RM NumbersGame

Question 1

What is parametric estimating?

Answer 1

Using mathematical relationships found in historical information to create estimates (e.g., dollars per foot)

Question 2

What is the range of accuracy with a definitive estimate?

Answer 2

+/-10 percent

Question 3

A critical path activity will generally have how much float?

Answer 3

Zero

Question 4

Why would a project manager want to use resource leveling?

Answer 4

To smooth the peaks and valleys of monthly resource usage consumed by the project

Question 5

What does a benefit cost ratio of 2.5 mean?

Answer 5

The benefits are 2½ times the costs

Question 6

What is the formula for total float?

Answer 6

LS - ES, or LF - EF; This is the amount of time an activity can be delayed without delaying the project

Question 7

What schedule network analysis technique uses buffers?

Answer 7

Critical chain

Question 8

What doe present value mean?

Answer 8

The value today of future cash flows

Question 9

Cost risk is greater for the buyer in what type of contract?

Answer 9

Cost reimbursable

Question 10

What is a management reserve?

Answer 10

An amount of time or money set aside to cover unforeseen risks

Question 11

What is the cost variance formula?

Answer 11

EV - AC

Question 12

What is value analysis?

Answer 12

Finding a less costly way to complete the work without affecting quality

Question 13

What are direct costs?

Answer 13

Costs incurred directly by the project

Question 14

What is the earned value name for “how much have you spent to date?”

Answer 14

Actual cost

Question 15

What are fixed costs?

Answer 15

Costs that do not change with project activity

Question 16

What does a milestone chart show?

Answer 16

Dates of significant events on the project

Question 17

What is the duration of a milestone?

Answer 17

Zero

Question 18

What is analogous estimating?

Answer 18

Top-down estimating

Question 19

Why would you want to crash a project?

Answer 19

To shorten the project duration

Question 20

The “what-if” scenario method of schedule network analysis primarily makes use of what technique?

Answer 20

Monte Carlo analysis

Question 21

What are sunk costs?

Answer 21

Expended costs

Question 22

What schedule network analysis technique involves crashing?

Answer 22

Schedule compression

Question 23

What does a finish-to-start relationship mean?

Answer 23

One activity must finish before the next can start

Question 24

What does the estimate at completion tell you?

Answer 24

What we now expect he total project to cost

Question 25

What is the critical path?

Answer 25

The longest duration path in the network;

The shortest time to complete the project

Question 26

The types and quantities of resources required are calculated in what part of time management?

Answer 26

Estimate Activity Resources

Question 27

What does the schedule variance tell you?

Answer 27

How far you are behind or ahead schedule

Question 28

What is a formula for estimate at completion?

Answer 28

BAC/Cumulative CPI

Question 29

What estimating method would use optimistic time estimates?

Answer 29

Three-point estimate

Question 30

“How much work should be done” has what earned value name?

Answer 30

Planned value