2023 1 The process of forecasting or approximating the time and cost of completing project deliverables is called A Budgeting | Assignments Online

1.The process of forecasting or approximating the time and cost of completing project deliverables is called
  A) Budgeting
  B) Predicting
  C) Estimating
  D) Planning
  E) Guesstimating
 
 
 
2 
Janet 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?
  A) Padding estimates
  B) Planning horizon
  C) Project structure
  D) People
  E) Organization culture
 
 
 
3 
Top-down estimates are most likely to occur during the ______ phase.
  A) Concept
  B) Planning
  C) Execution
  D) Delivery
  E) All of these are equally likely
 
 
 
4 
Sean is forecasting the time and cost of developing a customized software program by looking at the number of inputs, outputs, inquires, files, and interfaces. Which of the following methods is he using?
  A) Ratio
  B) Template
  C) Apportion
  D) Function point
  E) Learning curve
 
 
 
5 
Learning curves are more likely to apply in situations where most of the costs are
  A) Materials
  B) Labor
  C) Overhead
  D) Evenly spread over materials, labor, and overhead
  E) All of these are equally likely situations for learning curves
 
 
 
6 
The approach that begins with a top-down estimate for the project and then refines estimates as the project is implemented is known as ______ method.
  A) Function point
  B) Template
  C) Learning curve
  D) Phase estimating
  E) Apportion
 
 
 
7 
The accuracy of top-down estimates will typically be in the range of
  A) Minus 50% to plus 50%
  B) Minus 0% to plus 75%
  C) Minus 20% to plus 60%
  D) Minus 35% to plus 35%
  E) Minus 10% to plus 30%
 
 
 
8 
The cost to prepare bottom-up estimates will typically run how much more than the costs to prepare the top-down estimates?
  A) About the same
  B) About twice as much
  C) About three times as much
  D) About four times as much
  E) About five times as much
 
 
 
9 
Project costs are typically viewed from all of the following except:
  A) Scheduled
  B) Sunk
  C) Actual
  D) Committed
  E) All of these are correct
 
 
 
10 
Which of the following is not one of the recommended guidelines for developing useful work package estimates?
  A) Estimates should be made by those responsible for the work
  B) Use several people to estimate the same work
  C) Estimates should be based on normal conditions
  D) Estimates should include a normal level of contingency
  E) Estimates should be independent of other projects
 
 
 
11 
Reasons why estimating time and cost are important include all of the following except:
  A) To schedule work
  B) To determine how long the project should take and cost
  C) To develop cash flow needs
  D) To determine how well the project is progressing
  E) All of the above are valid reasons
 
 
 
12 
The bottom-up approach for estimating times and costs that uses costs from past projects that were similar to the current project is known as:
  A) Detailed WBS work package estimates
  B) Template method
  C) Function point method
  D) Time-phased cost estimates
  E) Phase estimating
 
 
 
13 
Which of the following top-down methods is used when projects closely follow past projects in features and costs and result in costs being assigned by percentages to major segments of the project?
  A) Apportion
  B) Function point
  C) Phase estimating
  D) Learning curve
  E) Consensus
 
 
 
14 
People working on prototype development needing time to interact with the design engineers after the design is completed is an example of:
  A) Hidden interaction costs
  B) Things going wrong on a project
  C) Normal conditions not applying
  D) Changes in project scope
  E) None of these are correct
 
 
 
15 
Design flaws being revealed after the fact, extreme weather conditions, and accidents occurring are examples of:
  A) Hidden interaction costs
  B) Things going wrong on a project
  C) Normal conditions not applying
  D) Changes in project scope
  E) None of these are correct