Cost

Question 1

What is ROM - Rough Order of Magnitude Calculation

Answer 1

a general estimate of a project’s level of effort and cost

– 25 percent to + 75 percent.

Question 2

What is the PERT Estimate Calc?

Answer 2

0+4(m)+P then divide by 6

Question 3

Analogous Estimating

Answer 3

Using previous projects to estimate this one

Question 4

Bottom Up Estimating

Answer 4

examining the work at the most granular level of detail, compiling all this information, and then coming up with an overall budget and timeline for a project that can be delegated to team members.

Question 5

Difference between Parametric and Analogous Estimating

Answer 5

Analogous estimating is basically comparing one project to another and is used when there is limited information available.

Parametric estimating is based on unit rates per activity. It is much more accurate when there is data available

Question 6

T/F The cost management plan include procedures to account for Fluctuation in currency exchange

Answer 6

True

Question 7

What is the three point estimate calculation method

Answer 7

(P + M + 0) / 3

Question 8

Earned Value

Answer 8

amount of work that we have actually done/completed at this point in time is the Earned Value

Question 9

Planned Value

Answer 9

The amount of work that we should have done

Question 10

T/F Cost Base line is a results of Determine Budget

Answer 10

True

Question 11

What is EEF

Answer 11

Enterprise Environmental Factor - represents a factor that the project team has very little control over

Question 12

What category will recall costs fall under?

Answer 12

Cost of quality

Question 13

If you are looking at reserves for costs incurred for risks outside of the risk register, where would those come from?

Answer 13

Management reserves, and they are not included in the cost baseline

Question 14

If the question asks for ‘input’ what does this refer to?

Answer 14

An artifact, or document

Question 15

What is estimate to complete?

Answer 15

ETC is how much money/time we need to complete the remaining work of the project.

Question 16

How do you calculate CPI?

Answer 16

CPI = (percentage towards the project completion X Budget at completion)/ How much you have spent

Question 17

Which estimate is used when quickly getting a response?

Answer 17

Parametric

Question 18

Cost baseline is an output of what?

Answer 18

Determine Budget

Question 19

How do you calculate Earned Value?

Answer 19

percent towards completion x Budget at Completion

Question 20

What are two likely baseline inputs to Cost Control

Answer 20

Performance Measurement Baseline and Cost Baseline

Question 21

The Cost Management Plan will include what?

Answer 21

instructions on how the team should be reporting out on performance measurement on activities

Question 22

If you are estimating in a predictive lifecycle approach, what tecnique are you using?

Answer 22

Analogous