Reference no: EM131465203
1. A good starting point for developing time and cost estimates is:
A. past experience
B. work packages
C. time and motion studies
D. a Work Breakdown Structure
2. Which of the following is a reason to estimate?
A. To support good decisions
B. To determine whether the project is worth doing
C. To determine how long the project should take and its overall cost
D. All the given answers are correct.
3. John 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 recognising?
A. Padding estimates
B. Planning horizon
C. Project structure
D. People
4. 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 per cent, 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
5. 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
6. Which of the following is a good condition for bottom-up estimating?
A. Internal, small project
B. Fixed price contract
C. High uncertainty
D. Both B and C are good conditions for bottom-up estimating
7. Which of the following methods is not considered a top-down approach to estimating project time and cost?
A. Ratio
B. Template
C. Apportion
D. Learning curve
8. Fred is forecasting project time and cost for constructing a new building by multiplying the total square footage by a given dollar amount. Which of the following methods is he using?
A. Parametric
B. 3-point (PERT)
C. Learning curves
D. Analogous
9. Sean is forecasting the time and cost of developing a customised software program by looking at the number of inputs, outputs, inquiries, files and interfaces. Which of the following methods is he using?
A. Parametric
B. 3-point (PERT)
C. Function point
D. Analogous
10. Laura is forecasting the time and cost of developing an intranet for a new customer. Her department has completed six such intranets for customers during the last two years. Although the proposed system is about the same size as the others she estimates that it will take about 10 per cent less time and money. Which of the following methods is she using?
A. Parametric
B. Learning curves
C. Function point
D. Analogous
11. Which of the following would be the best method for projects where the final product is not known and there is a lot of uncertainty?
A. Function point
B. Template
C. Learning curve
D. Phase estimating
12. What elements of a work package are estimated?
A. Time (duration)
B. Cost
C. Resources (labour and other)
D. All the given answers are correct.
13. Which of the following would be considered a direct project cost?
A. Labour
B. Materials
C. Equipment
D. All the given answers are correct.
14. Resource shortages, in the form of people, equipment or materials, is a good example of:
A. hidden interaction costs
B. things going wrong on a project
C. normal conditions not applying
D. changes in project scope
15. A manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project is an example of:
A. hidden interaction costs
B. things going wrong on a project
C. normal conditions not applying
D. changes in project scope
16. Design flaws being revealed after the fact, extreme weather conditions and accidents occurring are all examples of:
A. hidden interaction costs
B. things going wrong on a project
C. normal conditions not applying
D. changes in project scope
17. Project estimates should be broken down into as much detail with as much accuracy as possible.
True False
18. The use of past experience is almost always used primarily in the initial phases of a project.
True False
19. The project structure chosen to manage the project will have little impact on the actual project work to be accomplished.
True False
20. As long as everyone in a project adds just a little padding to reduce risk, the project duration and costs are probably overstated by only a small amount.
True False
21. Organisation culture can significantly influence project time and cost estimates.
True False
22. Identify and briefly describe the three major approaches to estimating project time, costs and resources.
23. Why are the estimates for a project's time and costs important for all phases of a project?
24. Identify the factors that should be considered to improve the quality of estimates for project times and costs.
25. Identify the three major categories of project costs and give an example of each.
26. ‘The best way to improve estimates is to collect and archive data on past project estimates and actuals.' Agree or disagree and support your answer.
27. Describe the ideal approach for a project manager to develop optimal estimates for a project's time and costs.