted Answer

The answer of Identify the drawbacks to an excessive detail...

Question 8

The consensus method of estimating costs is a bottom-up technique.

Accepted Answer

A) True 
 B)False

Question 9

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 come 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 10

Top-down estimates usually are derived from someone who uses experience and / or information to determine the project duration and total cost.

Accepted Answer

A) True 
 B)False

Question 11

Describe phase estimating. When should it be used and how is it different from all other top-down and bottom-up methods of estimating?

Accepted Answer

The answer of Describe phase estimating. When should it be...

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

List and briefly describe four reasons why estimating time and cost are important to project management.

Accepted Answer

The answer of List and briefly describe four reasons why...

Question 14

Work package estimates should include allowances for contingencies.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is a good condition for top-down estimating?

Accepted Answer

A)  Cost and time important 
B)  Fixed price contract 
C)  Customer wants details 
D)  Internal, small project 
E)  Large scale project involving several subcontractors

Question 16

Refining estimates may be necessary for a number of reasons. For example, people working on prototype development needing time to interact with the design engineers after the design is completed is a good example of

Accepted Answer

A)  hidden interaction costs. 
B)  things going wrong on a project. 
C)  normal conditions not applying. 
D)  changes in project scope. 
E)  the customer not being clear about their expectations.

Question 17

A project leader is forecasting how much money his department needs to support a new project. He estimates that two people and $25,000 in expenses will cover his needs. Because management typically insists on reducing forecasts by 20 percent, he increases his estimates to allow for that reduction. Which of the following factors is illustrated in this situation?

Accepted Answer

A)  Padding estimates 
B)  Planning horizon 
C)  Project structure 
D)  People 
E)  Organization culture

Question 18

Refining Estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project and meet the needs of the customer is an example of

Accepted Answer

A)  hidden interaction costs. 
B)  things going wrong on a project. 
C)  normal conditions not applying. 
D)  changes in project scope. 
E)  there is never a good reason to refine estimates.

Question 19

Large projects that have long time horizons and a very high complexity can be referred to as

Accepted Answer

A)  mega projects. 
B)  high risk. 
C)  white elephants. 
D)  mega projects or white elephants. 
E)  None of these alternatives is correct.

Question 20

Companies are using which of the following for improving the estimating process for future projects?

Accepted Answer

A)  Adjusting estimates based on individual forecasting abilities 
B)  Benchmarking and using the experience of other companies 
C)  Using time and motion studies 
D)  Creating historical databases of previous projects 
E)  Establishing an estimating training course for all employees

Exam 5: Estimating Project Times and Costs

All task time estimates need consistent time units.

Estimating can be challenged by

When work package estimates are made by individuals most knowledgeable about the work being performed and these estimates are then "rolled up" to find estimated costs for major deliverables and the project itself, ____________ estimating is being used.

Which of the following would best represent direct project costs?

Identify and briefly describe three out of the six factors that should be considered to improve the quality of estimates for project times and costs.

Repetition of a task generally results in a reduction of labor hours each successive time a worker performs that task.

Identify the drawbacks to an excessive detail in estimating project times and costs.

The consensus method of estimating costs is a bottom-up technique.

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

Top-down estimates usually are derived from someone who uses experience and / or information to determine the project duration and total cost.

Describe phase estimating. When should it be used and how is it different from all other top-down and bottom-up methods of estimating?

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

List and briefly describe four reasons why estimating time and cost are important to project management.

Work package estimates should include allowances for contingencies.

Which of the following is a good condition for top-down estimating?

Refining estimates may be necessary for a number of reasons. For example, people working on prototype development needing time to interact with the design engineers after the design is completed is a good example of

Refining Estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project and meet the needs of the customer is an example of

Large projects that have long time horizons and a very high complexity can be referred to as

Companies are using which of the following for improving the estimating process for future projects?