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Management
Q:
The is the amount that was budgeted to accomplish the work that was scheduled to be performed up to that point in time.a. total budgeted cost (TBC)b. cumulative actual cost (CAC)c. cumulative budgeted cost (CBC)d. cumulative earned value (CEV)
Q:
A cost is determined for each period, based on when the activities that make up the work package are scheduled to be performed, to createa. the time-phased budget.b. the actual costs of the project.c. an example budget.d. an adjusted budget.
Q:
Once a total budgeted cost has been established for each work package, the second step in the project budgeting process is toa. assign each TBC at the start of its work package.b. assign each TBC at the end of its work package.c. distribute each TBC over the project by dividing the total by the number of work packages and assigning that amount to each.d. distribute each TBC over the duration of its work package.
Q:
When the budgets for all the work packages are summed,a. they should exceed the amount of funds available.b. they cannot exceed the total project budgeted cost.c. if the total is too high then the amounts should be force-fitted into the customer's budget.d. if the total is too low then extra non-project expenses should be added.
Q:
Often, the sum of the initial estimated costs is greater than the amount of funds budgeted by the sponsor. What should be done to arrive at an acceptable budget amount?
a. Cut the cost of the highest priced activity in half until the budget is reached.
b. Trade experienced and efficient resources for less experienced and less efficient resources.
c. Revise the budget expecting that several iterations may need to be made to reduce the costs.
d. Extend the scope of the project.
Q:
There are two approaches to establishing the total budgeted cost for each work package:a. top-down and bottom-up.b. horizontal and vertical.c. committed and actual.d. aggregated and disaggregated.
Q:
Allocating total project costs for the various elements to the appropriate work packages will establisha. the committed costs for the work package.b. the anticipated expense for the work package.c. how to apply resources to the work package.d. a total budgeted cost (TBC) for each work package.
Q:
The budget for each work package isa. charged completely on the first day of the work package.b. charged at the end of the project.c. distributed over the duration of the work package.d. charged completely on the last day of the work package.
Q:
The project cost estimate is allocated toa. the various work packages in the project work breakdown structure.b. the resources in the project.c. the committed costs in the project.d. the stakeholders.
Q:
It may be easier to estimate the costs for , but as the project progresses, the project team can progressively elaborate the estimated costs as more information is known or becomes clear to allow for more accurate estimated costs.a. near-term activitiesb. activities near the end of the projectc. new activities with new proceduresd. activities with long durations
Q:
At the beginning of the project, it may not be possible to estimate the costs for all activities with a level of confidence regarding their accuracy. This is especially true fora. projects with a short term.b. longer-term projects.c. projects that are similar to ones completed by the organization before.d. projects with activities that are serially related.
Q:
Contingency costs in the project costs estimate, also referred to as , are to cover unexpected situations that may come up during the project, such as items that may have been overlooked when the initial project scope was defined, activities that may have to be redone because they may not work the first time (redesigns), or a high probability or high impact risk that may occur.a. auxiliary fundsb. withholdingc. reservesd. capital funds
Q:
Travel costs in the project costs estimate are fora. travel (other than local travel) required during the project.b. all travel by the organization.c. travel costs for local meetings.d. travel for conferences that may not be related to the project.
Q:
Costs related to are for outsourced work when the project teams or contractors do not have the expertise or resources to do certain project tasks.a. benefactors and suppliersb. stakeholdersc. reserve and withholdingd. subcontractors and consultants
Q:
Facilities costs in the project costs estimate are fora. general facilities for the project organization.b. special facilities or additional space for the project team.c. special facilities or additional space for the organization where other projects will be in progress.d. storage of materials even if not for the project.
Q:
Equipment costs in the project costs estimate are for equipmenta. that the organization wants to have.b. that is the latest upgrade, even if not needed for the project.c. that must be purchased as part of the project.d. needed by others in the organization that may not be assigned to the project.
Q:
Materials costs in the project costs estimate are the estimated costs of materials that the project team or contractora. want to have in supply in the office.b. needs even if not for this particular project.c. needs to purchase for the project.d. might want to use on the project.
