Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

All task time estimates need consistent time units.

Accepted Answer

A) True 
 B)False

Question 3

Identify the drawbacks to an excessive detail in estimating project times and costs.

Accepted Answer

If the estimate reflects excessive detai...

Question 4

Describe phase estimating. When should it be used and how is it different from all other top-down and bottom-up methods of estimating?

Accepted Answer

This approach starts with a top-down est...

Question 5

Top-down estimates usually are derived from someone who uses experience and / or information to determine the project duration and total cost.

Accepted Answer

A) True 
 B)False

Question 6

Estimating can be challenged by

Accepted Answer

A)   human nature.
B)   political dynamics.
C)   difficulty in predicting the future.
D)   size of the project.
E)   All of these alternatives are correct.F) A) and B)
G) A) and C)

Question 7

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

Accepted Answer

A)   Padding estimates
B)   Planning horizon
C)   Project structure
D)   People
E)   Organization cultureF) All of the above
G) B) and E)

Question 8

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 come 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) B) and C)
G) A) and E)

Question 9

The consensus method of estimating costs is a bottom-up technique.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is a good condition for top-down estimating?

Accepted Answer

A)   Cost and time important
B)   Fixed price contract
C)   Customer wants details
D)   Internal, small project
E)   Large scale project involving several subcontractorsF) A) and E)
G) None of the above

Question 11

Work package estimates should include allowances for contingencies.

Accepted Answer

A) True 
 B)False

Question 12

Companies are using which of the following for improving the estimating process for future projects?

Accepted Answer

A)   Adjusting estimates based on individual forecasting abilities
B)   Benchmarking and using the experience of other companies
C)   Using time and motion studies
D)   Creating historical databases of previous projects
E)   Establishing an estimating training course for all employeesF) A) and E)
G) D) and E)

Question 13

When work package estimates are made by individuals most knowledgeable about the work being performed and these estimates are then "rolled up" to find estimated costs for major deliverables and the project itself, ____________ estimating is being used.

Accepted Answer

A)   top-down
B)   analogous
C)   bottom-up
D)   reference class
E)   professional estimationF) A) and D)
G) None of the above

Question 14

Identify and briefly describe three out of the six factors that should be considered to improve the quality of estimates for project times and costs.

Accepted Answer

Organizati...

Question 15

Which of the following would best represent direct project costs?

Accepted Answer

A)   Only labor
B)   Only materials
C)   Only equipment
D)   Both labor and materials
E)   Labor, materials and equipmentF) A) and B)
G) All of the above

Question 16

Large projects that have long time horizons and a very high complexity can be referred to as

Accepted Answer

A)   mega projects.
B)   high risk.
C)   white elephants.
D)   mega projects or white elephants.
E)   None of these alternatives is correct.F) B) and E)
G) A) and D)

Question 17

Refining estimates may be necessary for a number of reasons. For example, people working on prototype development needing time to interact with the design engineers after the design is completed is a good example of

Accepted Answer

A)   hidden interaction costs.
B)   things going wrong on a project.
C)   normal conditions not applying.
D)   changes in project scope.
E)   the customer not being clear about their expectations.F) C) and E)
G) D) and E)

Question 18

List and briefly describe four reasons why estimating time and cost are important to project management.

Accepted Answer

Estimating time and cost are important t...

Question 19

Refining Estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project and meet the needs of the customer is an example of

Accepted Answer

A)   hidden interaction costs.
B)   things going wrong on a project.
C)   normal conditions not applying.
D)   changes in project scope.
E)   there is never a good reason to refine estimates.F) A) and D)
G) A) and C)

Question 20

Repetition of a task generally results in a reduction of labor hours each successive time a worker performs that task.

Accepted Answer

A)   budgeting.
B)   predicting.
C)   estimating.
D)   planning.
E)   guesstimating.F) A) and C)
G) B) and C)

Exam 5: Estimating Project Times and Costs

Refining estimates may be necessary for a number of reasons. For example, people working on prototype development needing time to interact with the design engineers after the design is completed is a good example of

Correct Answer
verified

Describe phase estimating. When should it be used and how is it different from all other top-down and bottom-up methods of estimating?

