Cost and Medium Difficulty

Topics: Cost, Top-down and bottom-up design, Learning curve Pages: 19 (2116 words) Published: July 14, 2013
Chapter 5
 

125. The process of forecasting or approximating the time and cost of completing project deliverables is called  A. Budgeting
B. Predicting
C. Estimating
D. Planning
E. Guesstimating

 

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126. In practice, estimating processes are frequently classified as  A. Top down/bottom up
B. Rough/polished
C. Precise/order of magnitude
D. Draft/final
E. Both A and B are correct

 

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127. A typical statement in actual practice is that estimates should have a probability of being met ______ of the time.  A. 100%
B. 98%
C. 95%
D. 90%
E. 80%

 

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128. A good starting point for developing time and cost estimates is  A. Past experience
B. Work packages
C. Task analysis
D. Time and motion studies
E. Work breakdown structure

 

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129. Which of the following is not one of the factors that need to be considered to improve quality of estimates for project times and costs?  A. Planning horizon
B. People
C. Padding estimates
D. Profit
E. Project structure

 

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130. Ed is looking over the actual results of projects and comparing them to what was estimated. He notices that projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is he recognizing?  A. Padding estimates

B. Planning horizon
C. Project structure
D. People
E. Organization culture

 

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

B. Planning horizon
C. Project structure
D. People
E. Organization culture

 

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132. Which of the following is a good condition for top-down estimating?  A. Cost and time important
B. Fixed price contract
C. Customer wants details
D. Internal, small project
E. All of these are good conditions for top-down estimating

 

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133. Which of the following is a good condition for bottom-up estimating?  A. Strategic decision making
B. Internal, small project
C. Fixed price contract
D. High uncertainty
E. Both C and D are good conditions for bottom-up estimating

 

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134. Top-down estimates are most likely to occur during the ______ phase.  A. Concept
B. Planning
C. Execution
D. Delivery
E. All of these are equally likely

 

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135. ______ estimates are most likely to use low cost, efficient methods.  A. Apportion
B. Ratio
C. Top-down
D. Bottom-up
E. All of these are equally...
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