Q:
Labor costs in the project costs estimate are the estimated costs for the various types or classifications ofand are based on the estimated work time (not necessarily the same as the activity estimated duration) and the dollar labor rate for each.a. people who are expected to work on the projectb. people, even if they are not directly assigned to the projectc. overhead and direct expensesd. subcontractors
Q:
The total project cost is often estimated during the phase of the project or when the project charter or a proposal is prepareda. initiatingb. planningc. performingd. closing
Q:
The worst scenario from the contractor's point of view is to have the customer make only one payment at the end of the project.
a. True
b. False
Q:
The key to managing cash flow is to ensure that cash comes in faster than it goes out.
a. True
b. False
Q:
It is important to manage the cash flow on a project.
a. True
b. False
Q:
The key to effective cost control is waiting to address negative cost variances and cost inefficiencies after they are identified.
a. True
b. False
Q:
In many cases, there will be a tradeoff, reducing cost variances will involve a reduction in project scope or a delay in the project schedule.
a. True
b. False
Q:
If you put off corrective actions until some point in the distant future, the negative cost variance may deteriorate in the project.
a. True
b. False
Q:
The key to effective cost control is to analyze cost performance on a regular and timely basis.
a. True
b. False
Q:
Based on analysis of actual cost it is possible to forecast what the total costs will be at the completion of the project or work package.
a. True
b. False
Q:
When the CPI goes below 1.0 or gradually gets smaller, corrective action should not be taken, the project is performing well.
a. True
b. False
Q:
The percent complete estimate for a work package is subjective and requires an underestimated guess compared to the scope of the work package.
a. True
b. False
Q:
Cumulative actual cost (CAC) should be calculated to compare to the cumulative budgeted cost (CBC).
a. True
b. False
Q:
Committed costs are also known as discharged or postponed costs.
a. True
b. False
Q:
In many projects, large dollar amounts are expended for materials or services (subcontractors, consultants) that are used over a period of time longer than one cost reporting period.
a. True
b. False
Q:
Cost estimates should be unreasonable and excessive.
a. True
b. False
Q:
Historical data can be used as a guide on the current project.
a. True
b. False
Q:
It is good practice to have the person who will be responsible for the costs associated with the work make the cost estimates.
a. True
b. False
Q:
This example has level resources of three resources for eight days. If the project is limited to two resources, how should the project be organized to meet the resource constraint and finish the project as early as possible? The tasks with the least slack have the lower number. a. Paths would be 1,2,3,5 and 1,2,4
b. Paths would be 1,2,3,4 and 1,2,5
c. Paths would be 1,2 and 3,4,5
d. Path would be 1,2,3,4,5
Q:
In resource-limited scheduling, the lower priority activities get delayed. How does the delaying of activities affect the project?a. The delaying of activities increases the costs of the project.b. The delaying of activities decreases the acceptance of the project deliverable.c. The delaying of activities may delay the project.d. The delaying of activities helps give others more time on their tasks because they won't affect the project schedule.
Q:
When several activities need the same limited resource at the same time, the activities witha. the least slack have first priority.b. the longest duration have first priority.c. the near term have first priority.d. use the most resources have first priority.
Q:
Resource-limited scheduling is a method fora. developing a schedule that attempts to minimize the fluctuations in requirements for resources.b. making sure all the resources do the same amount of work.c. making sure every task has the same number of resources.d. developing the shortest schedule when the number or amount of available resources is fixed and cannot be exceeded.
Q:
Which of following would allow for level resources on the project?a. b. c. d.
Q:
Given this project and the requirement that the number of resources working on a task cannot be less than the number assigned to the task, answer the following question.What is the least amount of time that the project can be completed and how many resources are required to complete the work?a. 16 days, 7 workersb. 7 days, 5 workersc. 5 days, 7 workersd. 8 days, 3 workers
Q:
assist with the complexity of generating a resource-leveled schedule and resource requirements graphs and tables.a. Project management information systemsb. Formulas and techniquesc. Trial and error techniquesd. Calendaring systems
Q:
Activities can be delayed only to the point where all their positive slack is used up, as any further delays would cause the project toa. increase costs of all the activities in the project.b. extend beyond the project completion time.c. be completed ahead of schedule.d. increase its requirements for additional resources for all activities.
