Knowledge Checks - Chapter 7

Question 1

The estimate that takes little time to create, but is not very accurate, is known as an __ estimate

Answer 1

top down

Question 2

The rough order of magnitude estimate ranges from __ % to __ %

Answer 2

-50%, 50%

Question 3

The key output of the Estimate Costs process is __ __ __

Answer 3

activity cost estimate

Question 4

A __ __ __ is a detailed analysis on how the cost estimate was derived

Answer 4

basis of estimate

Question 5

The tool that addresses the variance between the funding limit and the planned expenditures for the project is called the __ __ __

Answer 5

funding limit reconciliation

Question 6

The two types of monetary reserves on a project are identified as __ reserve and __ reserve

Answer 6

contingency, management

Question 7

The main output of the Control Costs process is __

Answer 7

budget forecast

Question 8

The cost baseline includes the __ __ whereas the cost (total) budget includes the __ and the __ __

Answer 8

contingency reserve, contingency, management reserves

Question 9

What the work of the project is supposed to have cost by a specific point in the schedule is called the __ __, whereas the total amount that the work should cost for the entire project is called the __ __ __

Answer 9

planned value, budget at completion

Question 10

The formula for CPI = __ / __

Answer 10

EV / AC

Question 11

The formula for SPI = __ / __

Answer 11

EV / PV

Question 12

A new budget forecast is created to address variances in the project and replaces the BAC. This new forecast is called the __ __ __

Answer 12

Estimate to complete (ETC)

Question 13

The amount of money that remains to be spent on a project that is 1/3 complete is called the __ __ __

Answer 13

Estimate to completion

Question 14

The formula for TCPI = __ - __ / __ - __

Answer 14

BAC-EV / BAC-AC

Question 15

The formula for variance at completion (VAC) = __ - __

Answer 15

BAC - EAC