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PMS > Estimating activities > Flashcards

Estimating activities Flashcards

1
Q

Estimates are prepared for :
Time
Cost
Manpower
Material cost
Travel cost
Equipment – capital / rental
Other administrative cost

A

true

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2
Q

estimates are not prepared for travel cost

A

false

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3
Q

predictions are not based on assumptions

A

false

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4
Q

predictions are linked to probabilities

A

true

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5
Q

predictions have no risk

A

false

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6
Q

predictions are related to confidence

A

true

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7
Q

Estimates are predictions for following
parameters:
time
resources
supply

A

false
time
resources
cost

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8
Q

Estimates are predictions for following
parameters:
Time – accomplishment of work in terms of hours, days, weeks, months and years
Resources – units of labour, equipment or supplies
Cost – how each work package will cost and total cost of the project

A

true

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9
Q

selected work packages are estimated

A

false
each work package is estimated

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10
Q

estimation is supplied to a schedule

A

true

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11
Q

Each work package are estimated
They are applied to the schedule
This process is called resource allocation or resource distribution

A

true

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12
Q

it is important to create a budget driven plan and not a plan driven budget

A

false
§it is important to create a plan driven budget and not a budget driven plan

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13
Q

In case of imbalance, iteration is applied which is called resource smoothing

A

true

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14
Q

wbs is not the foundation for estimation

A

false

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15
Q

Using WBS in estimation Functional decomposition – gets progressively larger

A

false
Functional decomposition – gets progressively smaller

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16
Q

Using WBS for estimation Functional decomposition – gets progressively smaller

A

true

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17
Q

In case of imbalance, iteration is applied which is called resource allocation or resource distribution

A

False
In case of imbalance, iteration is applied which is called resource smoothing

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18
Q

it is important to create a plan driven budget and not a budget driven plan

A

true

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19
Q

For each activity, develop a statement of work
Technical specification
End product
Performance of the product
Quality
Reliability
Survivability
Operability
maintainability

A

true

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20
Q

Project assumptions, Constraints and exclusions include
Basis for assumptions
Identification of constraints
Quality

A

false
oProject assumptions, Constraints and exclusions

-Basis for assumptions

-Identification of constraints

-Exclusions well defined

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21
Q

For each activity, develop a statement of work
Compliance standards include :

Government
Institutional
International
Organizational
Quality linked
Customer linked

A

true

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22
Q

steps in estimating activities are
1.For each activity, develop a statement of work
2. Functional group to document
3. Review the estimate for all activities of project and clear discrepancies

A

true

23
Q

In steps for estimating activities Functional group to document include :
How estimation is made
Identification of constraints
Assumption consider
Validity of estimation

A

false
2.Functional group to document

oHow estimation is made

oAssumption consider

Validity of estimation

24
Q

These are the estimating methods Analogous (historical) Approach
Parametric modeling
Bottom of estimate
Simulation

A

true

25
Q

Survivability is a estimating method

A

false
what even

26
Q

analogous approach uses mathematical parameter

A

false
parametric modeling uses that

27
Q

Analogous approach uses the actual cost and duration of similar project in past

A

true

28
Q

bottom up estimation is the historical approach

A

false
analogous is

29
Q

in analogous approach Project data is retrieve from past project in terms of
actual time
cost
labour used

A

true

30
Q

simulation method is also called top down estimate

A

false
analogous

31
Q

parametric modeling uses mathematical parameter

A

true

32
Q

parametric modeling has industry standard

A

true

33
Q

analogous approach is cost and duration of individual work packages

A

false
bottom up

34
Q

analogous approach is called top down estimate

A

true

35
Q

E.g. construction industry – per sq.ft. cost
above is example of bottom up estimate

A

false
parametric

36
Q

in bottom up estimate Cost taken from top row of activities from – WBS

A

false
Cost taken from bottom row of activities from – WBS

37
Q

in bottom up estimation More accurate form of estimate – higher cost

A

true

38
Q

in bottom up estimate Cost taken from bottom row of activities from – WBS

A

true

39
Q

simulation is mathematical based

A

false
computer based

40
Q

simulation Calculates multiple cost or durations

A

true

41
Q

simulation is computer based

A

true

42
Q

Most common method – Monte Carlo method

A

true

43
Q

simulation is Useful for large or complex project

A

true

44
Q

Most common method – Marco polo method

A

false
lmao this was so funny
monte carlo

45
Q

in ownership of the estimate, Estimate dictated to functional group/department generates little or no loyalty

A

true

46
Q

Ownership of the Estimate
Stakeholders – answerable and unaccountable

A

false
§Ownership of the Estimate

Stakeholders – answerable and accountable

47
Q

§Ownership of the Estimate

Stakeholders – answerable and accountable

A

true

48
Q

politicize estimates in an attempt to make supervisors, customers, or clients happy

A

false
do not

49
Q

Negotiate budgets first and requirements second

A

Negotiate requirements first and budgets second

50
Q

When considering eight hour shift, do not pay
attention to :
Missed productivity from vacations, sick leave, holidays, meetings, and training

A

false
pay attention

51
Q

Formula for Estimation
Estimated time = [optimistic + (4 × most likely) + pessimistic]/5

A

False
Estimated time = [optimistic + (4 × most likely) + pessimistic]/6

52
Q

Contingency to build into project and budget
Conceptual phase: + 50 percent
Preliminary engineering phase: + 25 percent
Detailed engineering phase: + 10 percent
Construction phase: + 5–7 percent

A

true

53
Q

improving estimation over time is based on current experience and project progress

A

true

PMS (4 decks)

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