PCFM QUIZ#2

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PCFM Quiz: Test Your Project Management Skills

Welcome to the PCFM Quiz #2! This quiz is designed to challenge your understanding of project management concepts, particularly in cost management and estimation techniques.

Whether you're a student looking to test your knowledge or a professional seeking to refresh your skills, this quiz offers:

11 insightful questions
Multiple choice answers
An engaging way to assess your project management acumen

11 Questions3 MinutesCreated by PlanningGuru237

You are managing a software development project. The project is expected to be completed in 8 months at a cost of $10,000 per month. After 4 months, you realize that the project is 60% completed at a cost of $45,000. Which of the following indicates that how efficiently you are using your time?

Schedule Variance (SV)

Cost Variance (CV)

Schedule Performance Index (SPI)

Cost Performance Index (CPI)

Which of the following is true about definitive estimate as compared to the analogous and parametric estimates?

A definitive estimate is the most expensive, the most accurate but the least time taking.

A definitive estimate is the most expensive, the most time taking and the most accurate

A definitive estimate is the least expensive, the least time taking but is the most accurate.

A definitive estimate is the least expensive, the least time taking and the least accurate.

You are working on a house-construction project as a project manager. You and your planning team have identified all the project activities and also estimated the activities’ duration & resource requirements. Currently, you are busy in the approximation of the costs of resources needed to complete the project activities. Which of the four cost management processes you and your team are in?

Plan Cost Management

Estimate Costs

Define Budget (i.e. Aggregating costs)

Funding Limits Reconciliation

As part of the EVM, the variance analysis of your project yielded a CPI of 1.2. Which of the best describes this CPI?

1 dollar & 20 cents (i.e. $1.2) worth of work was actually completed for each one dollar spent.

The project is going over budget.

Both A & B

None of the above.

A cost estimate that considers the highest possible amount an activity might require is called as:

An Optimistic Estimate

A Most Likely Estimate

A Pessimistic Estimate

A Single Point Estimate

Your planning team has provided you with three estimates to complete a project activity. These estimates are: Rs. 9,000, Rs. 6,000 & Rs, 11,000. The expected cost using the Beta Distribution would be:

Rs. 4333.33

Rs. 8,666.67

Rs. 7333.33

Rs. 8833.33

All of the following are true about Management Reserves (MR), EXCEPT:

You need special approval (through a formal change request) to obtain and use MR

MR are not part of the Cost Baseline.

MR are not included in the project funding requirements.

MR are included in the Project Budget.

All of the following are true about analogous estimating, EXCEPT:

It is generally used during project initiating as less information is available at that time.

It is generally used during later stages in the project as more information becomes available.

Its accuracy is in the Rough Order of Magnitude (ROM).

It is less costly and less time taking.

. Which of the following is NOT needed in order to come up with a project estimate?

WBS

Risks

Resource Requirements

Change Request

You are setting aside 15% of your work package cost estimates to counteract the risk of hardware cost increases and technological advances. What is this called?

Reserve Analysis

Residual Risk

Contingency Reserve

Budgeted Cost of Work Schedule

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PCFM QUIZ#2

PCFM Quiz: Test Your Project Management Skills

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