Question
Life-cycle costing is the total cost to the customer for acquisition and ownership of a system over its full life. Life-cycle costing categories include the
Life-cycle costing is the total cost to the customer for acquisition and ownership of a system over its full life. Life-cycle costing categories include the cost of _____________________
Select one:
R&D, maintenance, operation, and support
R&D, production, operation, and retirement/phase out
Acquisition, operations, and maintenance
Production, operations, and maintenance
None of the above
Question 2 Not yet answered Points out of 5.00 Not flaggedFlag question Question text The work breakdown structure, the work packages, and the company's accounting system are tied together through the:
Select one:
Code of accounts
Overhead rates
Budgeting system
Capital budgeting process
All of the above
Question 3 Not yet answered Points out of 5.00 Not flaggedFlag question Question text The three most common types of project cost estimates are:
Select one:
Order of magnitude, parametric, and budget
Parametric, definitive, and top down
Order of magnitude, definitive, and bottom up
Order of magnitude, budget, and definitive
Analogy, parametric and top down
Question 4 Not yet answered Points out of 5.00 Not flaggedFlag question Question text Order of Magnitude Estimates use the _______________ method and are a ____________ approach.
Select one:
Definitive, bottom up
Analogy, top down
Parametric, bottom up
Parametric, top down
Analogy, bottom up
Question 5 Not yet answered Points out of 5.00 Not flaggedFlag question Question text A budget log should include:
Select one:
Distributed budget
Management reserve
Undistributed budget
Contract changes
All of the above.
Question 6 Not yet answered Points out of 5.00 Not flaggedFlag question Question text The most precise or accurate estimate for determining project costs is the ____________ estimate.
Select one:
Definitive
Analogy
Budget
Modified standards
Rule of thumb
Question 7 Not yet answered Points out of 5.00 Not flaggedFlag question Question text A _____________ estimate (done by analogy) should be accurate within (-10% to +25%).
Select one:
Parametric
Definitive
Budget
Bottom up
Engineering
Question 8 Not yet answered Points out of 5.00 Not flaggedFlag question Question text The planned cost for the total project at the project's start is called the _________________
Select one:
Cost of goods sold
ROM estimate
Budgeted cost
All of the above
2 and 3 only
Question 9 Not yet answered Points out of 5.00 Not flaggedFlag question Question text Labor estimating is normally recorded in both hours and dollars. An element in the work breakdown structure was estimated to require one month for accomplishment. The element was estimated at 1,000 hours of labor and at a burdened cost of $60,000. The task was completed in 1,000 hours but at a burdened cost of $500,000. With no further information available, the likely reason for the cost increase could be:
Select one:
Higher salaried employees were assigned
Overtime was required
The overhead rate increased
Employee salaries had increased
Any or all of the above
Question 10 Not yet answered Points out of 5.00 Not flaggedFlag question Question text Typically, during which phase in a project life cycle are most of the project expenses incurred?
Select one:
Concept phase
Development or design phase
Execution phase
Termination phase
None of the above
Question 11 Not yet answered Points out of 5.00 Not flaggedFlag question Question text The most common method for pricing out nonburdened labor hours for a three-year project would be to:
Select one:
Price out the hours at the actual salary of the people to be assigned
Price out the work using a company-wide average labor rate
Price out the work using a functional group average labor rate
All of the above
1 and 2 only
Question 12 Not yet answered Points out of 5.00 Not flaggedFlag question Question text In project-driven companies, costs are usually billed against the project based upon:
Select one:
The burdened labor rate of the actual employees who performed the work
The burdened labor rate of the line organization average salary
The burdened labor rate of the company average salary
The burdened labor rate of the average salary of the project team members
None of the above.
Question 13 Not yet answered Points out of 5.00 Not flaggedFlag question Question text The reason that cost management is so difficult in project management is that:
Select one:
Projects by definition and nature are nonrecurring events and are therefore difficult to predict
There are no tools for identifying project tasks
Project managers do not care about tracking costs, as only schedules are important to all project managers
1 and 2 only
2 and 3 only
Question 14 Not yet answered Points out of 5.00 Not flaggedFlag question Question text The "rolling wave" or "moving window" concept is used most frequently on projects where:
Select one:
The baseline is frozen for the duration of the project and no scope changes are permitted
Marketing is unsure of what the customer actually wants and reserves the right to make major scope changes
The low levels of the work breakdown structure are known with certainty for the next three to six months, but the remaining tasks are based upon the results of the first three to six months of work
Networking tehniques are not appropriate
All of the above
Question 15 Not yet answered Points out of 5.00 Not flaggedFlag question Question text In which of the following cost estimating techniques are statistical models used?
Select one:
Nonparametric cost estimating
Parametric cost estimating
Life-cycle cost estimating
Bottom-up cost estimating
All of the above
Question 16 Not yet answered Points out of 5.00 Not flaggedFlag question Question text There are two types of reserves used on projects. A Contingency Fund is for (usually major) scope changes that were not considered part of the original plan, whereas the _____________ is to compensate for minor scope changes, inaccuracies in estimating, and possibly escalation factors.
Select one:
Unplanned allowance fund
Undistributed budget
Management reserve
Budgetary reserve
Planned reserve
Question 17 Not yet answered Points out of 5.00 Not flaggedFlag question Question text Situation 1:
WBS Element
BCWS (PV)
BCWP (EV)
ACWP (AC)
P
$1,000
$1,100
$1,150
Q
$2,000
$1,800
$2,100
R
$1,000
$1,200
$1,050
S
$2,000
$1,900
$1,800
Using Situation 1 above, which WBS element is behind schedule but under budget?
Select one:
Element P
Element Q
Element R
Element S
None of the above
Question 18 Not yet answered Points out of 5.00 Not flaggedFlag question Question text Using Situation 1 above, which WBS element has a favorable cost variance of $150?
Select one:
Element P
Element Q
Element R
Element S
Question 19 Not yet answered Points out of 5.00 Not flaggedFlag question Question text Using Situation 1 above, the cost performance index (CPI) for WBS element R is:
Select one:
0.875
1.14
0.952
0.833
1.20
Question 20 Not yet answered Points out of 5.00 Not flaggedFlag question Question text The least precise of all capital budgeting methods is _________________.
Select one:
NPV
Payback
IRR
LCC
EVM
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