Review 7,8,12 Textbook Quizes Flashcards
Accountants usually define _ as a resource sacrificed or foregone to achieve a specific objective
Cost
What is the main goal of project cost management?
To complete a project within an approved budget
What is an output of estimating costs?
Cost estimates, basis of estimates, project documents updates
If a company loses $5 for every $100 in revenue, what is the profit margin
-5%
_ reserves allow for future situations that are unpredictable
Management
You are preparing a cost estimate for a building based on its location, purpose, number of square feet, and other characteristics. What cost-estimating technique are you using?
Parametric
_ involves allocating the project cost estimate to individual material resources or work items over time
Project cost budgeting
_ is a project performance measurement technique that integrates scope, time, and cost data
Earned value management
If the actual cost for a WBS item is $1500 and its earned value is $2000, what is its cost variance, and is it under/over budget?
The cost variance is $500, which is under budget
If a project is halfway completed, its schedule performance index is 110%, and its cost performance index is 95%, how is it progressing?
It is ahead of schedule and over budget
_ is the degree to which a set of inherent characteristics fulfills requirements
Quality
What is the purpose of project quality management?
To ensure that the project will satisfy the needs for which it was undertaken
_ generates ideas for quality improvements by comparing specific project practices or product characteristics to those of other projects or products within or outside the performing organization
Benchmarking
What does the term kaizen mean?
Improvement
What tool can you use to determine whether a process is in control or out of control?
A control chart
Six Sigma’s target for perfection is the achievement of no more than _ defects, errors, or mistakes per million opportunities
3.4
The seven run rule states that if seven data points in a row on a control chart are all below the mean, above the mean, or all increasing or decreasing, then the process needs to be examined for _ problems
Nonrandom
What is the preferred order for performing testing on IT projects?
Unit, integration, system, user acceptance
_ is known for his work on quality control in Japan, and he developed the 14 points for Management in his text Out of the Crisis
Deming
PMI’s OPM3® is an example of a _ model or framework for helping organizations improve their process and systems
Maturity
What is the largest spending category for global outsourcing of IT services?
Devices
Your organization hired a specialist in a certain field to provide training for a short period of time. Which reason for outsourcing would this example fall under?
Accessing skills and technologies
In which project procurement management process is an RFP often written?
Planning procurement management
An item you need for a project has a daily lease cost of $200. If you decide to purchase the item, the investment cost is $6000 and the daily cost is $100. After how many days will the lease cost be the same as the purchase cost?
60
Which type of contract has the least amount of risk for the buyer?
Fixed-price
The _ is the point at which the contractor assumes total responsibility for each additional dollar of contract cost
Point of total assumption
If your college or university wanted to get information from potential sellers for providing a new sports stadium, what type of document would be required of the potential sellers?
Proposal
Buyers often prepare a _ list when selecting a seller to make the process more manageable
Short
A proposal evaluation sheet is an example of a(n) _
Weighted scoring model
_ is a term used to describe various procurement functions that are now done electronically
E-procurement
