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Which of the following is the BEST rationale a project manager can use to convince management to allow the project manager to prepare the project estimate?
Option 1: Such estimating provides a basis for monitoring and control
Option 2: Such estimating gives the project manager an understanding of management's expectations
Option 3: Such estimating will include hidden costs
Option 4: A project estimate does not require the identification of tasks.
Option 5:
All of the following are tools for cost budgeting EXCEPT?
Option 1: Earned value management
Option 2: Bottom-up estimating
Option 3: Analogous estimating
Option 4: Parametric estimating
Option 5:
You are in the middle of project execution and find that you are running out of money due to unanticipated changes. What is the BEST thing to do?
Option 1: Crash or fast track the project
Option 2: Re-evaluate the risk analysis and contingency funding
Option 3: Ask for a change to the project budget
Option 4: Use resources that do not charge against the project
Option 5:
Wipro has established a reward and recognition system for its PMPs. Project cost performance is used as a criterion to determine rewards. What should you do to ensure that rewards reflect actual performance?
Option 1: Consider over time work as part of the job
Option 2: Prepare a cost baseline
Option 3: Use EVM to monitor performance
Option 4: Estimate and budget controllable and uncontrollable costs separately
Option 5:
Cost budgeting involves allocating the overall cost estimates to individual activities or work packages. In an ideal situation, a PM would prefer to prepare estimates ----------------------
Option 1: Before the budget request
Option 2: After the budget is approved
Option 3: Using a parametric model
Option 4: Using a bottom-up method
Option 5:
What theory proposes that efforts will lead to effective performance and will be rewarded for accomplishments?
Option 1: Conditional reinforcement
Option 2: Maslow's hierarchy
Option 3: McGregor's
Option 4: Expectancy
Option 5:
A new employee of the company is assigned to work on a project that is in the early planning phase. She has to decide today if she will accept assignment to the project or if she wants to be assigned to a different project. However, the project manager is not at work and is not reachable. Where can the team member look to help her determine the work she is given on the project?
Option 1: Activity definitions
Option 2: Project plan
Option 3: Job descriptions
Option 4: Responsibility assignment matrix
Option 5:
A project manager needs to analyze the project costs to find ways to decrease costs, It would be BEST if the project manager looks at:
Option 1: variable costs and fixed costs.
Option 2: fixed costs and indirect costs.
Option 3: direct costs and variable costs.
Option 4: indirect costs and direct costs.
Option 5:
A project manager is working with management to create the project estimate,During the initiation phase, what level of accuracy should the estimate have?
Option 1: -25% to +75%
Option 2: -10% to +25%
Option 3: -35% to + 75%
Option 4: -10% to +10%
Option 5:
A cost baseline is a product of:
Option 1: resource planning.
Option 2: cost estimating.
Option 3: cost budgeting.
Option 4: cost control.
Option 5:
Although the stakeholders thought there was enough budget, halfway through the project the CPI is .7, To determine the root cause, several stakeholders audit the project and discover tasks were estimated analogously.Although the task estimates add up to the project estimate, the stakeholders think something was missing in how the estimate was completed. Which of the following BEST describes what was missing?
Option 1: Estimated costs should be used to measure CPI
Option 2: SPI should be used, not CPI
Option 3: Bottom up estimating should have been used
Option 4: Past history was not taken into account
Option 5:
You are evaluating a change to the project and trying to decide whether to lease or buy an item for the project. The daily lease cost is $240. The cost of purchasing the item is $6,800 for the investment cost and $70 for the daily cost. How long will it take the lease cost to equal the purchase cost?
Option 1: 30 days
Option 2: 40 days
Option 3: 50 days
Option 4: 60 days
Option 5:
Which type of cost is team training?
Option 1: Direct
Option 2: NPV
Option 3: Indirect
Option 4: Variable
Option 5:
What does estimate at complete mean?
Option 1: Each anticipated cost for project
Option 2: Estimated average cost at project completion
Option 3: Anticipated total cost at project completion
Option 4: Anticipated expenses at project completion
Option 5:
You have a choice of four ongoing projects that you can take over as project manager. Project 1 has a BCR of 1.4, is a high priority project and has a critical path length of 16 months. Its CPI is 1.2. Project 2 has an SPI of 1.1, is using three critical resources, has a low priority and has a BCR of 1.1. Project 3 has a CPI of 1.2, and SPI of .893, a BCR of 1.6 and a critical path length of 19 months. Project 4 has a CPI of .82, a task with 33 days of float, a resource that is hard to get assigned to task L and a priority of keeping cost low. Based on the above, which project would you prefer to take over?
Option 1: Project 1
Option 2: Project 2
Option 3: Project 3
Option 4: Project 4
Option 5:
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