Creating the Project Cost Budget – Final Exam

Which of the following is the process of adding up the individual activity costs to create a cost estimate for all of the work packages?

Create a project budget occurs during which phase of a project?

Which of the following is the process of creating policies and procedures for planning project costs, making project expenditures, and for managing and controlling project costs?

All of the following are tools and techniques of the Plan Cost Management process except:

Which tool and technique of the plan cost management process is concerned with choosing strategic options to fund the project?

What is the output of the plan cost management process?

What are used to coordinate and track cost estimates and budgeted amounts with actual amounts spent during the project in order to record this information in the organization’s accounting system?

Which of the following inputs for the estimate costs process defines staffing requirements for all project activities?

Which is the following is a cost estimating technique that is often used in the early stages of a project when there is a limited amount of detailed information known about the project?

Which of the following is a cost estimating technique that uses historical information combined with other date such as cost per square foot or units installed per man per hour, to estimate project costs?

Estimate costs for the following activity using the parametric estimating technique.  A new program must be created.  The program is estimated to required 25,000 line of code.  Parametric data from past programming projects indicate that an experience programmer can write 50 lines of code per hour.  The cost of an experienced programmer is $50 per hour.  What is the estimated cost of this activity?

Which of the following cost estimating techniques is the most time consuming but the most accurate method for estimate project costs, when detailed information is known about a project?

Bottom up estimating is appropriate for high-level estimates that are required in a project’s charter or initiation phase.

Which of the following cost estimating techniques is a good estimating labor because it tries to reduce uncertainty or risk?

Estimate costs for the following activity using the three point estimating technique.  A new program must be created.  The program is estimated to required 25,000 line of code.  Most likely productivity for an experience programmer is 50 lines of code per hour, optimistic productivity for an experience programmer is 60 lines of code per hour and pessimistic productivity for an experience programmer is 25 lines of code per hour.  The cost of an experienced programmer is $50 per hour.  What is the estimated cost of this activity?

Reserve analysis is a tool that is used to mitigate project risk by planning for _________ into the project budget to account for unplanned costs or inaccuracy in cost estimates.

All of the following are examples of prevention costs except:

_________ are cost incurred for activities to verify quality such as inspection and test activities.

Which of the following is a technique adds up the costs for all work packages into higher component levels such as phase costs or total project costs?

The cost performance baseline is known as the ____________.