1)
The main focus of Life Cycle Costing is to:
2) Cost Management Plan consists all the below EXCEPT
(Answer:
d)
(Answer:
C)
(Answer:
D CV=EV-AC=350-400=-50)
(Answer: C)
11) A Cost Baseline is an output of which Cost Management Process
15) A manufacturing project has a schedule performance index (SPI) of 0.89 and a cost performance index (CPI) of 0.91. Generally, what is the BEST explanation for why this occurred?
16) Earned Value Management is an example of
(Answer: A)
17) Which type of Cost is team training?
18) Project setup costs are an example of:
(Answer: B)
19) The difference between Cost baseline and the cost budget can be BEST described as
(Answer: A)
20) Cost Baseline consists of all the below EXCEPT
a.
Estimate installation Costs
b.
Estimate the cost of operations and
maintenance
c.
Consider Installation costs when planning
the project costs
d.
Consider Operations and maintenance costs
in making project decisions.
(Answer:
D)
2) Cost Management Plan consists all the below EXCEPT
a.
Cost Methodology, Costing Tools to be used
b.
Level of Accuracy and Unit of Measure
c.
Control Thresholds and Rules for
Performance Measurement
d.
Critical Path Templates
(Answer:
D)
3)
Unit Rate Approach is adopted in
a.
Parametric Estimating
b. Three-Point Estimating
b. Three-Point Estimating
c.
Analogues Estimating
d.
Monte Carlo Analysis
(Answer:
A)
4)
Project Cost Estimating includes all the
below EXCEPT
a.
Direct Costs – Labour, Material, Equipment,
Services and Training
b.
Indirect Costs - Inflation allowance, Cost of Financing,
c.
Contingency Costs for the Approved Risks
where contingency plan exists
d.
Drawing network diagram with activity
buffers
(Answer:
D)
5)
As part of Cost Control, The project
manager does all the below EXCEPT
a.
Monitoring the variance between Estimated Costs and
Actual Costs
b.
Identifying the root cause for the Variance
c.
Taking preventive/Corrective action to
mitigate the related risk
d.
Aggregating Activity Estimates to arrive on
Cost Estimates
(Answer: D)
6)
All of the below are True with Cost
baseline EXCEPT
a.
It is an authorized time phased budget at completion (BAC)
b.
It is used to measure, monitor and control
overall cost performance on the project.
c.
It is a summation of approved budgets by
time period and displayed in the form of an S-curve.
d.
It is exactly similar to Funding spend
Curve
(Answer: D)
7)
One Common way to compute Estimate At
Completion (EAC) is to take budget at Completion (BAC) and
a.
Divide by SPI
b.
Multiply by SPI
c.
Multiply by CPI
d.
Divide by CPI
8)
Estimate At Completion (EAC) is a periodic evaluation
of:
a.
The Cost of work completed
b.
The Value of Work performed
c.
The Anticipated total cost at project
completion
d.
What it will cost to finish the project
9)
If Earned Value (EV) = 350, actual Cost
(AC) = 400, Planned Value (PV) = 325, what is the Cost Variance (CV)?
a.
350
b.
-75
c.
400
d.
-50
10) A
Scheduled Performance Index (SPI) of 0.76 means
a.
You are over budget
b.
You are ahead of schedule
c.
You are progressing at 76% of the
originally planned
d.
You are progressing at 24% of the
originally planned
(Answer: C)
11) A Cost Baseline is an output of which Cost Management Process
a.
Estimate Activity Resources
b.
Estimate Costs
c.
Determine Budget
d.
Control Costs
(Answer:
C)
12) A Cost
Performance Index (CPI) of 0.89 means
a.
At this time, we expect the project to cost
89% more than planned
b.
When the project is completed, we wil have spent 89% more than
planned
c.
The project is progressing 89% of the rate
planned
d.
The project is getting 89 cents out of
every dollar invested
(Answer: D)
13) Which of
the following is NOT needed in order to come up with project estimate?
a.
A WBS
b.
A Network Diagram
c.
Risks
d.
A change control system
(Answer: D)
14) Which of
the following represents the estimated Value of the work actually accomplished
a.
Earned Value (EV)
b.
Planned Value (PV)
c.
Actual Costs (AC)
d.
Cost Variance (CV)
(Answer: A)
15) A manufacturing project has a schedule performance index (SPI) of 0.89 and a cost performance index (CPI) of 0.91. Generally, what is the BEST explanation for why this occurred?
a.
The scope was changed
b.
A supplier went out of business and a new
one needed to be found
c.
Additional equipment needed to be purchased
d.
A critical path activity took longer and
needed more labour hours to complete.
(Answer:
D)
16) Earned Value Management is an example of
a.
Performance Reporting
b.
Planning Control
c.
Ishikawa Diagrams
d.
Integrating the project components into a
whole
(Answer: A)
17) Which type of Cost is team training?
a.
Direct
b.
NPV
c.
Indirect
d.
Fixed
(Answer:
A)18) Project setup costs are an example of:
a.
Variable Costs
b.
Fixed Costs
c.
Overhead costs
d.
Opportunity Costs
(Answer: B)
19) The difference between Cost baseline and the cost budget can be BEST described as
e.
The Management Reserves
f.
The Contingency Reserves
g.
The Project Cost Estimate
h.
The Cost Account
(Answer: A)
20) Cost Baseline consists of all the below EXCEPT
a.
Project Activity Costs
b.
Contingency Reserves
c.
Project Indirect Costs
d.
Manager Reserve
(Answer:
D)
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