Questions 1

The reason that the critical path is critical is that every single activity on the path must finish on time in order for the project to come in on time. A delay in any one of the critical path activities will . . .

	always increase the cost of the project.
	likely create a backlog in project work.
	cause the entire project to be delayed.
	always create additional risks to the project.

Question 2

Projects with high degrees of uncertainty or those where the scope is not yet fully defined may not benefit from detailed cost calculations due to frequent changes. Instead, lightweight estimation methods can be used to generate a fast, high-level forecast of project labor costs, which can then be easily adjusted as changes arise. Detailed estimates are reserved for short-term planning horizons in a just-in-time fashion. These considerations are for projects in a __________________ environment.

	deliberative
	adaptive
	deterministic
	predictive

Question 3

____________ estimating uses values, or attributes, of a previous project that are similar to the current project. Values and attributes of the projects may include but are not limited to: scope, cost, budget, duration, and measures of scale (e.g., size, weight). Comparison of these project values, or attributes, becomes the basis for estimating the same parameter or measurement for the current project.

Question 3 options:

	Parametric cost
	Bottom-up cost
	Three-point cost
	Analogous cost

Question 4

Determine Budget is the process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

	True
	False

Question 5

Match each estimating technique with the correct description.

A	A method of estimating a component of work. The cost of individual work packages or activities is estimated to the greatest level of specified detail. The detailed cost is then summarized or "rolled up" to higher levels for subsequent reporting and tracking purposes. The cost and accuracy of this type of cost estimating are typically influenced by the size or other attributes of the individual activity or work package
B	A cost-estimating method that uses values, or attributes, of a previous project that are similar to the current project. Values and attributes of the projects may include but are not limited to: scope, cost, budget, duration, and measures of scale (e.g., size, weight).
C	This cost estimate technique considers uncertainty and risk and uses estimates to define an approximate range for an activity's cost: The cost of the activity, based on realistic effort assessment for the required work and any predicted expenses, the cost based on analysis of the best-case scenario for the activity,and the cost based on analysis of the worst-case scenario for the activity.
D	This estimation method uses a statistical relationship between relevant historical data and other variables (e.g., square footage in construction) to calculate a cost estimate for project work. This technique can produce higher levels of accuracy depending on the sophistication and underlying data built into the model.

1.	Analogous Estimating
2.	Three-Point Estimating
3.	Parametric Estimating
4.	Bottom-Up Estimating

Question 6

The resource breakdown structure is a hierarchical representation of resources by category and type, but should not be used to acquire and monitor resources.

	True
	False

Question 7

The project budget should include management reserve funds to allow for uncertainty. Contingency reserves are set aside to manage unplanned work.

	True
	False