Liberty BUSI680 Quiz 5 Latest 2020 February

BUSI680 Advanced Project Management Part 1

Quiz 5

Question 1After averaging out the underestimates and overestimates, a long-duration project is more likely to be on target than a short-term, small project.

Question 2General and administrative costs are usually allocated as a percent of the total of a direct cost which includes labor, materials, or equipment.

Question 3Which of the following is a good condition for bottom-up estimating?

Question 4Refining estimates may be necessary for a number of reasons. For example, a manager getting further into a project and obtaining a better understanding of what needs to be done to accomplish a project and meet the needs of the customer is an example of

Question 5All task time estimates need consistent time units.

Question 6Janet is forecasting how much money her department needs to support a new project. She estimates that two people and $25,000 in expenses will cover her needs. Because management typically insists on reducing forecasts by 20 percent, she increases her estimates to allow for that reduction. Which of the following factors is illustrated in this situation?

Question 7In practice, estimating processes are frequently classified as

Question 8Learning curves are more likely to be applied in situations where most of the costs are

Question 9Typical kinds of costs found in a project include all of the following EXCEPT

Question 10Ed is looking over the actual results of projects and comparing them to what was estimated. He notices that the projects that took six months or longer to complete were noticeably more off the estimates. Which of the following factors is he recognizing?

Question 11Which of the following does NOT help describe a bottom-up estimating approach?

Question 12Jose is forecasting project time and cost for constructing a new building by multiplying the total square footage by a given dollar amount. Which of the following methods is he using?

Question 13The process of forecasting or approximating the time and cost of completing project deliverables is called

Question 14Refining estimates may be necessary for a number of reasons. For example, resource shortages, in the form of people, equipment, or materials, can extend original estimates. This is a good example of

Question 15Sean is forecasting the time and cost of developing a customized software program by looking at the number of inputs, outputs, inquiries, files, and interfaces. Which of the following methods is he using?

Question 16Reasons why estimating time and cost are important include all of the following EXCEPT

Question 17The bottom-up approach for estimating times and costs that uses costs from past projects that were similar to the current project is known as

Question 18Past experience is almost always used primarily in the initial phases of estimating.

Question 19Which of the following describes the consensus method?

Question 20One guideline to follow when estimating time, cost and resources is to use several people to make the estimate for a task.

Question 21The project management structure chosen to manage the project will have little impact on the quality of estimates.

Question 22As long as everyone in a project adds a little padding to reduce risk, the project duration and cost estimates will be more accurate.

Question 23The consensus method of estimating costs is a bottom-up technique.

Question 24Phase estimating is used when a project cannot be rigorously defined because of the uncertainty of design or the final product.

Question 25Accounting would be an example of which of the following costs typically found in a project?