1 The process of forecasting or approximating the time and cost of completing project deliverables is called A) Budgeting B) Predicting C) Estimating D) Planning E) Guesstimating2 What is the...

1 The process of forecasting or approximating the time and cost of completing project deliverables is called A) Budgeting B) Predicting C) Estimating D) Planning E) Guesstimating2 What is the relationship between organizational culture and estimating? A) There is no relationship B) Cultural norms affect the accuracy of estimates C) Culture determines whether estimates are made D) Estimating alters cultural norms E) Estimating and culture are independent3 A good starting point for developing time and cost estimates is A) Past experience B) Work packages C) Task analysis D) Time and motion studies E) Work breakdown structure4 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 percent, 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 E) Organization culture5 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 E) Large scale project involving several sub-contractors6 Which if the following does NOT help describe a bottom-up estimating approach? 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 establish low-cost, efficient methods for completing activities 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.7 Sean is forecasting the time and cost of developing a customized software program by looking at the number of inputs, outputs, inquires, files, and interfaces. Which of the following methods is he using? A) Ratio B) Template C) Apportion D) Function point E) Learning curve8 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 percent less time and money. Which of the following methods is she using? A) Ratio B) Template C) Apportion D) Function point E) Learning curve9 Which of the following describes the consensus method? A) Only should be used for projects that require the same task, group of tasks, or product 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 project10 Rob is responsible for estimating a work package that has a significant amount of uncertainty associated with the time and cost to complete. Due to the uncertainty involved he will be making a low, an average and a high estimate. Rob is using which estimating approach? A) Parametric procedures applied to specific tasks B) Template method C) Apportion method D) Range estimating E) Learning curve11 The salary of the project manager would be an example of what type of cost found in a project? A) Labor B) Direct C) Direct project overhead D) General and administrative overhead E) Salary12 Which of the following would best represent direct project costs? A) Only labor B) Only materials C) Only equipment D) Both labor and materials E) Labor, materials and equipment13 Companies are using which of the following for improving the estimating process for future projects? 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 employees14 Reasons why estimating time and cost are important include all of the following EXCEPT A) To schedule work B) To determine how long the project should take and cost C) To develop cash flow needs D) To determine how well the project is progressing E) To help establish a project selection process15 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: 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