Unit 5 Test Review Flashcards
Mary sets a target for the project budget during the planning phase. While executing the project, she checks to make sure she is within budget. Mary determines that she needs to refine the scope of the project and change her timeline and costs for the project activities. Mary is using which tool to manage the cost of this project?
Funding limit reconciliation
Liz looks at the activity costs that must be incurred to complete all project deliverables. Liz is determining the:
Project funding requirements
Felicia averages three quoted costs and determines that she will need to put an extra $20,000 into the project budget. What cost estimating technique did Felicia use?
Vendor bid analysis
Jenna’s team is creating a new product. A deliverable for the project consists of building a website for the product. Jenna announces that she will be outsourcing this deliverable.
Company A estimated a cost of $60,000 with completion in 3 months, Company B estimated a cost of $100,000 with completion in 2 months, and Company C estimated a cost of $50,000 with completion in 4 months.
Jenna averages the three proposed costs and determines that she will need to put $70,000 into the project budget for the website deliverable. What cost estimating technique did Jenna use?
Vendor bid analysis
Hollie is managing a bathroom renovation project that has a budget of $1,500 and is 40% complete. Hollie planned to spend $500 a month on the three-month project. Hollie is evaluating the status of the project at the end of the first month. What is the project’s planned value?
$500
Tucker is the construction project manager for a new school building. He measures the project’s performance and progress by looking at the planned value, earned value, and actual cost. Which method is Tucker using to determine the project performance?
Earned value budget
Hollie is managing a bathroom renovation project that has a budget of $1,500 and is 40% complete. She planned to spend $500 a month on the three-month project. Hollie is evaluating the status of the project at the end of the first month. What is the project’s budget at completion?
$1,500
The project manager would like to show the rate at which the project is progressing compared to what was planned. What indicator should she reference?
Schedule performance index
Emily is adding a garden to her yard. She estimates the work to build a raised garden will be $250 per day and will take six days to complete. What is the project’s budget at completion?
$1,500
Hollie is managing a bathroom renovation project. The project has a budget of $1,500 and is 40% complete. The project is a three-month project and Hollie planned to spend $500 a month on the project. Hollie is evaluating the status of the project at the end of the first month. What is the project’s earned value?
$600
A project manager has a number of experts approximating the expense of completing the project’s activities. This process is known as:
Estimating costs
The project manager would like to determine the aggregate estimated costs from the individual work packages to create a detailed breakdown of projected costs. In which process is the project manager most likely participating?
Determine budget
Ed is adding a home theater room to his home. The project should take five days and cost $2,500 to complete. At the end of the second day, the project is 50% complete. What is the project’s earned value at the end of the second day?
$1,250
Glenn is determining the project cost baseline by calculating the costs approved for each of the project’s work packages. Glenn is determining the:
Planned value
Which metric should Carol use to determine her project’s future cost efficiency?
To-complete index performance
