Quiz # 2 - PCFM
Project Cost Management Fundamentals Quiz
Test your knowledge on Project Cost Management (PCM) with this engaging quiz! Designed for students, professionals, and project managers, this quiz will challenge you with questions covering key concepts such as cost estimation, earned value management, and budgeting strategies.
Whether you're looking to prepare for a certification, enhance your understanding of project finance, or simply refresh your skills, this quiz is a great way to gauge your expertise.
- 11 thought-provoking questions
- Multiple choice format for easy responses
- Check your understanding of key PCM principles
All of the following are true in context of “Funding Limit Reconciliation”, EXCEPT:
Expenditure of funds should be reconciled with any periodic funding limits
Difference between funding limits & planned expenditures may need rescheduling of work
Funding Limit Reconciliation is done during Plan Cost Management process
Funding Limit Reconciliation is done during Determine Budget process
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
The project is going ahead of schedule
The project is going behind the schedule
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
During the earned value analysis, you found that the CPI of your project is 1.1. You are not sure whether a corrective action is needed with this CPI or not and thus consult your Cost Management Plan. The plan shows a threshold limit of +/- 5%. Will you take a corrective action after seeing this threshold limit in the plan?
No, as my project is going under budget, which is a good thing
No, because the variance is within threshold limits
Yes, because the variance is outside the threshold limits
Yes, because my project is going over budget
All of the following are true about analogous estimating, EXCEPT:
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
It is generally used during project initiating as less information is available at that time
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