Correct Answer
verified
This approach starts with a top-down est...
View Answer

The consensus method of estimating costs is a bottom-up technique.

Correct Answer
verified

All task time estimates need consistent time units.

Correct Answer
verified

When work package estimates are made by individuals most knowledgeable about the work being performed and these estimates are then "rolled up" to find estimated costs for major deliverables and the project itself, ____________ estimating is being used.

Correct Answer
verified

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

Correct Answer
verified

Identify and briefly describe three out of the six factors that should be considered to improve the quality of estimates for project times and costs.

Correct Answer
verified
Organizati...
View Answer

Identify the drawbacks to an excessive detail in estimating project times and costs.

Correct Answer
verified
If the estimate reflects excessive detai...
View Answer

Work package estimates should include allowances for contingencies.

Correct Answer
verified

Which of the following is a good condition for top-down estimating?

Correct Answer
verified

Estimating can be challenged by

Correct Answer
verified

Large projects that have long time horizons and a very high complexity can be referred to as

Correct Answer
verified

Which of the following would best represent direct project costs?

Correct Answer
verified

List and briefly describe four reasons why estimating time and cost are important to project management.

Correct Answer
verified
Estimating time and cost are important t...
View Answer

Top-down estimates usually are derived from someone who uses experience and / or information to determine the project duration and total cost.

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Refining Estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project and meet the needs of the customer is an example of

Correct Answer
verified

Repetition of a task generally results in a reduction of labor hours each successive time a worker performs that task.

Correct Answer
verified

Companies are using which of the following for improving the estimating process for future projects?

Correct Answer
verified

Exam 5: Estimating Project Times and Costs

Refining estimates may be necessary for a number of reasons. For example, people working on prototype development needing time to interact with the design engineers after the design is completed is a good example of

Correct AnswerverifiedShow Answer

Describe phase estimating. When should it be used and how is it different from all other top-down and bottom-up methods of estimating?

Correct AnswerverifiedThis approach starts with a top-down est...View AnswerShow Answer

The consensus method of estimating costs is a bottom-up technique.

Correct AnswerverifiedShow Answer

All task time estimates need consistent time units.

Correct AnswerverifiedShow Answer

When work package estimates are made by individuals most knowledgeable about the work being performed and these estimates are then "rolled up" to find estimated costs for major deliverables and the project itself, ____________ estimating is being used.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Identify and briefly describe three out of the six factors that should be considered to improve the quality of estimates for project times and costs.

Correct AnswerverifiedOrganizati...View AnswerShow Answer

Identify the drawbacks to an excessive detail in estimating project times and costs.

Correct AnswerverifiedIf the estimate reflects excessive detai...View AnswerShow Answer

Work package estimates should include allowances for contingencies.

Correct AnswerverifiedShow Answer

Which of the following is a good condition for top-down estimating?

Correct AnswerverifiedShow Answer

Estimating can be challenged by

Correct AnswerverifiedShow Answer

Large projects that have long time horizons and a very high complexity can be referred to as

Correct AnswerverifiedShow Answer

Which of the following would best represent direct project costs?

Correct AnswerverifiedShow Answer

List and briefly describe four reasons why estimating time and cost are important to project management.

Correct AnswerverifiedEstimating time and cost are important t...View AnswerShow Answer

Top-down estimates usually are derived from someone who uses experience and / or information to determine the project duration and total cost.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Refining Estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project and meet the needs of the customer is an example of

Correct AnswerverifiedShow Answer

Repetition of a task generally results in a reduction of labor hours each successive time a worker performs that task.

Correct AnswerverifiedShow Answer

Companies are using which of the following for improving the estimating process for future projects?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
This approach starts with a top-down est...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Organizati...
View Answer

Correct Answer
verified
If the estimate reflects excessive detai...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Estimating time and cost are important t...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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