Q:
The start of noncritical activities are delayed beyond their earliest start times (but not beyond their latest start times) in order toa. schedule with a technical constraint.b. schedule with a resource constraint.c. level the costs of the project.d. maintain a uniform level of required resources.
Q:
Resource leveling, or smoothing, levels the resources so thata. equal number of resources is assigned to each task.b. an equal number of tasks are completed each day by the resources on the project.c. they are applied as uniformly as possible without extending the project schedule beyond the required completion time.d. the costs for the resources are even as possible across the project.
Q:
Resource leveling, or smoothing, is a method fora. developing a schedule that attempts to minimize the fluctuations in requirements for resources.b. making sure all the resources do the same amount of work.c. making sure every task has the same number of resources.d. extending the project to have the least number of resources used per day.
Q:
Given this project and the requirement that the number of resources working on a task cannot be less than the number assigned to the task, answer the following question.If the tasks were placed in a serial relationship with Task 1 first and the others in numerical order, on what day would Task 3 be done?a. day 18b. day 3c. day 10d. day 9
Q:
Given this project and the requirement that the number of resources working on a task cannot be less than the number assigned to the task, answer the following question. What is the least number of resources that can be assigned to the project if all five tasks occur in parallel?a. 24 workersb. 1.5 workers per dayc. 7 workersd. 2 workers
Q:
Resource utilization charts based on each activity's latest start time are said to be baseda. on availability times.b. an as-late-as-possible (ALAP) schedule.c. on an as-soon-as-possible (ASAP) schedule.d. on a limited schedule plan.
Q:
Resource utilization charts based on each activity's earliest start time are said to be baseda. on availability times.b. an as-late-as-possible (ALAP) schedule.c. on an as-soon-as-possible (ASAP) schedule.d. on a limited schedule plan.
Q:
If resources are to be considered in planning, it is necessary toa. when each is taking vacation time or time off.b. know the name of each resource on the project.c. list all the projects to which the resources have been assigned.d. indicate the amounts and types of resources needed to perform each activity.
Q:
A resource requirements plan illustratesa. who is responsible for which activities.b. the amount of labor expenses for the project.c. the expected utilization of resources by time period during the time span of the project.d. the budget for material and cost resources.
Q:
Select which of the following does not describe how the sequence of activities can be drawn to reflect the availability of a limited quantity of resources.a. The activities using the limited resources are shown in a ladder relationship as they are available.b. The activities using the limited resources are shown in a loop relationship as they are available.c. The activities requiring the limited resource are assigned at different times.d. If there is no technical constraint for the activities, the activities could be arranged serially by the availability of the resources.
Q:
In addition to showing the technical constraints among activities, how does the network logic also take into account resource constraints?a. Activities that use the same resource may not be able to occur in parallel to each other.b. Activities that use different resources may be shown in a serial relationship.c. The activities could be shown in a loop relationship.d. Resources that are unlimited are not shown in a resource assignment.
Q:
Why are activities drawn in a serial relationship in a network diagram?a. The activities use different resources.b. The activities are independent of each other.c. From a technical standpoint, the activities must be performed in that sequence.d. The order of completion doesn't matter.
Q:
The statement, "Network diagrams illustrate the technical constraints among activities," means the activities are constrained becausea. each of the activities are independent from the other activities.b. one activity cannot be started until the predecessors are finished.c. the activities use different resources to be completed.d. some activities use the same resources that may not be available.
Q:
Resource-limited scheduling will not extend the project completion time if necessary in order to keep within the resource limits.
a. True
b. False
Q:
With projects for which there is a high degree of uncertainty about the estimated durations for activities, it is possible to use three time estimates:a. an original estimate, a petrified estimate, and a most likely estimate.b. an optimistic estimate, a pessimistic estimate, and a most likely estimate.c. an optimized estimate, a primary estimate, and a most likely estimate.d. an opportunity estimate, a pragmatic estimate, and a most likely estimate.
Q:
Throughout the performance of the project, some activities will take longer than their estimated duration, others will be done in less time than their estimated duration, anda. many will take no time to complete.b. many will not be completed.c. others are to be done by two project teams.d. a few may conform to the estimated duration exactly.
