Question 1

Estimating the total cost of a project by multiplying each major function by a complexity factor is an example of the apportion method of estimating costs.

Accepted Answer

A) True 
 B)False  False

Question 2

A good starting point for developing time and cost estimates is

Accepted Answer

A)  Past experience.
B)  Work packages.
C)  Task analysis.
D)  Time and motion studies.
E)  Work breakdown structure.F) D) and E)
G) A) and B) A

Question 3

Which of the following describes the consensus method?

Accepted Answer

A)  Should be used only for projects that require the same task, group of tasks, or product to be repeated several times
B)  Uses several people with relevant experience regarding the task at hand to make time and cost estimates
C)  Uses pooled experience of senior and/or middle managers to estimate the total project duration and cost
D)  Uses the number of square feet to estimate the total cost and time of the project
E)  Uses weighted macro variables or major parameters such as the number of inputs or outputs to estimate the total cost and time of the projectF) B) and D)
G) A) and E)

Question 4

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 comes 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.F) A) and D)
G) A) and C)

Question 5

When someone uses experience and/or information from others to determine the project duration and total cost, ____________ estimating is being used.

Accepted Answer

top-down
Explanation: Top-down...

Question 6

Identify the three major categories of project costs and give an example of each.

Accepted Answer

(1)Direct costs (labor, materials, equip...

Question 7

Which of the following is a good condition for bottom-up estimating?

Accepted Answer

A)  When the project involves strategic decision making
B)  When the project is internal and small
C)  When there is a fixed price contract
D)  When there is high uncertainty involved in the project
E)  When there is an unstable scopeF) B) and D)
G) A) and B)

Question 8

The project management structure chosen to manage the project will have little impact on the quality of estimates.

Accepted Answer

A) True 
 B)False

Question 9

If a project is internal to the company and relatively small, the bottom-up approach to estimating time and costs for the project is the best choice.

Accepted Answer

A) True 
 B)False

Question 10

Estimates should be made based on ___________ conditions, efficient methods, and a normal level of resources.

Accepted Answer

normal
Explanation: Estimates ...

Question 11

Identify and briefly describe the two major classifications of estimating project time and costs.

Accepted Answer

(1)Top-down estimates are made for the p...

Question 12

Which of the following is NOT one of the recommended guidelines for developing useful work package estimates?

Accepted Answer

A)  Estimates should be made by those responsible for the work.
B)  Use several people to estimate the same work.
C)  Estimates should be based on normal conditions.
D)  Estimates should include a normal level of contingency.
E)  Estimates should be independent of other projects.F) C) and E)
G) D) and E)

Question 13

The approach to estimating project time and cost that begins with an overall estimate for the project and then refines estimates for various stages of the project as it is implemented is known as ____________.

Accepted Answer

phase estimating
Explanation: This appro...

Question 14

Which of the following is NOT one of the bottom-up approaches to estimating project time and cost?

Accepted Answer

A)  Parametric procedures applied to specific tasks
B)  Estimates for the WBS work packages
C)  Learning curve
D)  Template method
E)  Range estimatesF) C) and D)
G) C) and E)

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

The top-down method of estimating when the pooled experience of senior and/or middle managers are used to estimate the total project duration and cost is the _________ method.

Accepted Answer

consensus
Explanation: The consensus met...

Question 17

Costs that are not directly related to a specific project, such as advertising, accounting, and senior management's salary, are classified as _____________ costs.

Accepted Answer

general and administrative overhead
Explanation: General and administrative costs represent organization costs that are not directly linked to a specific project.These costs are carried for the duration of the project.

Question 18

Rose is working on estimates for a project that is very similar to a previous project, in that it has many of the same features and those features have similar costs.Each feature or deliverable will represent the same percentage of the total cost as it did for the previous project.Rose is using the _________ method of top-down estimating.

Accepted Answer

apportion
Explanation: This method is an...

Question 19

Accounting would be an example of which of the following costs typically found in a project?

Accepted Answer

A)  Labor
B)  Direct
C)  Direct project overhead
D)  General and administrative overhead
E)  SalaryF) C) and E)
G) A) and B)

Question 20

Work package estimates should include allowances for contingencies.

Accepted Answer

A) True 
 B)False

Exam 5: Estimating Project Times and Costs

Estimating the total cost of a project by multiplying each major function by a complexity factor is an example of the apportion method of estimating costs.

Correct Answer
verified
False

A good starting point for developing time and cost estimates is

Correct Answer
verified
A

Which of the following describes the consensus method?

Correct Answer
verified

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

Correct Answer
verified

When someone uses experience and/or information from others to determine the project duration and total cost, ____________ estimating is being used.

Correct Answer
verified
top-down
Explanation: Top-down...
View Answer

Identify the three major categories of project costs and give an example of each.

Correct Answer
verified
(1)Direct costs (labor, materials, equip...
View Answer

Which of the following is a good condition for bottom-up estimating?