Q:
People sometimes perform to expectations, their effort will expand to fill the whole number of scheduled days allotted,a. even if the number of resources assigned to the task is reduced.b. even if the activity could have been performed in a shorter time.c. even if part of the time for the task is waiting time.d. even if the activity could have been performed in a longer time.
Q:
If an organization or subcontractor has performed similar projects in the past and has kept records of how long specific activities actually took, these historical dataa. can be used as a guide in estimating the durations of similar activities for future projects.b. have no value for the current project.c. should be stored in files.d. should be shared with the customer after the contract is signed to show that the contractor can complete the project.
Q:
Having the person who will be responsible for performing a specific activity estimate the duration for that activity
from that person and that may be introduced by having one person estimate the durations for all of the activities.
a. takes more effort, creates a problem
b. gives the status of the project, sets best practices
c. generates a commitment , avoids any bias
d. elevates the placement perception, creates errors
Q:
The estimated duration for each activity must be the total elapsed time,a. the time for the work to be done plus any associated waiting time.b. the time for the task plus the planning time for the project.c. the time required for the work times the number of resources assigned to the project.d. the time for the task plus the time to review and accept the deliverable.
Q:
When estimating the types and quantities of resources required for each specific activity, it is valuable to involve a person whoa. is hired by the customer to be a consultant regardless of experience on the type of project.b. has expertise or experience with the activity to help make the estimate.c. has experience negotiating contracts.d. has the most experience using a project management information system.
Q:
The estimated types and quantities of resources required for an activity together with the availability of those resources will influence thea. estimated duration for how long it will take to perform the activity.b. project scope document description.c. project's acceptance criteria.d. actual costs of work performed.
Q:
In many cases, especially for smaller projects, most activities involve people resourcesthat is,a. all the people who are employed by the project sponsor.b. all the people who are employed by the project contractor.c. the members of the project team who may be utilized full time or part time during the project.d. the stakeholders for the project.
Q:
When considering the availability of resources, it may be necessary to make some assumptions, such asa. the unemployment rate in the community.b. the ability to hire additional individuals with the appropriate expertise in time for when they will be required to work on a project.c. the number of project deliverables.d. the type of organizational structure of the sponsor.
Q:
It is important to know what types of resources are available, in what quantities, and during what time periods to determinea. that the project team will be larger than necessary to complete the project.b. how to enter resources into a project management information system.c. if the right types of resources will be available in sufficient quantities during the time periods that the project requires.d. that the project will be less expensive than estimated.
Q:
When estimating resources for activities to estimate the activity's duration, thea. availability of each resource has to be taken into account.b. name of each resource has to be taken into account.c. cost of each resource has to be taken into account.d. security clearance of each resource has to be taken into account.
Q:
A change in the estimated duration of any activity on that path will cause a corresponding change in the slack for that path.
a. True
b. False
Q:
The amount of slack should determine the priority with which these concentrated efforts are applied.
a. True
b. False
Q:
An updated project schedule can be generated regularly that forecasts whether the project will finish ahead of or behind its required completion time.
a. True
b. False
Q:
When the customer requests a change, the contractor or project team should estimate the impact on the project schedule and budget and then go ahead with the work without customer approval.
a. True
b. False
Q:
Changes requested early in the project always have less impact on schedule and budget than if they are requested later in the project.
a. True
b. False
Q:
Changes might be initiated by the customer or the project team, or they might be the result of an unanticipated occurrence.
a. True
b. False
Q:
Throughout a project, changes may occur that have an impact on the schedule.
a. True
b. False
Q:
Project management is a proactive approach to controlling a project to ensure that the project objective is accomplished, even when things do not go according to plan.
a. True
b. False
Q:
It is necessary to monitor the progress to ensure that everything is going according to the plan.
a. True
b. False
Q:
Once this baseline plan is agreed upon by the customer and the contractor or project team, the project work can be performed.
a. True
b. False
Q:
The project control process starts with establishing a baseline plan that shows how the project scope will be accomplished on schedule and over budget.
a. True
b. False