Correct Answer
verified

The project management structure chosen to manage the project will have little impact on the quality of estimates.

Correct Answer
verified

If a project is internal to the company and relatively small, the bottom-up approach to estimating time and costs for the project is the best choice.

Correct Answer
verified

Estimates should be made based on ___________ conditions, efficient methods, and a normal level of resources.

Correct Answer
verified
normal
Explanation: Estimates ...
View Answer

Identify and briefly describe the two major classifications of estimating project time and costs.

Correct Answer
verified
(1)Top-down estimates are made for the p...
View Answer

Which of the following is NOT one of the recommended guidelines for developing useful work package estimates?

Correct Answer
verified

The approach to estimating project time and cost that begins with an overall estimate for the project and then refines estimates for various stages of the project as it is implemented is known as ____________.

Correct Answer
verified
phase estimating
Explanation: This appro...
View Answer

Which of the following is NOT one of the bottom-up approaches to estimating project time and cost?

Correct Answer
verified

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

Correct Answer
verified

The top-down method of estimating when the pooled experience of senior and/or middle managers are used to estimate the total project duration and cost is the _________ method.

Correct Answer
verified
consensus
Explanation: The consensus met...
View Answer

Costs that are not directly related to a specific project, such as advertising, accounting, and senior management's salary, are classified as _____________ costs.

Correct Answer
verified
general and administrative overhead Explanation: General and administrative costs represent organization costs that are not directly linked to a specific project.These costs are carried for the duration of the project.

Correct Answer
verified
apportion
Explanation: This method is an...
View Answer

Accounting would be an example of which of the following costs typically found in a project?

Correct Answer
verified

Work package estimates should include allowances for contingencies.

Correct Answer
verified

Exam 5: Estimating Project Times and Costs

Estimating the total cost of a project by multiplying each major function by a complexity factor is an example of the apportion method of estimating costs.

Correct AnswerverifiedFalse

A good starting point for developing time and cost estimates is

Correct AnswerverifiedA

Which of the following describes the consensus method?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

When someone uses experience and/or information from others to determine the project duration and total cost, ____________ estimating is being used.

Correct Answerverifiedtop-downExplanation: Top-down...View AnswerShow Answer

Identify the three major categories of project costs and give an example of each.

Correct Answerverified(1)Direct costs (labor, materials, equip...View AnswerShow Answer

Which of the following is a good condition for bottom-up estimating?

Correct AnswerverifiedShow Answer

The project management structure chosen to manage the project will have little impact on the quality of estimates.

Correct AnswerverifiedShow Answer

If a project is internal to the company and relatively small, the bottom-up approach to estimating time and costs for the project is the best choice.

Correct AnswerverifiedShow Answer

Estimates should be made based on ___________ conditions, efficient methods, and a normal level of resources.

Correct AnswerverifiednormalExplanation: Estimates ...View AnswerShow Answer

Identify and briefly describe the two major classifications of estimating project time and costs.

Correct Answerverified(1)Top-down estimates are made for the p...View AnswerShow Answer

Which of the following is NOT one of the recommended guidelines for developing useful work package estimates?

Correct AnswerverifiedShow Answer

The approach to estimating project time and cost that begins with an overall estimate for the project and then refines estimates for various stages of the project as it is implemented is known as ____________.

Correct Answerverifiedphase estimatingExplanation: This appro...View AnswerShow Answer

Which of the following is NOT one of the bottom-up approaches to estimating project time and cost?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The top-down method of estimating when the pooled experience of senior and/or middle managers are used to estimate the total project duration and cost is the _________ method.

Correct AnswerverifiedconsensusExplanation: The consensus met...View AnswerShow Answer

Costs that are not directly related to a specific project, such as advertising, accounting, and senior management's salary, are classified as _____________ costs.

Correct Answerverifiedgeneral and administrative overhead Explanation: General and administrative costs represent organization costs that are not directly linked to a specific project.These costs are carried for the duration of the project.

Correct AnswerverifiedapportionExplanation: This method is an...View AnswerShow Answer

Accounting would be an example of which of the following costs typically found in a project?

Correct AnswerverifiedShow Answer

Work package estimates should include allowances for contingencies.

Correct AnswerverifiedShow Answer

Correct Answer
verified
False

Correct Answer
verified
A

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
top-down
Explanation: Top-down...
View Answer

Correct Answer
verified
(1)Direct costs (labor, materials, equip...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
normal
Explanation: Estimates ...
View Answer

Correct Answer
verified
(1)Top-down estimates are made for the p...
View Answer

Correct Answer
verified

Correct Answer
verified
phase estimating
Explanation: This appro...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
consensus
Explanation: The consensus met...
View Answer

Correct Answer
verified
general and administrative overhead Explanation: General and administrative costs represent organization costs that are not directly linked to a specific project.These costs are carried for the duration of the project.

Correct Answer
verified
apportion
Explanation: This method is an...
View Answer

Correct Answer
verified

Correct Answer
verified